You need to stay up-to-date with the latest trends in supplier sourcing. How can you do it?

I do read a lot of articles but I would not limit yourself to your “industry” If sourcing trends good or bad are happening in one industry they are likely to be happening in others. They may emerge in one industry sooner than in others. Fashion will influence, home decor and hard goods in style. R&D and Manufacturing trends may change for hard goods 1st and influence fashion. Tech in fashion is an example. The tech came first in this regard.

To stay up-to-date with the latest trends in supplier sourcing, subscribe to industry newsletters, follow relevant blogs and social media accounts, and join professional networking groups or forums. Attend webinars, conferences, and workshops focused on sourcing and supply chain management. Engage in continuous learning through online courses, certifications, and workshops. Lastly, establish connections with other sourcing professionals to exchange insights and stay informed about emerging best practices and innovations.

To stay current with supplier sourcing trends, regularly engage with industry publications, blogs, and forums focused on procurement and supply chain management. Attend webinars, conferences, and workshops dedicated to sourcing best practices and emerging technologies. Network with peers and industry professionals to exchange insights and stay informed about evolving market trends. Utilize social media platforms and professional networking sites to follow thought leaders and join relevant groups or discussions. Lastly, collaborate with colleagues and attend training sessions to share knowledge and collectively stay abreast of industry advancements.

One interesting point about online communities is the diversity of people across various sectors, which brings a wealth of information that would be much harder to obtain alone and helps to better understand what's happening in the market. Furthermore, the exchange of information enables learning more about tools and processes and conducting an analysis of your company.

Go to trade shows, comp shop. Must see what is out in the market. You don’t always see the whole picture online. You want to see how it is merchandised. Vendors will have way more in their showroom or factory than they will bring to your office or a trade show.

The advantage of attending in-person events rather than online ones is the greater opportunity for networking. By meeting suppliers face-to-face, dialogue becomes easier, facilitating the discovery of solutions to your problems.

Before starting to conduct a producer market survey, it is good to specify what you are looking for. Is there a need for a specific technology or know-how. The market is full of suppliers, but perhaps only a few can deliver what you need. Also, scoping will help you decide how and where to start looking for the suppliers.

Being constantly attentive to changes in the industry is of utmost importance, as it is a dynamic field, constantly evolving (especially after the pandemic), and subject to instant market fluctuations. By participating in events, communities, and conducting market research, you will always be a few steps ahead, which makes it possible to ensure deadlines, process improvements, deliveries, and smooth operation.