What are you doing to ensure your vendors are managing their own supply chain risks? How do you evaluate your vendors' risk management strategies and assess their ability to mitigate supply chain risks?
President in Software, 51 - 200 employees
We have a rigorous process for exactly this. Our key major partners require it and audit us. The process covers all aspects of operations for key upstream providers. Security comes first and foremost. Bonus points if you can replace two vendors or products with one as a part of the justification & validation process. CIO [CIO] in Education, 51 - 200 employees
You can ask Your vendors to share their Balance sheet with Stocks maintained for last 2-3 years and some testimonials of their clients to whom they served for last 2-3 years for the feedback. Check their Annual turnover and Credit Capacity and CIBIL score / credibility in the market and reputation. This will give you enough insights about them.Director of IT in Healthcare and Biotech, 10,001+ employees
I would look at things like my vendors' track record in managing supply chain risks, the strength of their risk management processes and procedures, and their capacity to quickly react to and mitigate supply chain disruptions when evaluating their risk management strategies and ability to mitigate supply chain risks. Also, I would be on the lookout for proof of their practices' ongoing improvement in terms of risk management, as well as their willingness to cooperate and exchange knowledge on supply chain issues. Other factors to manage are: establishing clear expectations, assessing vendor risks, requiring transparency, verifying compliance, monitoring, and sharing information.
Director in Manufacturing, 1,001 - 5,000 employees
All good thoughts thus far from others. I’ll put a twist on it for labor supply. We request turn over metrics from service providers. When the talent makes the biggest impression/impacts like for people that will be on-site we have retention rewards in their SOWs that are passed on to critical talent In this world “supply chains “ can include any input the business needs to function
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CTO in Software, 201 - 500 employees
Without a doubt - Technical Debt! It's a ball and chain that creates an ever increasing drag on any organization, stifles innovation, and prevents transformation.