COVID-19 Is Making Supply Chain Collaboration More Important than Ever
Collaboration and communication between parties has always been the essence of a sound supply chain, but COVID-19 disruption has made it a necessity. This is true between suppliers and manufacturers, but also between independent solutions providers and their customers, which are increasingly becoming staples of the successful supply chain.
According to an article in Supply & Demand Chain Executive, “Access to different levels of information and the ability to use that information to optimize the product should be shared and leveraged by all parties across the supply chain — or at least by the major players with most at risk. Partners should be honest, not allow each other to fail, and force each other [to] take actions that lower the overall exposure of the total supply chain.”
To do so however, emphasis must be made to ensure that information between all parties is accurate and accessible. In many cases, this will require a serious reconsideration of how the various processes and procedures long used by manufacturers are adhered to across all applicable channels. Who has access to the necessary information? What channels are available for appropriate individuals or departments to correct incongruencies or high-risk findings? Are such procedures highly adaptable in the face of significant disruption, unexpected lead times, or evolving business initiatives?
Partstat BOM Monitoring represents an important — and in today’s environment, absolutely necessary — step towards supply chain transparency. By providing instant trending analytics on over 50 billion unique data points from thousands of component manufacturers and authorized channel partners, Partstat BOM Monitoring provides a valuable window of opportunity for manufacturers to pivot their supply chain from delays, allocation issues, and unexpected obsolescence. From a unique dashboard easily accessible from one of 20 available seats, customers have instant access to lead time, quantity, and price trends, data sheets, and budgetary pricing information for all components submitted for monitoring by Partstat.
In essence, BOM Monitoring functions as a critical link between not just applicable parties within the manufacturer, but between manufacturers, contract manufacturers, and their critical suppliers, promoting transparency and greater collaboration among all. These, if they are not already, are the staples of the modern successful supply chain, and businesses who operate within the electronics manufacturing industry would do well to take heed. As the Supply & Demand Executive article says, “What the COVID-19 pandemic has revealed about supply chain dynamics is not that different from what it has revealed about human community and vulnerability. We are not separate entities, but are closely interrelated with the behavior of one having an impact on many.”