A recent survey, Scaling Small: Inside the Enterprise Push to Source Smarter and Stay Competitive, found that 91% of executives say they have adjusted their sourcing strategies or plan to do so in the next six months.
One tactic is to increase sourcing from U.S.-based small suppliers, which 71% of the respondents plan to do.
Furthermore, 17% have reshored or are in the process of reshoring production to unlock new small local business opportunities in the future.
Additionally, 26% report increasing sourcing from non-US small businesses.
The report notes that this shift underscores the strategic role of small suppliers: 86% of leaders believe they reduce supply chain risk and improve responsiveness — and this positive perception holds true across businesses of all sizes. As a result, 85% plan to increase small supplier spend in the next year, with nearly one-third planning significant increases.
Read the article.