Launching a product with new suppliers involves significant risks, but strategic planning can reduce potential setbacks. Here are strategies: 1. Thoroughly Vet Suppliers: Research shows 56% of companies face supplier-related issues due to inadequate vetting processes (Deloitte, 2023). 2. Establish Clear Contracts: Well-defined contracts reduce disputes by 30%, according to the International Association for Contract & Commercial Management (IACCM). 3. Implement Contingency Plans: 79% of organizations that implement contingency strategies report faster recovery from supplier disruptions (McKinsey, 2022). 4. Collaborate and Communicate: 85% of successful supply chain leaders emphasise frequent, transparent communication (Gartner, 2023).

Conduct thorough due diligence on each new supplier to ensure they meet your standards and requirements. Establish clear contracts and service level agreements (SLAs) to define expectations and responsibilities. Implement a robust onboarding process to integrate new suppliers smoothly into your operations. Regularly monitor supplier performance through audits and performance metrics. Develop contingency plans to address potential supply chain disruptions. Maintain open and frequent communication with suppliers to address any issues promptly. By being proactive and thorough, you can effectively manage the risks associated with new suppliers.

📊Conduct thorough due diligence, establish clear contracts with performance benchmarks, and maintain regular communication. Implement contingency plans to address potential supplier issues. 📊For example: A high-risk customer will be given a tighter credit limit. You will reduce the payment period in case of high risk, to be able to act more quickly in case of default. Putting in place guarantees allows you to secure the payments of your high-risk customers.

Conduct thorough due diligence, establish clear contracts with performance benchmarks, and maintain regular communication. Implement contingency plans to address potential supplier issues.

1. Thorough Supplier Evaluation:Due Diligence,site audits,references 2. Clear Contracts and Agreements:define expectations,include penalty clause & SLAs 3. Collaborative Development:Joint plannning & prototype 4. Diversify Suppliers 5. Robust Quality Control 6. Transparent Communication Channels 7. Supply Chain Visibility 8. Inventory and Buffer Strategies 9. Develop Contingency Plans 10. Continuous Improvement