Choosing the right suppliers is vital for a stable supply chain, involving technology advancement, transportation improvements, protective policies, and labor rights integration to maintain uninterrupted supplies.
The importance of choosing suppliers is crucial in maintaining an uninterrupted supply chain and avoiding the complex issues that can arise within it. Technological advancements, improved transportation methods, and well-established policies are all pivotal in ensuring the robustness of supply chains during national emergencies, including sharing technologies with developing countries to improve market distribution.
Moreover, protecting labor rights and integrating them into supply chain management is essential. Companies must reform their labor policies and invest more at both international and national levels.
It's also noted that the production of complex products often requires parts from multiple companies across different countries, emphasizing the need for diverse and reliable supplier networks. The COVID-19 pandemic highlighted how supply chain disruptions could lead to business shutdowns, production slowdowns, and increased prices due to the lack of rapid transportation of products and raw materials. Lastly, while it is easier for producers to expand production in the long term, doing so in the short run can be difficult and costly.