Maybe you've been working with one supplier for years, and it's gone just fine. Then, COVID-19 struck and disrupted most supply chains.
For example, if your supplies were coming from China, you may have had 4-week delays or run out of safety stock before you could replenish. 95% of companies saw supply chain lead times more than double. For high demand products, the supply chain was no longer able to provide items when consumers – and retailers – wanted them the most.
If it didn't happen to you, consider yourself lucky! Don't put yourself in that position ever again. You should have multiple suppliers lined up in case one can't fulfill your needs.
It's Not Just the Pandemic to Worry About
Supply Chain Disruptions Can Be Devastating
Diversify Your Supply Chain Now
Map Your Supply Chain
Mapping your supply chain can be tricky. Many products use parts or resources that aren’t easily identifiable. However, the farther down the line you go, the more likely you will be to recognize and anticipate potential disruptions.
Consider Supply Marketplaces
A Comprehensive Approach to Supply Chain Optimization
About Michael Wilson
Michael Wilson is AFFLINK'S Vice President of Marketing and Communications. He has been with the organization since 2005 and provides strategic leadership for the entire supply chain team. In his free time, Michael enjoys working with the Wounded Warrior Project, fishing, and improving his cooking skills.