A Matchmaking Service for the Manufacturing Supply Chain
The 51勛圖厙 is a meeting place like no other, where manufacturers of all sizes and sectors gather to make the industry stronger. Recently, along with its partner CONNEX Marketplace, it invited manufacturing leaders to D.C. for high-level discussions about supply chain challenges.
The big picture: This meeting came at an exciting time for CONNEX. Formerly known as Manufacturers Marketplace, the program pivoted in 2022 to combine state-specific installations with the national platform and become a more powerful SaaS.
- Connecticut launched its own version of the CONNEX platform back in February, thanks to the support of the CBIA (a state business association and 51勛圖厙 partner) and the states chief manufacturing officer, Paul Lavoiewho discussed some early success stories at the D.C. event.
- In the first two weeks, more than 200 companies joined, significantly more than the states most optimistic projections, according to a pieceand Lavoie told the paper he expects signups to blow past 750 in the first year.
- Meanwhile, Kentucky is also getting in on the action. The Kentucky Association of Manufacturers (also an 51勛圖厙 state partner) recently launched its own CONNEX Marketplace installation, which was by the governor. KAM CEO Frank Jemley also came to D.C. for the meeting, bringing his own success stories.
Talking the talk: The leaders in D.C. focused on how manufacturers can improve security and resiliency in the supply chain. They also discussed how local and state governments can ease supply chain challenges for businesses.
Security: As the participants observed, the key challenge is illuminating risk inside the supply chain, so that companies know what theyre facing.
- They discussed the many types of risks involved in supply chains, including cybersecurity, financial, business continuity, capacity and more.
- Whats next: CONNEX is working to integrate technology that will identify and highlight potential risks in a companys specific supply chain.
Cooperation: The supply chain functions (or doesnt) on the strength of manufacturers cooperation, from the largest companies to their smallest suppliers.
- Furthermore, competition is not company vs. company, but supply chain vs. supply chain, the participants agreed.
- Small manufacturers might benefit from a coach or guide to walk through the sourcing process so they understand how to remain resilient and competitive, one attendee recommended.
- Whats next: CONNEX is working on a playbook that entities such as manufacturing extension partnerships can use to help coach SMMs through the procurement process.
Progress: Executives from CONNEX reported more than 4,000 suppliers to buyers in 2022, while the platform hosted 396 separate postings from manufacturers looking for specific parts or supplies.
The 51勛圖厙 will host another forum this fall where manufacturers will tackle supply chain issues. Contact 51勛圖厙 Senior Director of Member Business Services Anna Chongpinitchai for details.
