The Dynamic Technology Solutions team recently participated in one of the leading education and training events promoting diversity-led supplier development and supply chain strategy. Accelerate2023, the annual gathering of the Diverse Manufacturing Supply Chain Alliance (DMSCA), brought together procurement officers of large multinational companies and leaders of small to midsize manufacturers to promote a vision for U.S. manufacturing that is innovative, sustainable, and inclusive.
This year’s conference explored hot topics such as digitalized supply chain networks and ESG (environmental, sustainability, and governance)-driven circular supply chains, while also showcasing corporate supplier diversity. The Dynamic team members on-site at Accelerate2023 included COO Mike Hart, and Business Development Vice President Tami Schultz, who noted several useful trends and takeaways on topics of importance to both procurement leaders and suppliers.
“We’re hearing a key strategy to build resiliency into the supply base is a shift from globally centralized to local suppliers,” Ms. Schultz said. “Many life sciences customers are scaling up their local supply base.”
Ms. Schultz reported that procurement teams have also shifted from having an evenly divided internal/external focus to having more than 90% external focus to ensure the supply required will be available to generate the company’s revenue.
Conference attendees also had a chance to hear the latest developments in digitalization and ESG. “Leaders are continuing to prioritize digitalization as a way to increase data-driven transparency throughout the sub-tier supply chains,” according to Ms. Schultz. “But to achieve that transparency, organizations need to adopt common frameworks for digital process, data definition, and data integrity. In addition, companies are increasingly focused on ESG strategies as a competitive advantage with both employees and customers.”
Panelists noted that workforce development and access to qualified talent continue to be challenges for companies. As older workers retire, leaders need to ensure that legacy knowledge is retained and passed along to a new, more diverse generation of professionals.
Event speakers also stressed that suppliers today must be aligned with their customers’ core values in order to succeed. Life sciences customers, they said, are looking for a supply base that represents the patient population they support, and they need to make their supply base decisions accordingly. One medical device company noted that it is a patient-centric company with high expectations for its suppliers, adding that if a supplier doesn’t deliver for it, then the company can’t deliver for its patients.