In today's technological age, manufacturers can't possibly be at the cutting-edge of every aspect of their complex products. Automotive companies, for example, now rely more and more on suppliers to assure the best experience for their customers and to keep them one step ahead of the competition. Take the car interior example in this IndustryWeek article.
Only a supplier who eats, drinks and dreams car seats would discover a way to incorporate the consumers' love affair with their smartphones and car seat adjustments. Multiply this car seat example with the myriad of systems and components in any complex product, and you see how encompassing advanced supplier technology is an absolute requirement for a manufacturer to stay in the game. And the company with the supplier ecosystem that promotes, encourages and rewards supplier innovation (not just solving problems but uncovering unique product technology) will win the game.
Read the entire IndustryWeek article, and visit the Institute for Supplier Collaboration to learn more about managing important relationships with your key suppliers.
-Jim Tarabori, Director, Institute for Supplier Collaboration
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