In the race to launch high-quality products, manufacturers know that one wrong or unavailable part can lead to costly delays. When parts supply disruptions occur, businesses must respond quickly to either identify alternate suppliers or retool their factories.
Efficient parts sourcing and standardization is critical for manufacturers that want to improve product design efficiency, quality and profitability. Optimized parts sourcing and standardization also increases supply chain resilience, helping manufacturers thrive amidst global disruptions such as political tensions, pandemics and volatile market demand. But to achieve that, manufacturers need to implement the right solutions to gain new insights and make smarter decisions faster.