How to Combat Risk with a Trusted Supply Chain Network
Dealing with supply chain disaster is a tough job, and no one wants to be the one who got it wrong.
When the Thai floods hit the high-tech industry in 2011, companies scrambled to get their supply out of the country and find alternative suppliers where it wasn't possible. Unfortunately, many failed because of the massive toll the floodwater took on thousands of factories across the region. Manufacturers realized their supply source was far too concentrated—today, many of them have split sourcing across a few different regions.
So how does a company with highly intricate hardware components develop the kind of network that can save them millions in the case of a regional disaster?
- Invest in a cloud-based, multi-tenant, supply chain network platform
- Onboard all suppliers, transportation providers, and other partners
- Use the network to locate new, vetted suppliers that are already on the platform
- Examine standardized data on partner performance to choose the right partners
- Have an official contingency plan that can be executed immediately with information on the platform
Having a plan and knowing who will be involved is key. When disruptions happen, supply chain managers can go into crisis mode, switch up their supply source, reallocate, and get their products to customers on time without going broke.
The white paper “When Disaster Strikes” offers five ways to plan for and react to supply chain disruptions with cloud technology.