Diversify Network of Vendors| Mitigate Supply Chain Risk

Diversify Network of Vendors| Mitigate Supply Chain Risk

Are Legacy Vendors Invested In Your Success?
If Not, You Could Be Vulnerable to Risk.

As the technologies that drive manufacturing continue to advance, processes like rapid prototyping are becoming more mainstream and in demand.

To meet this demand, the vendor pool is increasing—and their platforms are evolving to make quoting projects faster and easier than ever.

This seems ideal for companies eager to bring products to market fast. Afterall, having more options to choose from can help you to secure the competitive edge.

But more isn’t better.

In fact, having too many vendors to choose from can lead to analysis paralysis—or “vendor paralysis,” which can introduce elements of risk to the supply chain, business, project, and even your ability to deliver on personal goals.

Of course, this may prompt you to rely more heavily on legacy vendors. But what if they shut down due to any number of business disruptions? How will they deliver your parts? Do they have measures in place to protect your supply in any market?

Solution: Build a diverse network of trusted vendors invested in your success.

To help mitigate risk throughout the product development process, and to your supply chain, build a diverse network of trusted partners based in the USA. A team that functions as an extension of your business with invested interest in helping you to succeed.

Too many options can result in “vendor paralysis.”

Vendor Paralysis and Legacy Vendors: Elements of Risk

A key solution for mitigating risk is to diversify your vendor network. However, this is difficult to accomplish when you have too many to choose from or rely too heavily on legacy vendors.

Vendor paralysis

Forbes defines analysis paralysis as the moments when someone is so overwhelmed with choices that they are unable to make a decision. Vendor paralysis can be defined in the same vein. That is, as the vendor pool continues to increase, the more difficult it becomes to choose one.

For example, indecisiveness will prevent projects from moving forward in the product development process. Which, as you can imagine, will lead to product launch delays, added costs, and missed market opportunity. Further, vendor paralysis can also result in an overreliance on legacy vendors.

3-quote Solution: Getting Quotes vs. Vetting Partners

So how can organizations solve for this indecisiveness? Based on conversations with engineers, purchasing, and sourcing, companies are requiring employees to get 3 competitive quotes for every job.

But getting 3 quotes is different than vetting 3 partners invested in your success.

Though implemented with good intentions, it is a transactional solution. One that does not require vetting a vendor’s capabilities, having conversations around them, ensuring they are accurate and meet the needs of the project.

Ultimately, instead of advancing toward a more diverse network of trusted partners, the 3-quote solution still results in relying too heavily on a select few vendors which can greatly increase risk.

Legacy Vendors

We appreciate the value of legacy relationships. They are safe, comfortable, and reliable. And when faced with aggressive deadlines to bring products to market, it can feel faster and easier to rely on what you know.

There’s no denying that the COVID-19 pandemic revealed painful weaknesses in our supply chains. And, after 2020, it’s a lot harder to say, “that could never happen.”

Unexpected Problems & What They Mean To Your Supply Chain

Now, more than ever, it’s clear that any type of disruption can introduce elements of risk to your business: tariffs, pandemics, hurricanes, tornadoes, earthquakes, wildfires, military uprisings, a death in the family, personal emergency, and human error.

The question, then, is how will your legacy vendors keep your business flowing if their business shuts down due events out of their control? Without a backup plan, how will you get your parts?

Now consider the bigger picture. If your legacy vendors cannot sustain your supply, it could result in missing the chance to bring products to market and failure to secure the competitive edge.

You could also lose your biggest customer who pays your bills, forcing you to lay off employees or close business altogether.

Diversify Your Network of Trusted Partners To Help Mitigate Risk

A diverse network of fully vetted partners can help to mitigate risk to the supply chain, keep a small business from closing, and reduce personal risk.

Further, a network of partners—truly invested in your success –  can save time and money, provide higher acceptance rate on parts, provide better transparency on timelines and updates, and enable you to re-establish relationships with previous customers due to better capabilities.

