How Veridian helps you set up a supply chain network in a new market:

Setting up a supply chain network in a new market can be a complex process, but here are some general steps we follow:

  • Conduct Market Research: Conduct market research to understand the demand for your product or service in the new market. This will help you determine the potential size of the market, the competition, and the distribution channels available

  • Identify Potential Distributors and Suppliers: Identify potential suppliers in the new market. Look for suppliers who have experience in the market, a good reputation, and can meet your product requirements

  • Evaluate Supply Chain Risks: Evaluate supply chain risks in the new market, including political instability, regulatory challenges, and transportation infrastructure. It's important to understand these risks before committing to any suppliers

  • Develop Relationships with Suppliers: Develop relationships with potential suppliers. This involves building trust and establishing a rapport with the supplier. This can be done through regular communication, visits, and shared business goals

  • Optimize Supply Chain Operations: Optimize your supply chain operations. This involves developing a logistics plan that minimizes transportation costs and reduces lead times. You should also consider using technology to track inventory, shipments, and supplier performance

  • Monitor and Adjust: Monitor your supply chain performance regularly and adjust as needed. This involves tracking key performance indicators (KPIs) such as delivery times, inventory levels, and supplier performance. Based on this data, you can adjust your supply chain operations to improve efficiency and reduce costs

Overall, setting up a supply network in a new market requires a thorough understanding of the market, strong relationships with suppliers, and a commitment to optimizing supply chain operations