Transparent supply chain management and effective supply chain visibility
Connected supply chains provide additional opportunity link supply chains and receive more data. Data can indicate issues with procurement, product quality, and delivery. Companies that can collect, analyze and respond quickly to issues are one step ahead of their competition.
A trend in dual/multi-sources helps to provide additional supplier sources in the case of any concerns.
Skill gaps and retaining talent is an issue that plagues companies. It takes time, energy, and ongoing training to onboard new hires, particularly in specialty fields. It may be worth more in the long-run to retain talented staff than to continually hire for vacancies. Less costly mistakes are made when employees fully understand the detailed operations and their role within the organization.
Buyers are moving away from selection based solely on purchase price and quality discount. They are leaning towards a multi-dimensional approach and more consideration is being shown towards the causal relationship of procurement on operations.