Yesterday I posted about the importance of mitigating supply chain risk by building robust, collaborative relationships with your suppliers. Today, I invite you to watch a very enjoyable six-minute presentation on the same topic. This videoclip, from Manufacturing and Logistics IT Magazine and Cranfield University, features Richard Wilding, Professor of Supply Chain Management at the Centre of Logistics and Supply Chain Management, Cranfield School of Management.
Wilding discusses how managing relationships with your suppliers can mitigate risk, enhance value, and lower costs. He explains what he calls “the three Ts of highly effective supply chains:” Time, Transparency, and Trust. And, he also
offers advice for starting a risk management plan at your company. As Wilding reiterates, it’s important to focus on building relationships with your suppliers now, before a supply chain disruption occurs.