.webp)
Look before you leap: why do your supply-chain research now rather than later.
Let’s say you have a brilliant idea for a new product, and you can’t wait to get it launched before anyone steals your thunder.
But in your rush to market, you need to pause and do some extremely important prep work first. You need to thoroughly research everything related to the supply chain that will get your incredible new product to the right places at the right times. Otherwise, it could prove to be a drain on your profitability instead of the great bonanza you envision.
Think of it as vital infrastructure.
Supply-chain research lays the foundation of future proofing your supply chain. And one critical goal of this research is to establish the right expectations about your new supply chain:
Determine the amount of time, money and resources needed to custom design and implement the optimum supply chain for your product.
Understand the complexities involved as well as challenges and risks you’ll be facing.
Find out what it will take from designers and engineers to come up with product samples. Add the costs of minimum-order quantities and of any mold that you may need to create.
Take a hard look at the marketplace, consumer demands and your potential competitors. How vulnerable are they or are they more formidable than you originally thought? How might they respond to your new product?
Do a rigorous cost-benefit analysis as well as a feasibility study. If the results aren’t what you’re hoping for, don’t let your enthusiasm for the new product cloud your better judgement. See what changes can be made to legitimately enhance the product’s prospects.
Who are the leading vendors? What about compliance requirements? Where can you source materials? These and other questions need real answers before you can turn your new idea into The Next Big Thing.
You need a comprehensive, coordinated approach.
Virtually no business is equipped to address all these factors by itself. It takes expert outside guidance from people who are immersed in every aspect of supply-chain creation and execution – a company like Glovendor.
Glovendor provides all its clients with a comprehensive finding report before creating or optimizing any supply chain. Here are the sections that this report includes:
Once these findings are in hand, you can proceed confidently taking your product to market. It all starts with a simple request to a company like Glovendor to furnish a report of this kind at no cost or obligation. One of their supply-chain experts can be counted on to deliver the findings your new product needs – before you make that big leap!
