{"id":58082,"date":"2023-06-16T00:00:00","date_gmt":"2023-06-16T04:00:00","guid":{"rendered":""},"modified":"2024-09-04T09:39:33","modified_gmt":"2024-09-04T13:39:33","slug":"rethinking-your-buyer-supplier-strategy-the-supply-chain-trends-shaking-up-the-industry-2","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/business-planning\/rethinking-your-buyer-supplier-strategy-the-supply-chain-trends-shaking-up-the-industry-2\/","title":{"rendered":"Rethinking Your Buyer-Supplier Strategy: The Supply Chain Trends Shaking Up the Industry"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/commercial-insights\/\">\n\t\t\t\t\t\t\t<span>Commercial Insights<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">Rethinking Your Buyer-Supplier Strategy: The Supply Chain Trends Shaking Up the Industry<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By By Sarah Kelsey<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-06-28T113144.058.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"Blue shipping port\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-06-28T113144.058.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-06-28T113144.058.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-06-28T113144.058.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Rethinking Your Buyer-Supplier Strategy: The Supply Chain Trends Shaking Up the Industry &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/business-planning\/rethinking-your-buyer-supplier-strategy-the-supply-chain-trends-shaking-up-the-industry-2\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/business-planning\/rethinking-your-buyer-supplier-strategy-the-supply-chain-trends-shaking-up-the-industry-2\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published June 16, 2023 \u2022 6 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p>Over the past few years, policymakers, business owners, and industry leaders have started to rethink how best to structure global supply chains. The disruptions brought about by the COVID-19 pandemic, Russia&#8217;s invasion of Ukraine, and tariff and trade concerns with various countries have shown the incredible importance of building reliable, agile, and resilient production and distribution processes for almost every company.<\/p>\n\n\n\n<p>It&#8217;s also given rise to several trends within the supply chain industry, namely a move toward simplification, nearshoring and reshoring, and diversification.<\/p>\n\n\n\n<p>To help Canadian companies better prepare and build resiliency to overcome these disruptions, RBC recently held a virtual event &#8211; <i>Networking for Tomorrow \u2014 Rethinking Your Buyer-Supplier Strategy<\/i> \u2014 with industry professionals and RBC experts, including:<\/p>\n\n\n\n<p><a href=\"https:\/\/www.linkedin.com\/in\/andyntanner\/\" target=\"_blank\" rel=\"noopener\">Andy Tanner<\/a>, Treasurer at <a href=\"https:\/\/www.highlinerfoods.com\/\" target=\"_blank\" rel=\"noopener\">High Liner Foods<\/a><\/p>\n\n\n\n<ul class=\"wp-block-rbc-list default is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/www.linkedin.com\/in\/matthewpoirier\/\" target=\"_blank\" rel=\"noreferrer noopener\">Matt Poirer<\/a>, Senior Director of National Policy and Government Relations and CME, RBC<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/www.linkedin.com\/in\/lynettegillen\/\" target=\"_blank\" rel=\"noreferrer noopener\">Lynette Gillen<\/a>, Vice President of Commercial Solutions and Trade, RBC<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/www.linkedin.com\/in\/riaan-meyer-%E6%A2%85%E7%91%9E%E5%AE%89-ctfp-4a9a76212\/\" target=\"_blank\" rel=\"noreferrer noopener\">Riaan Meyer<\/a>, Director of Global Solutions, RBC<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>Here are some key takeaways from the discussion.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Start with simplifying supply chains<\/h2>\n\n\n\n<p>The move toward simplifying production and distribution processes began in earnest at the beginning of the COVID-19 pandemic when, as Riaan pointed out, periodic shutdowns of entire cities in China \u201cthrew a wrench in the global flow of goods.&#8221;<\/p>\n\n\n\n<p>To mitigate risk, he said companies have been building or bringing in new management systems to help better oversee their supply chain.<\/p>\n\n\n\n<p>\u201cWe&#8217;ve heard of some companies hiring new staff dedicated exclusively to managing relationships with suppliers and making sure they have prompt access to all the goods they need to produce, and then to allay the fears of customers who are waiting an inordinate amount of time,&#8221; he noted.<\/p>\n\n\n\n<p>Those early pandemic disruptions also caused cash flow challenges for many organizations. Since longer cash conversion cycles made it harder to manage their books, many decided to simplify their supplier procurement processes. Andy noted they&#8217;ve established \u201cstandard clauses&#8221; in place from the beginning of discussions with any new partner, making it easier for the supplier to review paperwork and terms with their bank.<\/p>\n\n\n\n<p>\u201c[With] instruments like letters of credit \u2026 you can essentially set the payment terms so that there&#8217;s relative consistency with your own cash flow,&#8221; he said. \u201cIt can enable the supplier to go to their financial institution \u2014 or even the institution that you deal with \u2014 to get paid early for the goods. It helps to mitigate some of the risk associated.