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Choosing the right supplier- Make your requirements clear to your vendors right away. Always select suppliers, who meet established safety criteria for playground equipment, are the proper size to meet the company’s needs, and consistently deliver high quality.
Make sure to have multiple suppliers for each product- Never rely on just one source for each product, The firm who buys all the products from one source can face problems in long run. Those firm who buys everything from upholstery to plastics, fiberglass, pipes, and clamps from multiple sources have more chances to fight through any unforeseen situations.. Disasters can occur, such as fires or floods, preventing suppliers from delivering. You’re always prepared for the worst-case scenario when you have multiple suppliers per product.
Communication is the Key- You don’t want to catch your suppliers off guard. You should always be in contact with them. We sit down with them and tell them what’s coming up and what we have planned for the future. This continual conversation promotes loyalty. They enjoy it because they can prepare and know exactly what to expect from us. Having a regular communication helps in building a better relationship and promotes good customer-supplier relation.
Building trust is very important- It is critical to establish trust with your provider. Only if they have enough faith in you will they be able to assist you in an unexpected crisis. You should work on creating trust with your suppliers since you may need it in the future to get out of an unpleasant position.
Make certain you’re in compliance- This could have a wide range of consequences across the supply chain, so it’s vital that you’re not only informed, but also proactive in ensuring compliance. It could mean taking efforts to guarantee you’re not held liable for GDPR data breaches or ensuring that anti-bribery and anti-modern-slavery safeguards are completely integrated. Regulation and legislation are always changing, therefore ongoing monitoring and review of relationships and processes will be critical.
Visibility in logistics- Today’s technology provides a variety of tools for accelerating design and creation processes. It has also allowed most firms to sell their products in a variety of various locations outside of their own country. This has put a larger emphasis on the need for efficient logistics, which is being aided by the inventive drive for increased efficiency and reach. Transparency is critical here, not just in terms of providing customers with visibility into logistics, but also in terms of ensuring that where this affects the supply chain, there is sufficient transparency so that issues can be addressed quickly.
Refocus your procurement strategy- When it comes to procurement today, there are numerous factors to consider. It’s critical, for example, to align your procurement strategy with your brand’s objectives and values, whether they’re environmentally conscious or focused on local suppliers. Make sure you understand the market you’re in – especially if it’s an international one – and that you know who your suppliers are.
The Marketing factor- Marketing has a significant impact on the supply chain, thus it’s important to think about. This could be in the form of establishing localized assets and services through retail channels in a new market or testing the impact of various distribution alternatives (e-commerce, franchise, etc.).
Taking Manufacturing into Consideration- Many brands are debating whether or not to take on the red tape that may be required to sell their products in other countries. When it comes to manufacturing, ethical considerations have also moved to the top of the agenda, particularly when it is done in another country. On a country-by-country basis, the World Bank produces a list of Worldwide Governance Indicators, which indicates factors including corruption and political stability. Many organizations believe it is critical not to work with manufacturers from countries that rank below a specific threshold.
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