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Is a small supplier network still the key to cutting costs?

Companies often fall victim to the notion that maintaining a small, tight-knit network of suppliers is the key to saving money. After all, forming these a small networks could create strong long-term relationships for years to come.

While establishing ‘go-to’ suppliers may be useful for consistent projects over the long-term, reducing your number of suppliers may present you with several roadblocks as you branch out to new projects and manufacture with new technologies.

The current state of small networks

As more and more manufacturing hubs pop up across the world, buyers have access to diverse technologies that are now more accessible than ever thanks to rapid delivery services. The increased potential of manufacturing sectors also means that local production is a widely accessible option for companies everywhere.

Clearly, limiting yourself to a handful of suppliers means having access to fewer specialized production capabilities. As the wave of digitization continues to sweep the manufacturing industry, it becomes extremely important to not only be knowledgable about the various technologies available, but also able to access these technologies when your needs may arise.

The challenge? The various complexities that arise from managing a diverse supply chain. While many may find it daunting to communicate with and keep track of such a multi-faceted supply chain, you can leverage effective supply chain management to get a leg up.

Luckily, the roadblocks of working with a large supplier network are eliminated with the latest tools in supply chain management. You can now manage supplier relations, upload and keep track of files, or even find a brand new supplier for your current manufacturing needs.

An effective tool for managing a diversified supplier network

Axya’s one-stop platform enables companies to source their custom and non-recurring metalworking parts 90% faster.

Upload your RFQs on the Axya platform and use our variety of tools to manage transactions with your suppliers throughout the contracting process. Is your current supplier not available at the moment? Are you experiencing unprecedented delays? Send your RFQ in less than 5 minutes to our network of 200+ machine shops and enter new contracts within a few days!

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Is a small supplier network still the key to cutting costs?