Your supply chain and procurement process are, without a doubt, integral parts of your online business. Our payments solution partner, Worldfirst, has shared some top tips to help you streamline your supply chain and improve your procurement process.
More companies are investing in technology to gain the visibility and insight they need to act quickly. Creating a register of all suppliers can help a business react to swings in demand or disruptions such as the coronavirus pandemic.
Over-reliance on practices designed to reduce costs has left many businesses with few options when traditional supply chains are disrupted. Reliability and security of supply should now be seen as far more important than price.
Using multiple suppliers helps to build resilience by reducing risk and the potential for operations to be disrupted. Trust through association is another powerful approach, and networks of companies are starting to pool resources and work together.
Due diligence when selecting new suppliers is as critical now as it has ever been. Organisations need to be confident a supplier doesn’t pose a risk to their reputation or the efficiency of their supply chain.
For five tips to help you choose a new business supplier, visit worldfirst.com/uk