Many factors such as global events and regulatory shifts can threaten to disrupt supply chains, especially if your business relies on a single vendor. As single-source supply chains are left vulnerable to rising costs and bottlenecks, it can be a wise decision to diversify vendors for your parts and consumables, whether for peace of mind or as part of a strategic contingency plan.
Diversifying your vendor network can also unlock opportunities to optimise procurement processes, improve efficiency and lower expenses. Therefore, companies across the industry are innovating their approach to vendor assessment and evaluation to build stronger, more resilient supply chains.
