{"id":32849,"date":"2025-01-23T09:00:00","date_gmt":"2025-01-23T14:00:00","guid":{"rendered":"https:\/\/www.sage.com\/en-us\/blog\/?p=32849"},"modified":"2026-02-16T09:35:34","modified_gmt":"2026-02-16T14:35:34","slug":"how-supplier-diversification-mitigates-risks","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-us\/blog\/how-supplier-diversification-mitigates-risks\/","title":{"rendered":"Why supplier diversification is no longer optional"},"content":{"rendered":"<header class=\"entry-header has-dark-background-color entry-header--has-illustration entry-header--has-illustration--generic\">\n\t<div class=\"container\">\n\t\t<div class=\"entry-header__row row align-center\">\n\t\t\t<div class=\"col col-lg-7 col-xlg-6 entry-header__content\">\n\t\t\t\t\t\t\t<div class=\"component component-single-header\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"entry-header__misc text--subtitle text--uppercase text--small\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-us\/blog\/category\/strategy-legal-operations\/\" class=\"entry-header__link\">Strategy, Legal &amp; Operations<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t<div class=\"entry-title-wrapper\">\n\t\t\t\t\t<h1 class=\"entry-title\">\n\t\t\t\t\t\tWhy supplier diversification is no longer optional\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t<p class=\"entry-header__description\">\n\t\t\t\t\t\t\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n\t\t<div class=\"single-post-details container\">\n\t\t<div class=\"col\">\n\t\t\t<span class=\"posted-on \">Published <time class=\"entry-date published\" datetime=\"2025-01-23T09:00:00-05:00\">January 23, 2025<\/time><\/span><span class=\"reading-time\"> min read<\/span>\n\t\t<button\n\t\t\ttype=\"button\"\n\t\t\tclass=\"social-share-button button button--icon button--secondary js-social-share-button\"\n\t\t\tdata-share-title=\"Why supplier diversification is no longer optional\"\n\t\t\tdata-share-url=\"https:\/\/www.sage.com\/en-us\/blog\/how-supplier-diversification-mitigates-risks\/\"\n\t\t\tdata-share-text=\"Please read this interesting article\"\n\t\t>\n\t\t\t<span class=\"social-share-button__share-label\">Share<\/span>\n\t\t\t<span class=\"social-share-button__copy-label\" hidden>Copy Link<\/span>\n\t\t\t<span class=\"social-share-button__copy-tooltip\" aria-hidden=\"true\" hidden>Copied<\/span>\n\t\t<\/button>\n\n\t\t\t\t<\/div>\n\t<\/div>\n\t<\/header>\n\n\n\n<div class=\"wp-block-post-author has-dark-background-color alignfull\">\n\t<div class=\"container\">\n\t\t<div class=\"col\">\n\t\t\t\t\t\t\t<div class=\"co-authors\">\n\t\t\t\t\t\n\t\t<div class=\"entry-author-wrapper\">\n\t\t\t<a class=\"entry-author\" href=\"https:\/\/www.sage.com\/en-us\/blog\/author\/joechurchwoods\/\">\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"40\" height=\"40\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2025\/05\/Joe-Yard-2-crop-350x350.jpg\" class=\"entry-author__image\" alt=\"Joe Church Woods\" \/>\t\t\t\t<span class=\"entry-author__name\">Joe Church Woods<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Global supply chains have faced unprecedented disruptions in recent years, slinging the concept of&nbsp;supply chain resilience&nbsp;into the limelight\u2014and proving that disruption is now the norm, rather than an exception.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">From the COVID-19 pandemic and&nbsp;<a href=\"https:\/\/www.supplychaindive.com\/news\/potential-second-round-surcharges-east-gulf-coast-potential-strike-2025\/736591\/\" target=\"_blank\" rel=\"noreferrer noopener\">port strikes<\/a>&nbsp;to natural disasters and geopolitical tensions, global disruptions have served as a wake-up call exposing the vulnerabilities of relying on a single supplier or a narrow supply base.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Whether it\u2019s manufacturing delays, cost fluctuations, or product shortages, over-reliance on a limited number of suppliers has proven to be a significant liability. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And for many brands, such risks are no longer theoretical but real and costly.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As cost and margin pressures start to pull efficiency back into sharper focus, more and more brands are learning first-hand that the scales of supply chain performance versus cost can only be balanced by restructuring their supply chain.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And with&nbsp;<a href=\"https:\/\/www.supplychaindive.com\/news\/tariff-concerns-retailers-manufacturers-trump\/736494\/\" target=\"_blank\" rel=\"noreferrer noopener\">new tariffs<\/a>&nbsp;poised to set off another seismic shift in the trade landscape this year, there\u2019s even more reason to double down on maintaining healthy margins and reducing exposure to global disruptions.