Issue link: https://iconnect007.uberflip.com/i/1524755
10 SMT007 MAGAZINE I AUGUST 2024 Feature Article by Mark Wolfe WOLFE CONSULTING A few months ago, I shared some thoughts regarding the implications of the survival mode that most of us have lived in, at least for the past several years, within the electronics sup- ply chain. In this article, I would like to share some additional thoughts about how com- panies can move away from merely surviving and work toward thriving across their supply chain. At a high level, here is what I believe the foundation of thriving looks like: It is centered around open, honest, and transparent communication. • All parties should work to understand the other's perspectives first. • You should always try to assume that intentions are good even when it doesn't feel that way. • Bad news is shared just as quickly as good news in both directions. • When suppliers don't "win" (short-term opportunities), help them understand why not. It should also involve long-term perspec- tives. • When mistakes happen, work to focus on "what happened?" not "who did it?" • Try to learn from mistakes and determine how to eliminate them in the longer term. • Commit energy to long-term strategic conversations with your key suppliers. Commit to and trust that all parties want everyone to win (over the long term). • If you are looking up contract language when you have issues, then you are failing. • Have the "what's fair" conversation whether a contract dictates otherwise or not. Moving from Surviving to Thriving