Clearly defining your supply-side needs is crucial to ensure supply chain reliability

At ComplianceQuest, we recently published a Whitepaper Titled: “Supply Chain Readiness Playbook: A Step-by-Step Guide to Assessing and Rebuilding your Supply Chain”. In this paper, we offered a detailed perspective of what it takes for an enterprise to automate the supply chain readiness workflow.

Here is an excerpt from the paper.

Step #1 of your Supply Chain Readiness Playbook: Answer the “what next” question for your enterprise

The first step is to understand what’s new for your organization even before you get into analyzing your supply chain. It is essential to have a clear game plan to tackle the ‘next normal’.

A recent article published in McKinsey Quarterly was titled – “The future is not what it used to be: Thoughts on the shape of the next normal”.

The article highlights two points from a supply chain perspective. One: ‘distance is back,’ referring to more significant border restrictions on trade, higher preference for local sourcing, and possibly renewed resistance to globalization. The second one was about how consumer behavior and sector attractiveness may have wholly altered industry structures.

For supply chain leaders, it is critical to adopt a collaborative approach, looping in key leaders from across the organization, including frontline and consumer-facing teams, to help understand what’s vital.

This process will help you clearly define supply-side needs.

Step #2: Identify old suppliers to re-board & new suppliers to on-board

Once you have clear answers to the ‘What next’ question, you probably have an understanding of the supply-side’s specific needs. It is important to divide up this list into short-term and medium-term requirements.

The next step is to identify and prioritize suppliers to re-board. New suppliers may need to replace high-risk suppliers that had inadequate crisis response.

Also, do keep in mind that the re-boarding process is not only about performance indicators and metrics, but also about excellent communication and collaborative effort with other key stakeholders.

The suppliers are grouped, so that the process of information gathering, audit, and supplier verification can be customized as per specific business needs.

Read this paper to know more:
https://www.compliancequest.com/whitepaper/supply-chain-readiness-playbook-a-step-by-step-guide-to-assessing-and-rebuilding-your-supply-chain/