This blog post was written in partnership with Part Analytics.
COVID-19 continues to disrupt global supply chains despite signs of improvement in China. Factories are beginning to reopen, but transportation is still limited, and underlying production problems remain. Factories that resume production are likely to have a significantly reduced workforce. In fact, reports from our teams in China state that factories are still significantly understaffed even after the economy has opened up.
If your company relies on dozens or even hundreds of suppliers in China, it can be costly and difficult to both track and understand the state of your supply chain during this pandemic. Regardless of the size and complexity of your existing network, you can benefit from lower costs and easier sourcing of non-custom parts. Now is an excellent time to improve supply chain management across your organization.
Supply chain visibility (SCV) provides you with the basis to understand the impact of the COVID-19 supply chain disruptions on your own operations — giving you the ability to create robust decision-making processes and efficiently respond to the changing needs of your ecosystem.
The Problem: An Increasing Need to Source New Suppliers
With the delayed restart of production caused by the outbreak and its subsequent health quarantines, many companies are finding themselves in need of new inventory sources. But searching for new suppliers can take weeks or even months.
However, sourcing yourself can save some initial costs but without extensive knowledge of the industry and country of origin, getting the best price is a matter of luck rather than skill or time investment.
All these concerns do not factor in the risk of using a given company. Even experienced sourcing companies have difficulty knowing which companies fail to meet their production and delivery targets or might go bankrupt.
Using Tools to Improve Supply Chain Visibility
Supply chains are only likely to become more complex and interconnected in the future. Yet, despite all the advances we’ve had in data analytics, many companies still rely on incredibly manual processes to keep track of their supply chain. While it can be difficult to consolidate all your data together, there are ways to simplify the process.
Part Analytics is just one of the great tools out there that can help your company achieve better results from your supply chain. As an AI-driven SaaS platform, it helps you integrate data from multiple, disconnected sources and process it so you can make informed decisions to improve and strengthen your supply chain. In the videos below, you’ll see how their tool can help you manage spending, RFQ and risk on different levels.
Part Analytics for OEMs
Part Analytics for EMS Companies
The Bottom Line
Achieving SCV can be a challenging task but getting the right tool or platform for your industry and specific needs will go a long way. If you need assistance in choosing the right SCV tool or managing your overall supply chain during this difficult time, feel free to reach out to us. CMC is on the ground, experienced, and willing to assist companies in China, the Middle East, and North America.
Has your supply chain been disrupted by the COVID-19 pandemic?
Learn how to optimize your operations, adapt to a remote working team and much more in our webinar with Part Analytics.