Navigating Supply Chain Issues adn Extended Lead Times
Supply chain delays have been in the headlines since early 2021. “It’s something we’re discussing and having conversations about on a day-to-day basis. It’s been crazy. No market, no industry appears immune from the challenges,” said Michael Smith, Business Development Manager at Presco. Presco is a part of its larger parent company, Trident. Trident has been handling the challenges by offering clients alternative resources.
“Lead times have been affected tremendously. Starting two years ago, covid happens, and that lead to labor issues, supply chain issues, raw materials shortages. All the while, demand stayed high,” said Smith. The combination of these factors created an absolute halt on supplies. Inflation compounds these current issues. Bloomberg reported cancellations of supply ships from Asia due to lighter demand and inflation. Cancellations are likely to impact lead times.
To mitigate challenges, Smith maintains transparency and sets expectations with clients.
Now more than ever, customers, distributors, and end users must choose the alternative but similar products. “It’s more of ‘what do you have and how quickly can you get it to me?’” said Smith.
Some materials are free from supply chain issues. “It really depends on the material. Some materials are getting to us very quickly… other products – not so much. It depends on the material that we need,” said Smith. Fortunately, it appears that the end is near. Boston Fed President, Susan Collins projected that the supply chain issues would slow down (ForexLive). In the meantime, distributors should work to maintain open communication with their clients. Prioritizing client relationships are essential to getting through this challenging time.
For more information, visit tridentproducts.com or email Michael directly (msmith@presco.com).