&#8221;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Should companies nearshore and\/or reshore?<\/h3>\n\n\n\n<p>The panellists all agreed that most organizations are re-examining how to manage certain risks, which has opened discussions about nearshoring and reshoring.<\/p>\n\n\n\n<p>Riaan can see \u201cemerging global trading blocs where major powers try to form alliances that will secure their supplies, secure markets that they sell into.&#8221; He added that this trend probably won&#8217;t go away.<\/p>\n\n\n\n<p>But it&#8217;s important that organizations understand any move away from offshoring will take time and have cost implications.<\/p>\n\n\n\n<p>\u201cChina spent decades building up very sophisticated manufacturing and logistics capabilities. It would be, in some cases, challenging to replace those or even supplement them with additional sources [immediately],&#8221; he said.<\/p>\n\n\n\n<p>Matt agreed, noting the feasibility of nearshoring should be in question.<\/p>\n\n\n\n<p>\u201cAs the advocates for the manufacturing industry [at CME], we&#8217;re pushing for it \u2014 it&#8217;s something we should have done a long time ago,&#8221; he said. \u201cBut to the extent that it&#8217;s going to happen, Riaan&#8217;s right, nearshoring and reshoring will take a long time. We&#8217;re seeing a lot of goodwill and interest in it, but are the facts on the ground showing that the trend is happening in a significant way? That remains to be seen.&#8221;<\/p>\n\n\n\n<p>Trade infrastructure is one of the biggest challenges Matt sees with nearshoring and reshoring. \u201cIf we&#8217;re going to be a serious player \u2026 we need to have first-class infrastructure \u2026 and delays because of labour disputes or blockades \u2026 these don&#8217;t help \u2014 they make it worse. They make investing in Canada unpredictable,&#8221; Matt said.<\/p>\n\n\n\n<p>For Andy Tanner of High Liner Foods, the uncertainty of the economic and geopolitical state of the world makes it difficult to say whether nearshoring or reshoring is the right long-term move for all businesses.<\/p>\n\n\n\n<p>\u201cDoes the business case still hold true if transportation costs decline further? Can you actually find the labour necessary for your operations in North America \u2014 whether it&#8217;s in Canada or the U.S.? Is there available technology that could be leveraged at this point in time to manage production costs to maintain your competitiveness?&#8221; Andy said.<\/p>\n\n\n\n<p>\u201cIt doesn&#8217;t need to be an all or nothing option. I think companies can consider starting small with the option of future expansion, but just like an investment advisor would recommend having a diversified portfolio to manage the risk of your retirement savings, I think nearshoring or reshoring could be a component of a company&#8217;s overall diversification efforts to manage supply chain risks.&#8221;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Diversification needs to be strategic<\/h4>\n\n\n\n<p>Since no one can predict what the future looks like geopolitically, Lynette noted it&#8217;s critical companies diversify their supplier network to ensure they can deliver on client needs.<\/p>\n\n\n\n<p>\u201cBuyer and supplier diversification have to be constant. There have to be people looking at what all of the options are all of the time,&#8221; she noted. \u201cGone are the days when you can have a trusted long-term relationship and not have a plan B that&#8217;s ready to go.&#8221;<\/p>\n\n\n\n<p>When it comes to how to diversify, Andy noted it&#8217;s not as easy as finding a new supplier and then agreeing to work with them. Companies have to think strategically about who to sign contracts with. \u201cSome suppliers,&#8221; he noted, \u201cmay not be able to satisfy your volume requirements.&#8221;<\/p>\n\n\n\n<p>Research, then, is key. So, as Riaan noted, is also trying to find highly reputable suppliers that other organizations may not be using. He gave the example of Taiwan&#8217;s TSMC, a semiconductor manufacturing company that produces chips for everything from phones to solar panels. Because of sheer demand, the global supply chain is impacted whenever TSMC experiences production disruptions.<\/p>\n\n\n\n<p>Lynette added that organizations must check their trade documentation early to ensure their contracts allow for early payment. RBC does this for most clients and ensures an organization is protected if anything goes wrong on the supplier&#8217;s end.<\/p>\n\n\n\n<p>\u201cThe biggest risk \u2014 no matter the size of the company \u2014 is being too slow to adapt to a changing environment,&#8221; she said. \u201cWe have specialists who will walk you through all of this \u2026 even if it&#8217;s the first time that you&#8217;re hearing about this.&#8221;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-7d9bc804-50a4-4197-9bdd-a2f71a4b43e5\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Rethinking Your Buyer-Supplier Strategy: The Supply Chain Trends Shaking Up the Industry &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/business-planning\/rethinking-your-buyer-supplier-strategy-the-supply-chain-trends-shaking-up-the-industry-2\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/business-planning\/rethinking-your-buyer-supplier-strategy-the-supply-chain-trends-shaking-up-the-industry-2\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span 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