Managing Risk in Optical Supply Chains
Trusting a single source with your company's entire optical coating needs speaks volumes to partner loyalty. But in an ever-evolving industry that is driven by rapid turnaround, a diversified supply chain is not only a safe business decision but a smart one. Diversification of suppliers opens up business opportunities that single source reliance cannot.
Most coating companies offer a range of capabilities, but they often pride themselves on specializing in a narrower, specific skill set. Identifying optical coaters based on their ability to meet your specific project requirements increases value and efficiency within the supply chain. Coaters working in applications in which they excel often have higher production rates and product quality.
While finding a sole, trusted supplier who can meet various demands is a win, it also carries risk for the supply chain. What happens if your supplier's equipment malfunctions unexpectedly or a natural disaster interrupts production, as it did for some companies when tsunamis and earthquakes hit Japan in 2011?
In today's fast-paced market, your customers' timelines aren’t likely to adjust to these changes, making supply chain diversification essential. Secondary sourcing helps to ensure that you can still deliver high quality components to customers in the event of an issue or emergency.
Besides risk management, supply chain diversification offers several other benefits.
Benefits of a Diversified Supply Chain
1. Better Compliance with Federal Standards
In regulated industries such as medical devices, products must often meet specific standards. A diversified supply chain allows you to work with multiple optical coaters that have different certifications to meet those needs.
2. Ability to Meet Customer Needs
The flexibility of a diverse supply chain allows you to make adjustments in order to deliver on customer requests.
3. Access to Broader Network
When you incorporate new vendors in your supply chain, business opportunities expand. A wide-reaching network affords your company greater recognition in your industry.
4. Improved Supply Chain Planning
Knowing that you have multiple trusted partners to support your production needs makes business planning easier. Without the pressure of making sure a single coater can handle work volumes and specifications, you can focus on other priorities.
For more about what to look for in a secondary coater, download our free tip sheet to be sure you choose the best partner for your supply chain.