To achieve success, choose US-based suppliers, don’t rely on “what’s always been done” as a litmus test. Further, insist on communication and collaboration between your internal teams and vendors.

Choose 4 USA-based Vendors Per Manufacturing Process

Vetting domestic vendors for manufacturing processes such as injection molding and 3D printing will provide advantages such as shorter logistics and real-time visibility into their manufacturing process.

Building a network that includes 4 vendors for each manufacturing process will help mitigate risk by ensuring you have a backup if there is an unexpected event.

Further, diversifying your network to include partners with different production capabilities can help add flexibility.

Choose 4 domestic vendors for each manufacturing process.

Use a New Litmus Test To Vet Vendors

When vetting new vendors, resist the urge to rely on past experiences as a measure of success. One of the critical goals of this process is to diversify your network beyond your current relationships to help mitigate risk and stimulate innovation. Otherwise you will continue on the same path.

Communication & Collaboration Between Internal Teams and Vendors

Break Down Silos To Help Reduce Mistakes

Too often, hard work by many is derailed or overlooked because of one missing piece resulting in a variety of mistakes. Promoting communication and collaboration between vendors and your internal teams can increase transparency and reduce errors.

For instance, typically internal groups (engineers, product designers, purchasing, etc.) are siloed and miss critical communications. Thereby resulting in errors such as quantity requirements, turnaround time, and invoicing.

These mistakes can prevent you from getting the parts you need when you need them. And when teams work together, simple mistakes that could otherwise lead to larger ramifications can be eliminated.

Invest time in the Partnerships

Develop genuine relationships with vendors and stay plugged in with your partner representatives.

This helps to ensure you always know if something may prevent getting accurate parts on time.

Having up-to-date information at all times from your partners will help to proactively mitigate risk and adjust internal planning versus scrambling to fix a problem.

Conclusion

Vendor paralysis and relying too heavily on legacy vendor relationships can make you and your business vulnerable to risk.

Building a diverse network of trusted, domestic partners that are vetted for each manufacturing specialty can help to mitigate risk to the supply chain and maintain the flow of business in any market climate.

If you would like to discuss strategies for diversifying your vendor network, please contact Xcentric. We would love to be part of your success story. Contact our Application Engineers at sales@xcentricmold.com or 586-598-4636.

Working on a project?

Let us help you get that first prototype underway and have that part in your hands in as few as five days. Our engineers help you through the design process. Get your project started now!

Custom Injection Molding Company For Your Design

Custom Injection Molding Company For Your Design

Choose An Agile Injection Molding Company, Bring YOUR Designs to Market, Faster than Ever

In a world accustom to instant gratification, the urgency for rapid manufacturers to help customers bring plastic injection-molded products to market faster and cheaper is more competitive than ever.

There’s no question about it—speed is critical. But so is achieving your design intent.

Otherwise, “faster and cheaper” loses its appeal.

Because, like most product designers and engineers, you don’t just want plastic parts fast. You want your custom plastic injection-molded products produced to exact requirements, on time and on budget.

Unfortunately, when speed is the singular focus, your design intent becomes an afterthought. This is perhaps most evident in a transaction-based approach to plastic injection molding projects.

Pitfalls of a transaction-based plastic injection molding company

According to an adage, in business we are fortunate if we can choose any two of the following: speed, quality, or value.

When it comes to plastic injection molding, this model fails to deliver. In part, because it lacks investment in your overall success.

Instead, the goal is to get products to market as quickly as possible. Period.

To achieve this, customers are often asked to meet pre-defined design and production standards by:

  • Compromising the quality of material 
  • Changing the design to accommodate pre-defined requirements
  • Agreeing to skip essential quality control steps in the product development process

 

As you can imagine, compromising in these critical areas can result in:

  • Poor functionality and missed design intent
  • Reduced part integrity
  • Expensive product recalls

This lack of customer focus has prompted a growing demand for more personalized, 1:1 service and support.

