Successful supply chain relationships are built on one core principle: Trust. Without it, the supply chain falls apart.
Trust, however, takes on a new dimension today as conversations shift from supply chain visibility to supply chain resiliency.
As companies come under greater pressure to manage existing and potential risks across their entire supplier base, there’s an urgent need to collect and share more accurate supply chain information and understand where trouble spots within the supplier base could negatively impact revenue. This is particularly important in the wake of disruptive events when companies are left scrambling to buy hard-to-find components, identify alternate sources of supply and keep their businesses moving, whatever the cost.
In today’s business environment, resilient supply chain linkages are also key. These linkages allow companies to respond more quickly when a disruption occurs and improves their what-if scenario planning capabilities before an event happens. This is something Resilinc helps companies achieve.
“We are creating resilient linkages between suppliers and customers. What do we mean by resilient linkages? These are linkages that are established based on trust,” says Bindiya Vakil, Resilinc’s founder and CEO. “Suppliers trust their customers not to abuse the information they are providing on the Resilinc platform. And, customers are leveraging this information to manage their supply chain better, be more proactive and reward their suppliers by giving them more business…and putting these suppliers on trusted partner status.”
This kind of risk management approach–where all tiers of suppliers are mapped, global supply chain events are carefully monitored and suppliers and customers work together to protect themselves against risk–produces several benefits. Three main ones include advanced sourcing strategy improvements, access to a centralized repository of supply chain intelligence and contingent business interruption insurance savings.
In the everyday world of supply chain management, trust is the glue keeps suppliers and customers together. But it’s resiliency that helps the relationship grow.
Want to learn more? Check out Resilinc’s new YouTube channel for client testimonials and more information about the company.