Pandemic Could Prompt Supply Chain to Focus More on Reducing Risk, Building Resiliency
But there may be some good news on the supply chain front, as many survey respondents seem to understand the need for improvement in building resiliency.
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A fifth (19%) said increasing qualifications of multiple suppliers in the product design phase would enable them to prepare for the next pandemic or natural disaster.
Survey respondents also noted that these measures could increase supply chain resiliency:
redesign supply chains to source locally (16%)
create continuity plans for transportation, communications, supply, and cash flow (16%)
improve qualifications of suppliers and review process (14%)
increase visibility of supplier inventory, capacity, and lead times (13%)
diversify supply chain by adding second sources (12%)
“Procurement is often focused on reacting to supply challenges as they appear,” said Flagg. “But medical equipment companies and other manufacturers that rely on semiconductor and electronics component suppliers can instead use data intelligence to get a broader view of what’s happening in their supply chains so they can build resilience into these solutions upfront.
“Supplyframe’s Design-to-Source Intelligence Platform provides billions of continuous demand, intent, supply, and risk signals within the supply chain,” Flagg continued. “This provides engineering and procurement teams with the data intelligence they need to make the most informed decisions throughout the product lifecycle. As a result, manufacturing companies can lower the potential for shortages, increase their profitability, and enhance their longevity, resiliency and success.”
Richard Barnett, Supplyframe chief marketing officer, added, “The Supplyframe Design-to-Source Intelligence Platform also enables semiconductor and electronic components suppliers to understand and engage with medical device sourcing professionals as they are making decisions related to new product introduction efforts.”
To review more survey results, check out our infographic based on this research.
Supplyframe aligns electronics demand with supply and brings new levels of resiliency to the global electronics value chain, with transformative, intelligence-based solutions to deliver insights at key decision points throughout the entire design-to-source product lifecycle. Leveraging billions of continuous signals of design intent, demand, supply, and risk factors, Supplyframe’s Design-to-Source Intelligence (DSI) Platform is the world’s richest intelligence resource for the electronics industry. Over 10 million engineering and supply chain professionals worldwide engage with our SaaS solutions, search engines and media properties to power rapid innovation and optimize in excess of $120 billion in annual direct materials spend. Supplyframe is headquartered in Pasadena, Calif., with offices in Austin, Belgrade, Grenoble, Oxford, San Francisco, Shanghai and Shenzhen. To join the Supplyframe community, visit supplyframe.com and follow us on Twitter, Instagram, and YouTube.Back to HCB News