Relationship-based, custom injection molding company. Your design, on time and on budget

The customer experience with Xcentric is different. It is a personalized and highly collaborative relationship. One that enables us to understand goals and achieve design intent.

When you partner with Xcentric for rapid manufacturing, you’ll work directly with our on-site SMEs. And you’ll have access to our high-performance manufacturing services and facilities

An agile process to achieve your intended fit, form, and function

We do not force designs to fit pre-defined parameters. We collaborate with customers and their internal teams to fully understand the scope of the project.

Often, the competition only meets with customers at the prototype stage. In contrast, Xcentric gets involved early in the product development process. And then we place an SME at every step from ideation through production.

This transparency and early involvement in the product development process enables us to:

  • Optimize designs for manufacturability
  • Provide advice on material selection
  • Mitigate risk – during product development and in the supply chain
  • Eliminate unnecessary costs
  • Reduce product launch delays

This customer-first approach helps us to achieve design intent while maintaining quality, speed, and cost-efficiency.

We execute on this consistently by providing outstanding customer service, getting involved early in the product development process, and placing on-site subject matter experts at every step of the product development process—from ideation to delivery.

Xcentric: your injection molding company

Don’t compromise your design intent. Partner with an agile injection molding company with on-site SMEs to help:

  • Optimize designs for manufacturability 
  • Bring products to market on time and on budget
  • Mitigate supply chain risk
  • Stay current with ongoing touch points to provide design resources and design tips

We would like the opportunity to earn your trust as an approved vendor for rapid manufacturing. Please consider Xcentric when quoting your next project. By getting us involved early in the process, we can help to mitigate risk and bring your concepts to life faster than ever.

Contact an Xcentric Application Engineer at 248-598-4636 or sales@xcentricmold.com.  You can also upload a part to request a custom quote. 

Working on a project?

Let us help you get that first prototype underway and have that part in your hands in as few as five days. Our engineers help you through the design process. Get your project started now!

Xcentric: Approved Vendor for Rapid Manufacturing

Xcentric: Approved Vendor for Rapid Manufacturing

10 Reasons to Add Xcentric as an Approved Vendor for Rapid Manufacturing

Instead of choosing the same three vendors for your next quote, give Xcentric a try! We’re the #2 rapid manufacturing company in the USA. And we’d like the opportunity to earn your trust for rapid manufacturing services.

Here are 10 reasons to consider Xcentric for plastic injection molding, CNC machining, and 3D printing.

1. We achieve your design intent – Practically no Geometry Limits

We will not force your design to fit our process.

Like most product designers and engineers, you don’t just want plastic parts fast. Instead, you want your custom plastic injection-molded products produced to exact requirements, on time and on budget.

Xcentric is not a transactional plastic injection molding company. We take a relationship-based approach to fully understand your expectations. This enables us to determine the most cost- and time-efficient method for achieving your design intent. We will never force your design to fit our process.

As your preferred vendor for rapid manufacturing, we’ll collaborate with you, your team, and third-party vendors you are working with to bring your concepts to life.

The first job was fast, accurate and met all of our expectations enabling us to go to market on time!

Gordon Sturm

Director, Operations, Mirion Technologies

2. Domestic vendor for plastic injection molding

Made and located entirely in the USA, Since 1997

The pandemic of 2020 exposed the fragility of the global supply chain. It showed us the risk of relying too heavily on overseas vendors. And it left businesses scrambling to find domestic suppliers with capacity to help keep their doors open.

 

Two Michigan-based facilities for plastic injection molding

Building a sustainable supply chain for rapid manufacturing is more important than ever. Adding a domestic vendor like Xcentric can help mitigate the risk of unexpected events.

Xcentric is headquartered in Clinton Township, Michigan with a second facility in Shelby Township, Michigan.

