SUPPLIER DIVERSITY
Asupply chain must be ready for anything given the external risks , from geopolitical tension to natural disasters . At any moment , a supply chain could be faced with seemingly insurmountable odds .
That is why resilience has become a critical factor for success .
One powerful strategy which many leading companies are embracing is resilience through supplier diversity . By cultivating a diverse supplier base , companies can not only strengthen their supply chains but also drive innovation , boost competitiveness and contribute to economic growth across various communities .
Amazon Business , Mars Wrigley and Kaleida International discuss with Procurement Magazine how their supplier diversity has built a more robust and adaptable supply chain .
Fortifying the foundation Through a more diverse supplier base , companies can enhance their overall resilience . With a broadening base , companies can reduce how much they depend on a single source , thus mitigating the risks associated with supply chain disruptions . This also provides greater flexibility and gives them a new perspective .
As Kavita Jain , VP of Supply Chain at Mars Wrigley , explains : “ A broad and diverse supplier base mitigates risk by reducing reliance on a single source and fosters a supply chain that is responsive
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