Let’s first understand what Supply Chain Diversification is? - It is expanding the choices businesses have in procurement to a more diverse base of suppliers for e.g. different locations etc Why is Supply Chain Diversification important? It provides buyers with flexibility to choose among multiple suppliers It helps mitigate risks from new regulations penalizing some particular trade lanes Prevents supply chain disruptions due to financial or operational challenges with particular suppliers Helps businesses negotiate better terms with their suppliers and demand better product quality To diversify the supply chain you can: - Use Trademo Intel to find new suppliers for your product category/business - Weigh alternative countries & their trade routes for sourcing same components - Evaluate your overall sourcing strategy and supply chain network design - Seek suppliers with sustainable operations Adopting digital solutions May Help Accelerate Supply Chain Diversification Process as It is easier to onboard & vet information shared by suppliers with digital solutions Digital workflows and automated checklists simplify regular transactions with suppliers Reduces manual efforts for inspections and audits. Allow near-real-time risk analysis Although transitioning from the current supply chain takes time and planning but the long-term benefits are clear and many. To read more about supply chain diversification, visit www.trademo.com/blog