Supply Chain: More Sustainable & Agile After COVID-19

To build a sustainable supply chain, manufacturers should include these three essential components in their plan. READ MORE

3. Rapid Manufacturing, Rapid Results

A fast, cost-effective, and agile vendor

Xcentric has earned a reputation as a trusted supplier of time-critical rapid manufacturing. We are one of the fastest suppliers of  complex, custom injection-molded parts delivering prototypes in as few as 5 days and standard projects in as few as 13. We owe this speed-to-market to our amazing team of subject matter experts, modern systems, and streamlined processes.

4. Capacity: We Quickly Scale Production to meet unpredicatable demand

Post-COVID-19 we are faced with uncertainties in the market. Rapid digital manufacturing enables us to quickly scale production to help you build a more sustainable supply chain and meet market demand with prototype, bridge, and production tooling.

Your link to the global supply chain

  • Reduce time to market
  • Labor overhead and asset utilization
  • Increase quality control and inventory management

5. Product Development Process and On-Site Subject Matter Experts

Xcentric is powered by an amazing team of subject matter experts (SMEs) with experience in engineering, design consultation, mold-making, and customer service.

We follow a streamlined product development process and place on-site SMEs at every step of the process. SMEs review designs and provide a manufacturability analysis for each order.

6. Custom Quote in less then 24 hours

A Tool Built For Designers

Our new quoting tool simplifies the design and iteration process to get your product to market. On time. On budget. Right here at home. Simply upload a CAD file to get started. Our guided design tool will help you quote your project and move forward in the design process. Check out the online quote tool!

7. Plastic Material Selection

Material selection is critical to the success of your injection molding project. We carry more than 40 resins in stock. And, our on-site material experts will assist you with sourcing non-stock material, custom colors, and specialty plastics.

FREE 8-Piece Sample Kit

Choosing the optimal surface finish for your material is critical when designing plastic parts for injection molding. Our 8-piece surface finish plaques can help you to make more informed decisions early in the process.

Yes! Send My Free Samples!

8. Custom Plastic Parts in as few as 5 days

Xcentric Process Engine

As a preferred vendor, you’ll benefit from Xcentric’s proprietary process engine. The process engine is an expert software system that predicts the appropriate process parameters for each project. These parameters are based on years of process data and collective team experience. It is our scientrific approach to the injection molding process that helps to differentiate us in the marketplace.

9. Design Resource Center for plastic injection molding

Our Design Resource Center provides easy access to our full library of design guides. Now you can leverage our decades of experience to optimize your plastic part designs.

Each guide provides expert advice, tips, and best practices to help keep projects on track for budget, time, and performance.

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10. Lifetime Guarantee on all molds and certifications

At Xcentric, you own the mold – and Xcentric will maintain it for as long as you need parts. We are proud to be your one-stop supplier for plastic injection molding. We are here to meet your production needs – whether you need prototype, bridge, or production parts.

Certifications

Xcentric also holds industry certifications that include:

ISO 9001: 2015, ITAR/UL

Add Xcentric as an approved vendor for rapid manufacturing

Mitigate supply chian risk and bring products to market faster than ever!

We are the #2 rapid manufacturing company located in the USA. Please consider requesting a custom quote from Xcentric for your next project. Our team is eager to learn about your projects and start a conversation about how we can help bring your concepts to life faster than ever.

To get started, please request a custom quote or reach out to one of our Account Executives at sales@xcentricmold.com or 586-598-4636.

Digital Manufacturing | Robust Supply Chain

Digital Manufacturing | Robust Supply Chain

Rapid Digital Manufacturing: Linking Plastic Injection Molding To The Global Supply Chain

Digital manufacturing is critical for achieving one of the post-pandemic goals: a robust and sustainable supply chain. One that can maintain the flow of business in any global climate.

This is because it links all areas of production. Digital manufacturing uses technologies like Artificial Intelligence (AI), the Internet of Things (IoT), and Machine Learning (ML) to connect services, supply chains, products, and processes.

In doing so, it provides greater visibility into the entire supply chain. And this level of insight helps companies to identify (and predict) potential kinks in the supply chain.

Essentially, smarter manufacturing.

