Since the onset of the COVID-19 pandemic, consumers and producers have learned to adapt to many new and unforeseen challenges and hardships. For biotech companies in 2022, navigating the shortages and delays in the global supply chain is one such challenge that looks set to continue through the rest of the year. Data Evolution has outlined three tips to help biotech companies mitigate these issues until the global supply chain fully recovers.
1. PLAN AS FAR AHEAD AS POSSIBLE
For companies looking to hire new employees or begin new projects, it has been challenging trying to outfit their teams with the proper gear. Product delays for laptops, monitors and other equipment have been substantial.
At its peak, supply chain shortages were so severe that some distributors could not provide consumers with a reliable ETA on certain products due to a lack of inventory and staff needed to deliver goods. Given these setbacks, biotech companies should emphasize planning ahead on hiring decisions and project planning.
Ideally, companies should provide vendors and distributors with a minimum of two to four weeks to ready products. If planning a project with a high number of contributors coupled with significant demand for new products, companies should plan beyond four weeks so distributors can do their best to fulfill large orders as close to on time as possible.
2. STAY FLEXIBLE
Unfortunately, planning ahead may not be viable for every company. In many cases, companies must also be flexible in the products they are willing to accept for their teams and the vendors or distributors they are willing to use.
Seek Alternative Vendors/Distributors
Data Evolution has found that the wait times for many popular vendors and distributors can be weeks to months, leaving companies in a holding pattern that can stagnate growth. Seeking alternative vendors or distributors who may be seeing a lower demand or going directly to product manufacturers may help these companies meet their needs. It is important to note companies should use the utmost caution when looking for other vendors or dealers to ensure they only buy from reputable sellers. In situations where third party sellers have no affiliation with the actual manufacturers, buyers will have no recourse if issues arise with the purchased hardware. Companies should be aware for online retailers allowing random individuals to sell on their platform. If there are any questions, Data Evolution would certainly be able to assist.
Seek Alternative Products
Companies should also emphasize flexibility when determining the specific products they want to purchase. Unfortunately, many popular makes and models of computers, laptops, and other gear are beset by prolonged delays due to high demand. Companies may want to consider utilizing fewer mainstream products to meet their business needs rather than waiting out delays that may have unpredictable ETAs.
Be Flexible on Pricing
Companies should factor higher product costs into their budgets. Vendors and distributors have had to adjust prices to reflect supply chain issues such as limited supply, high demand, and rising transportation costs. Companies should expect these pricing changes and be as flexible as possible on the costs they are willing to accept when purchasing new products.
3. LEAN ON YOUR IT SERVICE PROVIDER
Beyond planning and flexibility, companies should also look to their IT service providers to help mitigate these supply chain issues. When collaborating with clients, Data Evolution engineers have found quoting a product solution that we do not typically resell has helped clients fill the gap while waiting for their desired hardware.
Additionally, our engineers consider utilizing unused existing hardware to meet requirements while waiting for inventory to be available. Trusted IT service providers such as Data Evolution are leveraging their experience to help companies make the most of their current resources and seek out the best practical solutions available for their hardware needs.
Unfortunately for producers and consumers, the global supply chain recovery process has been slow and looks to plague businesses for the foreseeable future. Using these three tips, biotech companies can do their best to avoid large-scale delays and continue executing their desired growth plans.
Are you experiencing delays or difficulties acquiring hardware due to supply chain issues? Talk to your Data Evolution team to see how we can help.