Building resilience in supply chains

Posted on 22 Sep 2020 by The Manufacturer

Leading manufacturers are turning vulnerabilities into opportunities by utilizing digital solutions that build resilience throughout the entire supply chain with deeper and broader visibility.

Supply chains are the lifeblood of the manufacturing organization. Despite facing changing customer demands, regulations and compliance issues, global competition, various types of crises, and increasing pressures to cut costs, manufacturing supply chains are expected to consistently produce profit-generating products while also fostering innovation and value.

However, when manufacturers define what innovation looks like, references to procurement and supply chain practices rarely land in the conversation. That is because many of these organizations have traditionally faced siloed business processes, a lack of collaboration and visibility, and technology solutions that have failed to bring together company stakeholders, data, and strategy. In a time where global crises and the unexpected have become our new normal, the rigidity of these supply chains makes them particularly vulnerable to risk and they struggle to survive in this complex environment.

Yet, oftentimes the least examined areas of business are where the most resilient and successful companies find their competitive edge. Leading manufacturers are turning vulnerabilities into opportunities for strength by seeking digital solutions that build resilience throughout the entire supply chain with deeper and broader visibility, real-time collaboration, and automated spend management. They are able to anticipate risk, make informed decisions, and pivot as needed in response to changes and challenges.

These leading organizations are not just surviving – they have found a way to thrive in a difficult environment and add new innovation and value to their supply chain and enterprise as a whole.

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A new research study from IndustryWeek and Ivalua features insights from hundreds of global manufacturers of all sizes and reveals important information on how companies are currently handling procurement and supply chain collaboration, where they see challenges and opportunities, how they are investing in technology, and what’s on the horizon for the future of the industry.

Manufacturing leaders can use these insights to help build a road map for improving performance and increasing resilience in their supply chains. By investing in advanced digital solutions, procurement and supply chain teams will increase visibility and collaboration, improve product launch efficiencies, and accelerate their capacity to better manage all spend and all suppliers. These are the areas that allow manufacturers, regardless of size, to reduce and mitigate supply chain risk in a complex market environment.

Download the full research report here.