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Supply chain executives also acknowledge that gaining a 360° view of suppliers is a top priority (McKinsey & Co. says that 93 percent of procurement and supply leaders are examining their supply chains and looking for ways to increase the resilience of those critical networks).

But one of the biggest challenges to gaining a 360° view of suppliers is disparate siloed technology systems, without any ability to bridge and connect with suppliers in a user-friendly and real-time collaborative environment.

Once overcoming such an obstacle, achieving visibility with suppliers can have significant results:

• Adjusting quickly to unanticipated change (companies are reacting to unexpected changes in the supply chain on a weekly (43%) and daily (36%) basis.)
• Shift suppliers quickly when needed and eliminate days of waiting for responses.
• Increase responsiveness and stop wasting time chasing down information on multiple emails and phone calls. Keep the teams focused on higher-value activities.
• Increase efficiency and allow all trading partners to have a single, accurate picture of the business, improving overall supply chain performance.
• Reduce risk. Know the status of your suppliers in real-time, so you can react quickly when disruptions occur.

This is of huge potential benefit to manufacturing companies, especially those that rely on just-in-time component and materials delivery, and will improve OTD rates and assemble lines shutdowns with the costs associated with such problems.