And now, as we emerge from a global pandemic that exposed alarming weaknesses in the supply chain, we are finding new ways that digital manufacturing can enable a robust supply chain.

For example, choosing a rapid manufacturing partner that leverages digital manufacturing. Never thought about digital manufacturing and your manufacturing partners in the same sentence? Think again.

What is rapid manufacturing?

Rapid or digital manufacturing is a natural progression from traditional manufacturing. The capabilities afforded by digitization, automation and data connectivity translate into reduced costs, and increased efficiencies. These capabilities can even be used in injection molding.

So how does it work? Each process step is streamlined to accommodate quicker turnaround times with low-cost automated solutions.

Digital manufacturing process for plastic injection molding

The process is entirely digitized. First, request a custom injection molding quote and upload a 3D CAD file onto our servers. Next, part geometry and requirements are analyzed using our proprietary software. Then, an interactive quote is available online.

Upon approval an order is generated and the mold design is finalized within hours – together with the toolpath programming.

Using modular construction and standardized components, mold components are then machined, usually within a few days. After benching and mold finishing, the tool is assembled for first shots and inspection.

This process, achieved through rapid molding, will give your part a lead time of weeks instead of months. The average price? A fraction of the cost for traditional molding.

The capacity that’s available for you to get your part made? Your lead time is always the priority. It’s made in the USA with as many sourced mold materials and resins that can be procured in the allotted time.

As a result, digital manufacturing naturally accelerates every step of the process and reduces the labor intensity while driving the scale of your project.

Designing for injection molding?

 Learn how mold flow analysis can help to optimize the process before production begins.

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Digital manufacting: scale production to meet market demand

Post-COVID-19 we are faced with uncertainties in the market. Digital manufacturing enables us to scale production to help you meet market demand.

For example, consider a complex syringe. It may consist of three, distinct injection-molded parts. Before new production runs are needed to meet supply and demand, the product manager may have a revision to one of the components, driven by departmental standards.

In traditional manufacturing, the retooling investment may push the break- even manufacturing numbers into the thousands – a cost-prohibitive change for many smaller businesses. Digital manufacturing, in comparison, can implement that small design change for approximately a quarter of the investment in a quarter of the time.

Our unique ability to accommodate complex designs is our asset

Your designers have fewer roadblocks, freeing them to work on new projects instead of going back to the drawing board to modify their designs so they can be produced.

Rapid results let your team respond quickly to market requirements with the best product they can design – a competitive edge that keeps your company on top. Without design rework or months-long lead times, innovation can boost your company’s results.

Two optional digital manufacturing services: inspection and project management

The digital manufacturing process at Xcentric is a very rapid and seamless process. The key components of this process include cost, quality, automation and speed to market, which allows customers to go through the iteration process once or numerous times, if necessary, at a very quick speed. By following these steps, customers can maintain their existing quality controls, while developing good parts getting them to market faster.

There are two optional services in this process: inspection and project management.

Digital inspection allows for rapid feedback and tool modifications, if necessary. Experienced Tooling Engineers interface directly with designers during the entire process, providing expert advice and problem solving at any time, which is critical to ensure successful and fast product manufacturing.

In fact, shorter lead times from concept to development can create new-market discoveries. Previously untapped revenue streams that were potentially out of reach can be viable, thanks to new technologies, transforming how companies like yours do business.

Low-cost tooling, development and production have been streamlined so low-production runs are economical enough to test on select markets and use the feedback as an optimized learning curve.

Should demand rapidly increase, the rapid manufacturing process can transition between low-volume to mass production. In turn, that allows you to react to market behaviors quickly and easily, reduce your time to market for increased competitiveness and resolve any potential problems before they impact your shipments.

In instances where production inadvertently slows, rapid manufacturing allows you to make adjustments while still achieving the lowest total cost. That means regardless of the market’s volatility, rapid manufacturing lets you respond accordingly.