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On that front, supplier diversification is mission critical.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Here&#8217;s what we&#8217;ll cover:<\/strong><\/p>\n\n\n<?xml encoding=\"utf-8\" ?><div class=\"wp-block-yoast-seo-table-of-contents yoast-table-of-contents\"><ul><li><a href=\"#wpBlockID1\" data-level=\"2\">Supplier diversification: It&#8217;s about both quality and quantity<\/a><\/li><li><a href=\"#wpBlockID2\" data-level=\"2\">The cost of sole sourcing: Real-world examples from recent disruptions<\/a><\/li><li><a href=\"#wpBlockID3\" data-level=\"2\">Mitigate geopolitical and economic risks with supplier diversification&nbsp;<\/a><\/li><li><a href=\"#wpBlockID4\" data-level=\"2\">Steps to implement a supplier diversification strategy<\/a><\/li><li><a href=\"#wpBlockID5\" data-level=\"2\">The competitive edge of working with pre-vetted suppliers<\/a><\/li><li><a href=\"#wpBlockID6\" data-level=\"2\">Final thoughts<\/a><\/li><\/ul><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"wpBlockID1\">Supplier diversification: It&#8217;s about both quality and quantity<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The idea is simple: don\u2019t put all your eggs in one basket. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A diversified supplier network helps&nbsp;mitigate risks, maintain operational continuity, and reduce the impact of external shocks. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, it\u2019s not just about adding more suppliers\u2014it\u2019s about working with a strategic mix of reputable, pre-vetted suppliers who can deliver consistent quality, meet deadlines, and provide flexibility in times of crisis.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In this article, we\u2019ll explore how recent global disruptions have underscored the necessity of supplier diversification. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We&#8217;ll also look at the steps your business can take to diversify your vendor network\u2014with the potential to unlock a competitive edge by working with trusted, pre-vetted suppliers to enhance both efficiency and quality.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"wpBlockID2\">The cost of sole sourcing: Real-world examples from recent disruptions<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/procurementmag.com\/articles\/sole-sourcing-single-sourcing-what-is-the-difference\" target=\"_blank\" rel=\"noreferrer noopener\">Sole sourcing<\/a>&nbsp;(the practice of relying on a single supplier for a critical component or product) has long served as a strategy to reduce costs and simplify operations. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, recent global disruptions have shown that this approach comes with significant risks.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Take, for example, the&nbsp;<a href=\"https:\/\/pmc.ncbi.nlm.nih.gov\/articles\/PMC9363154\/\" target=\"_blank\" rel=\"noreferrer noopener\">semiconductor shortage<\/a>&nbsp;that followed the COVID-19 pandemic. Industries ranging from automotive to consumer electronics were hit hard when production facilities in Asia, particularly Taiwan, faced lockdowns and shutdowns. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Companies that depended heavily on a single supplier for chips found themselves&nbsp;<a href=\"https:\/\/www.forbes.com\/sites\/heatherwishartsmith\/2024\/07\/19\/the-semiconductor-crisis-addressing-chip-shortages-and-security\/\" target=\"_blank\" rel=\"noreferrer noopener\">unable to meet demand<\/a>, leading to production delays and revenue loss.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Similarly, when the Suez Canal was blocked by the Ever Given in 2021,&nbsp;<a href=\"https:\/\/www.bbc.com\/news\/business-56559073\" target=\"_blank\" rel=\"noreferrer noopener\">the ripple effects<\/a>&nbsp;were felt across the globe. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Companies that depended on a single shipping route or port for their goods were severely impacted, facing delayed shipments, increased shipping costs, and inventory shortages. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In industries such as fashion, where&nbsp;just-in-time inventory practices&nbsp;are common, the consequences were especially harsh\u2014with brands unable to restock key items in time for peak selling seasons.