7/10 Executives believe this is essential to success

In a world of fast-paced advancements, you need to stay ahead of the competition. 7/10 executives (68%) believe that active and meaningful engagement with suppliers is essential to success. (Forbes Insights Study link and credit) Knowing the latest industry trends is one way to stay ahead but what are the top 6 benefits that come by strategically collaborating with your key partners and suppliers?

Reduced time to market: By being involved in the design from the start key members of engineering from both the supplier and your team are able to pinpoint needs up front to build an optimal design the first time. This saves time and costs for both parties.

Reduced Costs: When working alone you can get stuck within the details. By collaborating, questions come into play that may not have been considered before. What is the end goal? Why is this specific tolerance needed? In many cases by reducing a tolerance we can still achieve your goal but at a much lower cost. This allows us to design to the highest performance at the lowest cost.

Leverage Expertise: You may have expertise in one aspect of a design but lack it in another. By bringing in a strong partnership with a supplier you can leverage their expertise in the specific areas that best complement your own. This results in a solution that is not over-designed.

Better Communication: This intimate relationship allows for better communication by providing fewer layers where critical information could be lost. A buyer isn’t stuck translating a conversation they had with an engineer, we speak your language. Through this partnership both sides gain trust and accountability.

No Blame: As a partner there is never anyone to blame. If an issue arises we get down to the problem and solve it. No time is wasted pointing fingers, we work together to solve the issue efficiently and effectively.

Potential for Expansion: As you spend more time working with key suppliers they become an extension of your internal team. This familiarity allows new projects to run smoother as best practices across both companies are solidified and new opportunities are presented. By leveraging your supplier relationship you can manage the product line and business operations while balancing risk and costs.

Interested in learning more about what top executives think about collaboration… download the full Forbes Insights study here.