Understanding a potential machining supply partner’s capabilities, experience, quality, and costs will put you and your company in the best position to win in the long term.
Forging is now a major global industry, supplying components for many of the world’s most innovative products and industries, which makes it imperative for supply chain professionals sourcing forged components to understand the process types, value stream map, technical advantages, and early supply partner involvement to effectively execute strategic procurement.
Organizations who look beyond the mere social good of engaging diverse suppliers will reap the largest benefit through decreased supplier risk, improved financial performance and strong, cohesive supply base relationships.
Leading companies, both large and small, are going beyond just outsourcing commodities to also outsourcing core/strategic parts and services. It often makes financial and operational sense for smaller firms with scarce resources to outsource non strategic parts and non core competency services.
Building and maintaining a house shares many similarities with establishing and sustaining strategic procurement in an organization. In order to build a house one must first select the site, materials, and then oversee construction. Strategic procurement requires disciplined organization commitment to ensure implementation and lasting success. With the constant pressure that companies face today to decrease costs, increase quality, and better relationships, leveraging strategic procurement as a tool to drive results is important.
Actionable insights from IndustryStar on ways to expedite, optimize, and de-risk your supply chain operations.