In the age of social media, where news travels at the speed of 140 characters and transparency on corporate social responsibility is increasingly demanded, companies are finding themselves under more pressure than ever to respond to consumer concerns in real time. Transparency has been a key aspect of brand storytelling over the past several years, so it’s no surprise that customers have become skeptical of corporations who don’t have their products made in-house or who claim to be transparent when they aren’t being honest about where their products are coming from.
1) What is Hybrid?
Hybrid usually refers to something that’s partly one thing and partly another. Sometimes, though, the hybrid also refers to something that has two entirely different origins. For example, in computer science, a hybrid system is built using techniques from both symbolic logic and artificial intelligence. So when it comes to sourcing systems for pandemic containment efforts, there are pros and cons to doing things both the old way (big but unwieldy coordinated responses) and the new way (localized responses with lots of regional variation). To fully understand these pros and cons requires careful study—including looking at how viruses evolve. That last bit is especially important because pandemics can arise out of nowhere…and they often seem completely unpredictable once they’ve appeared.
2) Why Hybrid?
It’s no secret that online retail has changed how consumers interact with brands, but these developments are also having an effect on sourcing. As e-commerce continues to expand, many brands are finding it makes sense to source products from multiple channels, including wholesale markets and online retailers. This hybrid approach is becoming one of several new normal practices for sourcing goods globally, which can help companies move faster and better serve customers. So what exactly do we mean by hybrid sourcing? And how does it differ from traditional supply chain models? We’ll cover both questions below.
3) Building a Hybrid System
Not only is it important to ensure that you’re adequately prepared for future crises, but you also want to be able to handle any unforeseen problem that may arise. The best way to do that is by building a hybrid system with the help of china sourcing company, which includes developing local solutions along with sourcing outside help when necessary. You might not need to take on every task yourself; sometimes all you need is access to an army of skilled professionals when it matters most. That type of approach gives your team flexibility and scalability when it comes to handling unexpected issues. The ability to move quickly and be agile will likely be critical during a pandemic outbreak—the only thing more important than having plan A is making sure you can still execute your plan if something changes.
4) Protecting Against Adverse Market Conditions
In case you hadn’t noticed, supply chain is under assault from all sides. Political instability around the world is making us rethink who we’re willing to work with and how much risk we can take on. Supply shortages—caused by environmental changes, a growing population and a lack of new innovation—could have a detrimental effect on our industries, while some countries have had more than their fair share of natural disasters recently. The moral of the story: It’s up to us to make sure our companies are prepared for whatever comes next!
5) Being Flexible When Business Needs Change
Flexibility is an important key to success. With one stroke of luck, your profits could balloon overnight, but just as quickly they could vanish into thin air. If you’re not flexible enough to accommodate these changes, you won’t be around to enjoy your good fortune. It’s important to plan for ups and downs in advance by creating contingency plans for when business needs change and here procurement consulting firms can help you. You never know what lies ahead; but if you can adapt like a chameleon, it might be time to start celebrating your ever-changing success instead of worrying about potentially perilous circumstances waiting on the horizon.
6) Being Proactive Instead of Reactive
When we’re reactive, we tend to immediately shift our focus toward symptom management and end up losing sight of potential root causes. For example, when you get a cold or flu, your initial reaction is to pop some pills and head to bed. But if you were more proactive about your health, you might opt for home remedies such as echinacea and exercise regularly so you can build up your immune system. While it’s impossible to prevent all illness (we’ll always get sick from time to time), being proactive will help improve your overall health and well-being in addition to preventing illness altogether.