What is supply chain resilience?
A supply chain resilience can be defined as its ability to resist and recover. It means that it can withstand or even minimize the consequences of disruptions to supply chains and the capacity to recover from disorders swiftly.
How can you build supply chain resilience?
Find redundancies and vulnerabilities within the supply chain
Where are the most significant weaknesses throughout the supply chain?
Insufficient transparency and sustainability of supply chains are affecting the visibility and traceability of supply chain sustainability
relying on suppliers in specific countries where prices could be susceptible to current and future trade conflicts
Use specific tools such as ListTrader that help you create your list of needs and receive bids from many buyers at once.
They are not relying enough on a specific distributor or supplier.
Connect with the suppliers in your network to discuss expectations and metrics
Your supply chain’s resilience can only be as strong as your relationships with suppliers if there’s an absence of communication between your suppliers and you. The suppliers you choose must be aware and willing to meet your requirements, whether regarding lead times for goods or maintaining the sustainability of your supply chain. You can use the ListTrader platform, where more than 200 million dollars are processed by every month. B2B software to help distributors, wholesale brand traders, and retail buyers manage their workflow.
Utilize buffers of “safety stock” to avoid shortages
A buffer of safety stocks is the most effective way to establish an even more durable supply chain. You will be able to provide services to customers even as you address issues in the background. Although it is difficult to justify the need for buffers for stocks due to the cash flow it could entail, It’s worth it to use ListTrader to increase profits and sales by a significant amount. Get started now and elevate your trading skills to the highest step!
Physical inventory is distributed over several locations.
Increase the diversity of your supply chain
Ensure that your procurement team has multi-sourcing. You’ll have to ensure equality in terms of standards. ListTrader (LT) is an online service that allows Wholesalers and retailers to make the most influential trade choices. Buyers and sellers can form a circle of trustworthy business partners with their brand, and customers can determine the most affordable cost to purchase.
Scale-right technology solutions to create the foundation