Establishing relationships with new suppliers and manufacturers is not new, but interest in “onshoring” and localizing elements of the supply chain has gained steam in the last year. A survey by Thomasnet.com found that “nearly two-thirds of American manufacturers are ‘likely’ to bring production and sourcing back to their home continent.”
Onshoring or moving elements of the supply chain closer to home can lower transportation costs and tariffs/taxes, enable greater control, and better product tracing. Additionally, the benefits of overseas labor or component sourcing can be nullified if there are delays or disruptions (like the Suez Canal blockage).
NetSuite is an excellent tool that can be used to navigate a transition like this. (And we can help if you need a NetSuite health check.)
It is a cloud business management platform, and all critical data is updated in real-time. Any KPI or data point can be accessed on-demand, and customers can drill down to the transaction level from anywhere with an internet connection.
NetSuite also has the most comprehensive reporting capabilities on the market. It provides customizable dashboards, role-specific KPIs, flexible report-building tools, and much more. Customers also receive extensive permission management to grant tiered access and visibility to various actionable data. Even exploring new sales channels like ecommerce is simplified because NetSuite is a fully integrated solution capable of handling your entire business.
This level of reporting complexity and visibility could help provide peace of mind to prospective supply chain partners.
A thorough cost-benefit analysis is required for big decisions like these. This white paper shares tips for onshoring, running a cost-benefit analysis, and more.