Know your supplier – Diversifying comes with risk, amidst escalating trade wars
With global trade tensions escalating, supplier diversification has been embraced as the leading antidote to mitigate short-term risks. Thus, rapid pushes for multi-sourcing, local-for-local, component substitution, stockpiling, and scenario planning have engulfed executive teams. CPG companies are accelerating years of work in nearshoring and onshoring suppliers and production. While the financial benefits of supplier diversification seem straightforward, the risks posed to an enterprise without a robust know your supplier program will expose new threats to reputation, operations, customer interfacing, and more. How should executive teams re-imagine due diligence during Trump 2.0 and global trade upheaval?
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