In no particular order, below, these suggestions are not mutually exclusive and multiple strategies can be used to improve supply chain resiliency. (Request: 19 Questions for better contracts electronics supplier development)
- Diversify your suppliers, distributors and sources of raw materials and components. Managing multiple suppliers does bring some risks and costs.
- Building relationships and partnerships with key suppliers and contacts.
- Conducting regular assessments and (financial) audits of suppliers to ensure compliance with standards and regulations.
- Establishing a risk management program to identify and mitigate potential supply chain disruptions.
- Keeping adequate inventory levels of critical components and materials to ensure continuity of operations.
- Implementing a robust logistics and transportation strategy.
- Leveraging digital technologies such as IoT and analytics to improve visibility and traceability throughout the supply chain.
- Building a robust and agile IT infrastructure that can support real-time monitoring and decision-making.
- Implementing a strong supplier performance management system tied to cost targets.
- Implementing an enterprise resource planning (ERP) system to automate and streamline supply chain operations.
- Creating a strong supplier development program to support and foster growth of suppliers.
- Implementing a supplier scorecard system to measure and evaluate supplier performance.
- Building a strong supplier relationship management system to foster collaboration and cooperation with suppliers.
- Building supplier contract resiliency, with stronger agreements. (view details)
- Creating a strong supplier management team with cross-functional representation.
- Encouraging supplier innovation and collaboration.
- Conducting regular disaster recovery and business continuity planning.
- Building a thorough sustainability program that includes suppliers.
- Building a robust security program that includes suppliers.
- Building a sound governance program that includes suppliers
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