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need - such as quality ingredients , compliance information and ideas for innovation - in addition to reducing costs .
Therefore , the solution to managing profits in inflation is not to squeeze suppliers . It ’ s to give them a helpful experience . If there is one thing brands really need in order to collaborate with their suppliers , it ’ s trustworthy data .
Build from the data up
When better to establish dependable supplier data than the moment each new supplier is integrated ? Data is at the heart of every good supplier interaction . Without it , suppliers have a tough time working with brands and struggle to provide essential information . And without this information , brands are blind to social and environmental risks . Additionally , they miss opportunities such as to innovate sustainably and elevate their reputations .
When suppliers struggle to work with a brand , they ’ re also less inclined to go the extra mile - a recent HICX study shows that suppliers are 20 percent more likely to prioritize an order if they ’ re low on stock for a customer-of-choice .
The best supplier data is in the form of a ‘ single source of truth .’ When data is considered trustworthy , brands can make the working relationship significantly easier . This simplifies what it takes to receive helpful supplies , information , and ideas . Underpinning these goals is reliable supplier data , the collection and safeguarding of which should be established early .
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