Agility as a key part of your Sourcing Strategy
World trade continues to ebb and flow from the fall out from the Pandemic. Companies and markets are left dealing with the continuing supply chain disruption. The ongoing conflict in Ukraine, China’s ‘Dynamic Covid’ Policy, supply and demand imbalances in commodity markets and the backlog of containers at ports around the world all contribute to the inflationary pressures on consumer pricing and stock misjudgements (shortages and excess).
The future outlook for risk and disruption continues to be uncertain. As the World Economic Forum Global risk report 2022 suggests. Their view is we should expect increased volatility disruption over the next three years. Creating further global trade turmoil and supply chain disruption.
What does this mean for Global Sourcing Strategies?
Global disruption, whilst creating huge pressures, also creates opportunities for companies and brand owners who can identify opportunities and adapt swiftly to the new paradigm.
Dealing with disruption will be balanced with the need to deliver business efficiency and increasing environmental challenges such as GHG emissions reduction in wider supply chains.
Efficiency and resilience will be vitally important to compete effectively through current and future disruptions. Agility to deploy these two elements will build significant competitive advantage.
Re-shaping business process to deliver increased effectiveness.
Demand tracking to future change anticipation and planning
Process silos to integrated business planning
Information hoarding to rapid sharing for better decision making
The need to integrate environmental measurement and reduction whilst securing improved and more effective sourcing strategies will increase the need for tangible partnerships within supply chains. Building working relationships with strategic suppliers from within current supply chains and identifying near shoring opportunities will build in additional ‘flex’ into your sourcing strategy.
Transactional relationships to partnerships for growth
Keys Steps to Build Agility and Increasing Competitive Advantage:
1. Focus on efficiency through data management and lean business process
2. Build strong partnerships inside current supply chain with strategic suppliers
3. Identify new partnership opportunities for sourcing in new jurisdictions
Building strong partnerships with a focus on agile growth planning can be accelerated by utilising additional expertise to support your growth ambitions.
Whatever your needs, we are here help you source from global sourcing markets. As a leading sourcing partner with a presence on the ground in multiple markets, we can help build the agility and resilience that you need. For more information, please contact us at contact@et2cint.com
