Supply chains are the plumbing of the global economy (where would we be without plumbing?), and sourcing lays the foundation for a well-run supply chain. Without a solid foundation, the processes and functionality built atop are unable to fully serve an organization and its people.
Organizations should develop a sourcing strategy that enables business objectives while supporting a seamless supply chain. Recently, COVID-19, rapid inflation, an impending recession, and general uncertainty has highlighted just how fragile most supply chains are, and the pains of precarious sourcing strategies can be felt across nearly all industries today.
Traditional sourcing strategies focus on three aspects when considering suppliers and contracts.
New sourcing strategies must encompass those and more.
- Cost Quality
This is no easy feat, and thoughtful transformation is required…a lot more frequently than we hope.
COVID-19 certainly woke everyone up to the emphasis that should be placed on sourcing resilience (and supply chains in general), but disruptions happen roughly every other month. Earthquakes happen, ships get stuck in canals, volcanos erupt, etc. Technology can be leveraged to consider how much your business relies on a single supplier. Barring natural disasters, market factors impact supply chains and specifically require resilient sourcing strategies. With inflation soaring, how your organization rates or scores suppliers might need a refresh.
- Do you value on-time delivery above all else?
- Are low costs critical?
- Is it minimal effort you’re after?
Determining your organization’s values when considering suppliers and goods, can help prepare for the impacts. Coupled with insights from data analytics, organizations can have back up suppliers and avoid relying too much on a single supplier.
Agility is a culture as much as it is a methodology. Organizations need agile, iterative ways of working complemented by predictive technology tools. Yes, tools can provide insights into risk assessments and warning signs, but how organizations act upon this information can be their Achilles heel. Foster quick acting teams by removing idea barriers, reward action, encourage back up plans.
Sustainability has been a buzz word of late, but it’s ambiguous. Consumers and governments are demanding more transparency and higher Environmental and Social standards. In order to create an authentically (cough, green washing, cough) sustainable organization, transparency and visibility into what is in products and services is a must, and suppliers must be held accountable to legal and organizational standards.
This is only the tip of the supply chain iceberg, and did we happen to mention this can be daunting? TechTorch is here to help!
Head over to app.techtorch.io/and sign up for free to understand capabilities needed, outcomes to measure, tools to consider, and much more to enable Sourcing to fully serve your organization.
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