As you work to build more resilient supplier networks, start by investing in a comprehensive digital transformation. Once seen as a competitive advantage, digitalization has become an indispensable necessity as supply chains have grown more complex and outsourced, with brands and retailers increasingly relying on vast overseas networks.
A lot has changed since the onset of the pandemic but supply chain disruptions continue to evolve. While the degree and nature of disruptions differed for every company, almost all discovered many hidden supply chain imbalances. Here are a few ways SMBs can make the best of these turbulent times and keep things humming.
Even when retailers want to pay suppliers quickly, the inefficiencies of manual accounts payable (AP) and payment processes can get in their way. This involves printing checks, chasing down signatures and mailing. To address these issues, many retailers are using software to automate and optimize services to support those efforts.
If you are an ecommerce company who buys from suppliers internationally, you are more than likely facing pressures from the competition to delivery faster and cheaper. But if there is the slightest problem in the shipment, it can lead to major problems within your business. In order to reduce those pressures, Small Business Trends has compiled the following tips on going global with your supply chain.