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How can you strategically identify potential areas for supplier diversification?

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Supplier diversification is a strategic approach to reduce the risks and costs associated with relying on a single or few suppliers for your business needs. By expanding your supplier base, you can increase your options, leverage your bargaining power, and improve your resilience to disruptions. But how can you identify potential areas for supplier diversification and evaluate the benefits and challenges of doing so? Here are some steps to help you:

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Yulia Blinova 余莉

Founder Zignify Global Product Sourcing / Co-Founder Maennersache.rocks BEST German Male Skincare (bio aloe vera base…

1 Assess your current situation

The first step is to analyze your current supplier portfolio and identify the gaps, vulnerabilities, and opportunities for improvement. You can use tools such as a supplier risk matrix, a spend analysis, or a SWOT analysis to evaluate your suppliers based on criteria such as quality, reliability, price, innovation, and sustainability. You should also consider the external factors that may affect your supply chain, such as market trends, customer demands, regulations, and geopolitical risks.

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Yulia Blinova 余莉

Founder Zignify Global Product Sourcing / Co-Founder Maennersache.rocks BEST German Male Skincare (bio aloe vera base no water BS) / Keynote Speaker
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As a first step, I like to look at the BOM (Bill of Material) list with prices and see what they charge for all the parts and the actual work. Understand current manufacturing processes, how much is done by machinery, and how much is done by people. How new is machinery, and processes how knowledgeable are the engineers at the factory? Comparing, costs, quality, delivery time and fee, external factors, is all necessary, but it is also absolutely basic. You need to dig deeper with an existing supplier and have this as a comparison base with a new one.

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Devesh S.

Senior Director Supply Chain @ Biocon Biologics | Digital Transformation in Supply Chain I Ex- Amazon, Merck, Pidilite | IIM Mumbai (Formerly NITIE, Mumbai)
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To different types of Raw/packaging material supplier diversification needed to fulfill different objectives and to define objectives clearly one should be able to assess current situation properly for each class of materials, like - (a) Cost : Multiple supplier for similar material, diversification needed to achieve cost benefit and higher share goes to least cost (b) Geography : World business learnt a great lesson during covid especially linked to concentrated chineses supplier base (C) Critical material : Material is very critical input to business without which production might halt, to avoid that diversify the supplier base

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2 Define your objectives and criteria

The next step is to define your objectives and criteria for supplier diversification. What are the main goals and benefits you want to achieve by diversifying your suppliers? For example, you may want to reduce your dependency on a single source, access new markets or technologies, enhance your competitive advantage, or support your social responsibility. Based on your objectives, you should also establish the criteria and metrics that will guide your supplier selection and evaluation process. For example, you may look for suppliers that offer lower prices, higher quality, faster delivery, or more innovation.

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Yulia Blinova 余莉

Founder Zignify Global Product Sourcing / Co-Founder Maennersache.rocks BEST German Male Skincare (bio aloe vera base no water BS) / Keynote Speaker
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My first notion is always to have a backup in case the first supplier can't handle capacity or they close down for some reason. That is why I always recommend having a backup supplier in the country where you originally manufacture as well as in a different country/region if it is possible. My second option will always lean towards nearshoring if possible. You decrease your delivery times and have a faster financial turnaround. Not only that but you can use nearshoring in your marketing campaigns as an additional USP.

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3 Conduct market research and sourcing

The third step is to conduct market research and sourcing to identify and contact potential suppliers that meet your objectives and criteria. You can use various sources of information, such as industry reports, trade shows, online platforms, referrals, or consultants, to find and compare suppliers across different regions, sectors, or niches. You should also communicate your requirements and expectations clearly and solicit proposals or quotes from the prospective suppliers. You can use tools such as a supplier scorecard or a weighted criteria matrix to rank and shortlist the most suitable suppliers.

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4 Negotiate and establish relationships

The fourth step is to negotiate and establish relationships with the selected suppliers. You should aim for a win-win outcome that balances your interests and theirs, and that creates value for both parties. You should also consider the cultural, legal, and operational differences that may affect the negotiation and relationship process. You should draft and sign clear and fair contracts that outline the terms and conditions of the supply agreement, such as the scope, quality, price, delivery, payment, and dispute resolution. You should also build trust and rapport with your suppliers and maintain regular communication and feedback.

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5 Implement and monitor

The final step is to implement and monitor the supplier diversification strategy. You should plan and execute the transition and integration of the new suppliers into your supply chain, ensuring that they comply with your standards and expectations. You should also monitor and measure their performance and satisfaction using the metrics and criteria you defined earlier. You should also review and adjust your strategy as needed, based on the results and feedback you receive. You should also seek to foster long-term and mutually beneficial relationships with your suppliers and encourage continuous improvement and innovation.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Yulia Blinova 余莉

Founder Zignify Global Product Sourcing / Co-Founder Maennersache.rocks BEST German Male Skincare (bio aloe vera base no water BS) / Keynote Speaker
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Do NOT just find a manufacturer. Your goal should be to find a long-term partner, with whom you develop and grow together. Be open and honest with them, share your plans, share your margins. A lot of manufacturers are being self misled and think people in e-commerce have enormous margins, so they refuse to negotiate. Show them what you are making and you might find a perfect partner for yourself. One thing to remember, they are in it to make money as well, so you need to be realistic and honest and align your goals. If you will, results will as wonderful as better pricing, lower MOQ, better payment terms and common growth.

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How can you strategically identify potential areas for supplier diversification?

1

2

3

4

5

6

1 Assess your current situation

2 Define your objectives and criteria

3 Conduct market research and sourcing

4 Negotiate and establish relationships

5 Implement and monitor

6 Here’s what else to consider

Supplier Sourcing

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How can you strategically identify potential areas for supplier diversification?

1

2

3

4

5

6

1 Assess your current situation

2 Define your objectives and criteria

3 Conduct market research and sourcing

4 Negotiate and establish relationships

5 Implement and monitor

6 Here’s what else to consider

Supplier Sourcing

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