SUPPLY CHAIN choose suppliers who best align to the company ’ s values , processes , and their customers ’ expectations . For example , from a logistical perspective , it may be more beneficial and less risky to work with a local raw material supplier . Also , selecting suppliers who prioritise sustainability can help businesses achieve their environmental , social , and governmental ( ESG ) goals .
• Increasing revenue – “ Relying on a business network can help a company move beyond its local market to become part of a global network that continues to grow as more companies join ,” he says . “ Business networks are multipliers for buyers , sellers , shippers , carriers , and even asset utilisation and maintenance . “ This helps companies expand into new global markets , find new customers , uncover new opportunities , and secure the suppliers needed to support these new business models . And with a global network of suppliers , businesses can be assured of supply during times of disruption , reducing stock-outs and revenue loss .”
• Increased connections – Harris states that “ every transaction has two sides , whether this is the buyer and seller or shipper and carrier ”. This , he explains , is why networks can quickly expand : “ When a buyer uses a carrier , that carrier becomes known to the seller , which can then become a new source for both businesses . As these two businesses transact more with others , the carrier may work for even more of their connections . This network effect is an excellent means for companies to broaden their customer base and trading partnerships .”
• Predicting risks and identifying opportunities – “ Which of us wouldn ’ t like to predict their own future to prepare for whatever comes our way ?” he asks . He adds that , in the context of business continuity and resilience , this ability should be no pipe dream . “ The ability to address risk across the supply chain is mission critical ,” he points out .
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