Four Ways to Manage Supplier Risk
podcast episode with speaker Greg Hutchins
Covid taught us the importance of managing suppliers, especially those from China and Asia. Risk became the top supply management concern over supplier delivery, quality, and cost. For example, just-in-time deliveries became just-in-case—many common sense ideas of lean changed. Incoming, in-process, and final inventories rose. Overall costs increased. Risk became the overarching concern for managing suppliers.
OEMs are now developing new operating models and sourcing models. ‘Make or buy’ decisions that were made 20 years or more ago are being reassessed. Sourcing decisions in China are being rethought. Domestic sourcing and reshoring are occurring rapidly.
In this workshop, Greg Hutchins will discuss four ways to manage supplier risk: 1. Accept sourcing risks; 2. Diversify sourcing risks; 3. Share sourcing risks; and 4. Manage (control) sourcing risks.
This Accendo Reliability webinar was originally broadcast on 4 July 2023.
To view the recorded video and slides, visit the webinar page.
Additional content that may be of interest
IPC Validation Services & the Trusted Supplier Program episode
Supplier Control Plans and Design Specs episode
Dealing with Suppliers episode
Choosing Reliable Suppliers episode
How to not do supplier relationships episode