Digital manufacturing offers benefits across multiple touchpoints: reducing your time to market, labor overhead and asset utilization, giving you more opportunities for quality control and inventory management. These advantages allow you to explore new revenue streams, develop and enhance innovative designs and respond to market demands. The digital age can transform your company and give your designers the freedom they need to create, develop and enhance in one streamlined methodology. The future is here. Make it work for you.

 

Working on a project?

Let us help you get that first prototype underway and have that part in your hands in as few as five days. Our engineers help you through the design process. Get your project started now!

How To Build A Sustainable Supply Chain Post-COVID-19

How To Build A Sustainable Supply Chain Post-COVID-19

Supply Chain: More Sustainable and Agile After COVID-19

COVID-19 put a kink in the global supply chain. And it exposed weaknesses with the power to halt the flow of business. Now, as the world takes steps to define a new business-as-usual post-pandemic, manufacturers are rethinking their supply chain.

As a result, instead of relying on overseas suppliers, companies are exploring opportunities to create a more robust and sustainable supply chain closer to home. One with the flexibility to meet changing production needs, and the accessibility to do so with greater reliability.

Now, manufacturers must begin the process for establishing a more resilient supply chain that can endure the unexpected and continue to thrive during times of uncertainty.

To build such a supply chain, a manufacturer’s plan should include three essential components:

  1. Improve supply chain visibility
  2. Partner with suppliers that can quickly scale production
  3. Prepare an action plan for transforming to a more digital ecosystem

Gain Real-time Supply Chain Visibility 

Real-time visibility is one of the most sought-after ideals for optimizing the flow of goods and services. For one, it enables supply chain managers to track products from the source of raw materials to the final destination. Also, it empowers companies to seamlessly adapt to disruptions and serve customers with greater confidence.

For example, Forbes published a recent Oxford Economics survey of 1,000 supply chain executives. It found that 49% of Supply Chain Leaders can capture real-time data insights and act on them immediately. 51% use AI and predictive analytics to capture insights. This enables Supply Chain Leaders to react in real time to changing conditions. From widescale disruptions to individual customer complaints.[1]

Of course, achieving this degree of end-to-end visibility has always been a challenge—long before COVID-19. Now, faced with the reality of critical vulnerabilities brought to light by the pandemic, learning how to restructure relationships with suppliers will help companies to better understand the impact of disruptions and react accordingly.

Build A Transparent Supply Network: Top 3 Tactics 

Whether you opt to reshore or rely on overseas suppliers, approaching venders as part of a supply network rather than a chain can help to increase visibility. Networking will help to build collaborative, transparent relationships to facilitate proactive decision-making.

Therefore, to help increase visibility with your suppliers, consider these three tactics:

  1. Understand the pain points of your customers, internal teams, and suppliers.
    Prepare a process for gathering pain points that impact your customers, internal teams, and suppliers. For example, set a cadence for distributing a quarterly survey to establish an open line of communications. By understanding specific pain points, you can react quicker and more effectively to mitigate risk to your supply chain.
  2. Invest in technology and systems to optimize communications and provide easy access to critical assets.
    COVID-19 served as a catalyst for many businesses to rethink their supply chain and relationships with suppliers. For example, optimize methods for communicating critical assets and intel between suppliers, internal teams, and critical stakeholders. Invest in technology and systems to create greater transparency and make it easier to communicate essential information.
  3. Set Key Performance Indicators (KPIs) for success.
    Define terms and conditions of a successful vendor relationship. First, identify key suppliers. Then, set clear KPIs to enable real-time tracking of inventory, services, and production capabilities. Measure them on a regular basis. This will provide a more transparent view of suppliers’ flexibility to scale production as needed.

For more information about supply chain KPIs, visit Logistic Bureau’s blog, KPI Key Performance Indicators in Supply Chain & Logistics. You’ll learn best practices for setting KPIs, tips for implementing a hierarchy structure, and additional resources.

