According to a study by the Institute for Supply Management, nearly 75% of companies acknowledge supply chain disruptions have directly affected their business operations. High-quality raw materials and precision components are not merely desired but required to ensure the integrity of the final product.
It’s critical to note that supply chain disruptions mean production stops, which in turn opens up opportunities for competitors. It lowers customer confidence and also results in lost market share. The chip shortages in 2022 and early 2023 had a direct impact on several automobile OEMs, who had to keep their customers waiting for several months after booking was taken.
With proper supplier management processes strategically positioned at the forefront of the development process, companies have witnessed up to a 20% increase in efficiency and a significant reduction in time-to-market for new products.
Integrated supplier processes are the threads that weave through the fabric of the supply chain, touching upon performance, availability, and adherence to delivery schedules. In an age where global supply chains are threatened by unpredictable challenges, the agility provided by efficient integrated supplier management (ISM) is paramount. It is a testament to its value that companies with optimized supplier integration have seen a reduction in supply chain delays by as much as 30%. This underscores the need for a seamless, integrated approach.
In this whitepaper, we focus on the following topics:
- The role of supplier management for better product design & product quality
- Efficient Bill of Materials (BOM) management
- Supplier changes must be ‘connected’ with other processes
- Using a next-generation solution for automating the end-to-end product lifecycle with integrated supplier management capabilities
