Published on
13 December 2023
Read time
3 mins
The most wonderful time of the year is fast approaching, and with it businesses have long been planning how they manage the extra demand. But why is it only when businesses start planning for Christmas, that supply chains get paid the attention and care they need to thrive? Looking after your supply chain throughout the year drives numerous benefits which will actually make your Christmas planning far smoother and likely get your supply chain on board to prioritise any issues and problems you may experience.
A seasonal approach to supplier care drives inefficiencies, disruption and increases costs. This way of paying attention to your supply chain doesn’t foster a good working relationship and so the reciprocal benefits in relationships will not be available to either party. Looking after your supply chain gives you a stable and solid foundation year-round giving your customers and stakeholders confidence in your stability.
All supply chains are open to risks, from geopolitical tensions to natural disasters and unforeseen events – you only have to look at the impact of Ever Given getting stuck in the Suez Canal. Focussing on your approach to supplier management for 12 months of the year will help you recognise and mitigate risks well in advance, which prepares your business for any impacts from unforeseen events and strengthens supply chain resilience.
Markets change constantly, from consumer preferences and market trends to economic conditions. Businesses need to stay abreast of these changes and need a strong and robust supply chain in order to do so. Working with your supply chain throughout the year means you can adapt and adjust your strategies for each category and supplier and ensure that you take advantage of emerging technologies, innovation and changing customer expectations.
The cornerstone of these changes is a strong and sustainable relationship with key supply chain members. These relationships need to be nurtured with performance reviews, innovative explorations, risk management and mitigation as well as the relationships between account managers. This fosters mutual trust and collaboration which leads to a stable and robust supplier relationship.
Sustainability continues to be a hot topic and will be well into 2024 and beyond. How suppliers act ethically and sustainably is growing in importance to consumers and this is not an area that can only be addressed once a year. Managing suppliers has to be done alongside a business’s sustainability and ethical plans and promoted to demonstrate the commitment to ESG in order to meet the demand of consumers.
The festive period brings with it a myriad of challenges and opportunities in terms of supply chains, but it cannot be the only reason to pay attention to your supply chain. A cohesive, strategic approach to supplier management can only bring benefits and establish a solid foundation for long term success. So give your suppliers the gift of Supplier Relationship Management this Christmas – trust me they’ll thank you!
Nikki Rowbottom - Senior Consultant -7 Step Solutions
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