Partner With Suppliers That Can Quickly Scale Production

Headlines announcing crisis-level disruption to the heart of electronics manufacturing in China due to the Coronavirus surfaced on CNBC as early as February. Leaders in the industry explained that many consumer goods manufacturers in the U.S. could miss holiday deadlines. Because with factories closed in China, they could not manufacture prototypes, complete testing, or ramp up to full production. As a result, the pandemic created a great deal of market uncertainty that individuals and industries are still struggling to navigate.

For example, many consumers are already experiencing decreased disposable income. Which makes it difficult for consumer goods and electronics manufacturers to predict with confidence production volumes needed to meet the upcoming holiday season.

Design Challenges?

Need help optimizing your design for injection molding? Contact Xcentric’s consultants. We’re here to help!

Therefore, manufacturers must consider suppliers that can quickly scale production as market demands change.

Minimize costs with a flexible production model

Choose suppliers who can help minimize initial costs with an economical, flexible production model. This can help get back on schedule for the holiday season while minimizing the risk of uncertain demand. Look for suppliers who have the ability to quickly ramp up if demand surges and support lower volumes at price points that don’t damage profits if demand does not return to normal.

For example, consider Xcentric, a leading rapid manufacturer in the U.S. We provide first parts within a few short weeks and can quickly scale up to supply hundreds of thousands of parts per year. We can also bridge the gap to millions of parts per year to help mitigate risk.

Digitize Your Supply Network

Digitizing your supply chain and transitioning from a traditional, enterprise-focused operating model to a digital ecosystem is a major initiative. It will require substantial investment and restrucutring of your organization. We are including it, because the potential benefits to your supply chain merit sharing the information.

Managing a multi-tiered supply chain will always present a challenge. Still, in a world that runs on technology, preparing an action plan for creating a digital ecosystem and digitizing your supply network can help to build a more robust supply chain.

A traditional business operating system (BOS) functions at the enterprise level. It is a hardwired business model of processes and methods of communication. Alternatively, a network BOS is fully digital. Agile and flexible, it provides an optimized, fully accessible digital ecosystem.

Webinar Replay: Plastic Injection Molding Parts Clinic

Join Xcentric injection molding experts John Sidorowicz and Glen Miller to see common design mistakes and learn how to avoid them in your own part design.

What is a digital ecosystem?

A digital ecosystem uses technology to connect your supply chain. Suppliers, customers, stakeholders, internal teams, applications, third-party data providers, and digital assets. All connected via a network-based system to ensure your supply chain function in any global climate.

Digitizing your supply network helps to create a more resilient supply chain by:

  • Optimizing all members of the ecosystem with real-time visibility and flexibility to connect with all suppliers on the network
  • Providing a single point-of-contact and version of the truth; everyone connected has access to the same information

If you would like to learn more about digitizing your network, please visit Supply & Demand Chain Executive’s post, Intelligent Digital Ecosystems: How to Digitize Your Supply Network. The post does a great job explaining each component of a networked business operating system.

Conclusion and Key Points 

COVID-19 revealed a shockingly fragile global economy. And, it served as a catalyst for many businesses to rethink their supply chain. The unexpected disruption impacted businesses of all sizes in nearly every industry and country. In fact, Fortune reported that 94% of Fortune 1000 companies felt the disruption caused by the Coronavirus. [2] Conversely, the pandemic also showed us how quickly we can adapt to a virtual environment.

Go beyond COVID-19 with a more resilient supply chain. One that can sustain unexpected disruption and thrive in uncertainty. Consider implementing these tactics:

  • Increase real-time visibility into your supply chain. Take time to understand pain points of your customers, internal team, and suppliers
  • Set KPIs you can measure on a regular basis
  • Invest in technology to optimize communications and provide easy access to critical assets
  • Partner with suppliers that can quickly scale production. A flexible, agile supply chain will respond quickly to fluctuations in market demand
  • Digitize your supplier network. Create a digital ecosystem that connects customers, suppliers, and critical stakeholders

 

Working on a project?

Let us help you get that first prototype underway and have that part in your hands in as few as five days. Our engineers help you through the design process. Get your project started now!