Weak links in domestic supply chains are becoming ever more visible and are making headlines. Issues of safety, security, and reliability are starting to slow procurement and implementation. Supply chains are affecting industries large and small, from manufacturing to retail and grocery sectors. This slowdown is hampering many businesses’ ability to turn a profit, and for many, the future is starting to look increasingly uncertain. Current disruptions in supply chains are being caused by several factors, and extend across road, rail, ship, and air transportation. These new circumstances are driving businesses to rethink how their procurement and vendor management systems work, realizing how directly they affect their production.
Even without the current crunch in traditional supply chains, businesses have always faced a challenging question: how do we procure what we know we need to grow? A company might know exactly what will help them meet and exceed production goals, but finding the right vendor takes time. Or, a company might invest time and effort in creating a relationship with a potential vendor, only to realize their product isn’t quite what was needed. Or, a company might have a list of qualified vendors within their network, but cannot manage current and identify new vendors based on their key purchasing criteria.
As social, domestic, and political problems continue to affect supply chains, many companies are seeking solutions to de-risk their supply chains. Software is becoming more commonplace as it can research and manage large amounts of supply chain & vendor data to come up with the most optimized supply chain networks, presenting it in a user-friendly fashion.