Supply Chain Risk Mitigation Strategies: Lessons from Recent Disruptions
The nutraceutical industry has been grappling with increasingly complex supply chain challenges, magnified by global disruptions in 2023-2024. Incidents like NOW Foods’ $12.3 million loss due to contaminated ashwagandha root powder and Nature’s Way’s $8.2 million setback from adulterated turmeric supplies exposed vulnerabilities that require urgent attention. These cases emphasized the need for robust risk […]
Why Quality System Documentation is a Non-Negotiable for Supplier Management Success
Managing suppliers effectively is a complex task that goes beyond simple transactions. For businesses aiming to maintain a resilient, quality-driven supply chain, quality system documentation isn’t just paperwork—it’s a foundational tool for achieving consistency, mitigating risks, and building trust with suppliers. In industries where quality and compliance are critical, a well-implemented documentation system can be […]
The Hidden Value of Scorecard Systems in Effective Supplier Risk Assessment
For any business dependent on external suppliers, managing risk is as critical as it is complex. Supplier risk assessment doesn’t just involve checking compliance or product quality; it encompasses a detailed look at performance trends, financial stability, and responsiveness—factors that collectively shape a resilient supply chain. Here, supplier scorecard systems come into play as an […]
