When considering where to build your supply base, source components, and source finished products, the prevailing idea seems to be that domestic sourcing allows for better quality control and shorter time to market, while international sourcing is cheaper. Both of these facts can be true, which can make it difficult deciding when to choose one over the other and these oversimplifications may lead to poor strategic decisions.
The golden age of software technology may soon collide with the future of efficient manufacturing. Additive manufacturing and 3D printing processes are now carving a niche by integrating computer programming and CAD with component manufacturing. According to the data from research firm Canalys, the 3D printing industry is forecasted to grow by 56 percent to $5.2 billion in 2015 and quadruple in growth over the next five years.
The Trans-Pacific Partnership, or TPP, is a free-trade agreement (FTA) being negotiated between 12 countries within the Asia-Pacific ring. The countries included in the pending agreement are the U.S., Japan, Australia, Peru, Malaysia, Vietnam, New Zealand, Chile, Singapore, Canada, Mexico, and Brunei Darussalam. Together, these TPP countries represent approximately 40% of the global GDP and 33% of global trade.
Supply Chain professionals at early stage ventures and high growth technology companies face unique challenges compared to their peers at large, established Fortune 1000 companies. It is true that many of the same best practices apply but it is often the application of these best practices where many professionals stumble.
By definition, a “supplier” is a party that supplies goods or services. In supply chain management, the term “supplier” is used frequently. When a buyer and/or company is looking for the supply of goods or services, one should always choose the party that offers more than just that particular good or service.
Startups often put a great deal of emphasis on engineering, marketing, and sales in the early product development stages. It is no surprise that these three business functions are essential in launching a successful high growth company. There are also circumstances where products are an early grand slam and less of a sales effort is required.
Startups by definition are new, often fragile, organizations that are one or two major commercial mistakes away from going out of business. Thus mitigating major commercial mistakes can dramatically increase a new venture’s chances for long term survival. Further avoiding commercial mistakes all together and instead turning commercial challenges into advantages can position a startup on a path for long term success.
This past week I was honored to share the IndustryStar story and many technology product commercialization lessons learned with a group of University of Michigan MBA students in Professor Jim Price’s Entrepreneurship New Venture Creation class. Included are the Top 3 lessons we shared on technology product commercialization.
Actionable insights from IndustryStar on ways to expedite, optimize, and de-risk your supply chain operations.