Mitigating Supplier Risk through Supply Chain Business Network
Dec 6, 2023
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Jeff Schwartz, VP of Solution Consulting at Infor Nexus, discusses mitigating supplier risk through supply chain business networks. Topics include understanding risks beyond first-tier suppliers, data collaboration, network development for seamless collaboration, and the importance of pushing business processes to meet demands.
Understanding suppliers' suppliers is crucial for mitigating risks
ESG criteria alignment incentivizes sustainability practices among suppliers
Finance's role in supply chain operations impacts overall health and stability
Deep dives
Importance of Understanding and Supporting Diversifying Sourcing Strategies
Diversifying sourcing strategies to mitigate risks introduces complexity, requiring a network approach to facilitate engagement with suppliers. Offering services like onboarding and ensuring technology is easy to adopt by suppliers is crucial. Extending financial benefits to all suppliers, not just the largest ones, is essential.
ESG and Sustainability Considerations in Supply Chain Operations
ESG factors, environmental and social governance, are becoming paramount. Understanding the sustainability practices of suppliers is essential, necessitating a network approach for data collection. Aligning financial supply chain rewards with ESG criteria to incentivize adoption and compliance is crucial.
Integrating Treasury Operations into Supply Chain Management
Recognizing the role of finance in supply chain operations and partnering with Treasury is vital. Cash flow management, including optimizing payment terms and supplier financing, impacts overall supply chain health. Leveraging technology and a network approach to extend financial benefits to suppliers can improve stability.
Supply Chain as the Brand Maker
A robust supply chain is integral to brand reputation and delivery. Supply chains compete against each other, not just products, emphasizing the need for a holistic view. Optimizing supply chains ensures prompt delivery, upholding brand promises and maintaining customer loyalty.
Takeaway: Supply Chain is Integral to Brand Success
The supply chain is crucial for brand success, representing brand promises to customers. Fostering strong supplier relationships, integrating financial aspects, and optimizing operations are key to ensuring reliable supply chain operations reflect positively on the brand.
Take a look at mitigating supplier risk through effective supply chain business networks in this episode of Supply Chain Now! Hosts Scott Luton and Greg White welcome Jeff Schwartz, Vice President, Solution Consulting with Infor Nexus to the show, as they discuss the crucial role of transparency, data exchange, and process alignment in achieving an optimized supply chain.
Listen in and learn more about:
The need for businesses to understand their supply chains beyond the first tier of suppliers due to the risks associated with not knowing suppliers' suppliers
The importance of data collaboration and business processes in supply chain success
Solving supply chain collaboration challenges through the development of networks that allow for seamless collaboration and execution among partners while keeping their own enterprise data
Success depends not only on data but also on the way of doing business and the ability to push business processes to meet demands. Learn how business networks can address the need for a multi-enterprise business supply chain collaboration platform, replacing the inefficient point-to-point systems of the past.
WEBINAR- Unleashing the Potential of Distribution for a Better Supply Chain: https://bit.ly/3umO3fP
This episode is hosted by Scott Luton and Greg White. For additional information, please visit our dedicated show page at: https://supplychainnow.com/mitigating-supplier-risk-supply-chain-business-network-1205
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