Moving from Surviving to Thriving

Estimated reading time: 1 minute

A few months ago, I shared some thoughts regarding the implications of the survival mode that most of us have lived in, at least for the past several years, within the electronics supply chain. In this article, I would like to share some additional thoughts about how companies can move away from merely surviving and work toward thriving across their supply chain. At a high level, here is what I believe the foundation of thriving looks like:

It is centered around open, honest, and transparent communication.

• All parties should work to understand the other’s perspectives first.
• You should always try to assume that intentions are good even when it doesn’t feel that way.
• Bad news is shared just as quickly as good news in both directions.
• When suppliers don’t “win” (short term opportunities), help them understand why not.
• It should also involve long-term perspectives.
• When mistakes happen, work to focus on “what happened?” not “who did it?”
• Try to learn from mistakes and determine how to eliminate them in the longer term. 
• Commit energy to long-term strategic conversations with your key suppliers.

Commit to and trust that all parties want everyone to win (over the long term).

To read this entire article, which appeared in the August 2024 issue of SMT007 Magazine, click here.