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These disruptions highlighted a&nbsp;<a href=\"https:\/\/hbr.org\/2020\/03\/coronavirus-is-proving-that-we-need-more-resilient-supply-chains\" target=\"_blank\" rel=\"noreferrer noopener\">fundamental flaw in sole sourcing strategies<\/a>: they expose businesses to systemic risks. Because when one link in the chain breaks, the entire operation can come to a halt.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The antidote is a&nbsp;<a href=\"https:\/\/www.supplychainconnect.com\/supply-chain-technology\/article\/21257675\/why-supplier-diversification-is-the-cure-for-manufacturing-supply-chain-management\" target=\"_blank\" rel=\"noreferrer noopener\">supplier diversification strategy<\/a>&nbsp;that not only offers brands a lifeline when disruptions inevitably creep up, but also improves the overall resilience and cost efficiency of the supply chain.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s all about reducing the risk of a single point of failure.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"wpBlockID3\">Mitigate geopolitical and economic risks with supplier diversification&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Beyond one-off incidents, the global marketplace is also&nbsp;increasingly affected&nbsp;by ongoing geopolitical tensions, trade wars, and economic fluctuations. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As we saw during the&nbsp;<a href=\"https:\/\/taxfoundation.org\/research\/all\/federal\/tariffs\/\" target=\"_blank\" rel=\"noreferrer noopener\">U.S.-China trade war<\/a>, tariffs and regulatory changes can quickly affect the cost and availability of products, especially for businesses that rely heavily on sourcing from a single country.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But that\u2019s not the only economic conflict setting off a far-reaching ripple effect of supply chain issues,<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The ongoing geopolitical instability in regions like&nbsp;Eastern Europe&nbsp;and&nbsp;Southeast Asia&nbsp;have also further exacerbated the risks for brands who rely on a concentrated supply base.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Supplier diversification mitigates these risks by spreading procurement across multiple regions or countries. In other words, giving brands more baskets in which to put their eggs\u2014to reduce the impact of political instability or trade restrictions in any one area. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For instance, a company that sources products from both China and Mexico, as opposed to just China, can better&nbsp;<a href=\"https:\/\/www.supplychainbrain.com\/blogs\/1-think-tank\/post\/40915-navigating-tariffs-what-to-know-and-how-to-prepare\" target=\"_blank\" rel=\"noreferrer noopener\">adapt to changes in tariffs<\/a>&nbsp;or trade policies that might disproportionately affect one country\u2019s exports.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On top of reducing geopolitical risks, supplier diversification can also be a boon if you&#8217;re navigating economic volatility. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">During times of inflation or currency devaluation in a particular region, businesses with a more diversified supplier network can adjust to pricing fluctuations without significant disruptions to their margins or operations. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For example, if&nbsp;<a href=\"https:\/\/www.investopedia.com\/ask\/answers\/111314\/what-causes-inflation-and-does-anyone-gain-it.asp#:~:text=Cost%2Dpush%20inflation%20occurs%20when,%2C%20cost%2Dplus%20inflation%20occurs.\" target=\"_blank\" rel=\"noreferrer noopener\">raw material costs surge<\/a>&nbsp;in one country due to inflation, a business with access to suppliers in other regions can negotiate better terms or shift procurement strategies without facing massive cost increases.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The takeaway is that supplier diversification gives you more than a passive safety net\u2014it can also be a proactive strategy for managing geopolitical and economic risks, empowering you to stay agile no matter what challenges you face.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So, how can your business go about shifting the paradigm?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"wpBlockID4\">Steps to implement a supplier diversification strategy<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The right approach to supplier diversification will look different from one business to the next. It should be informed by thoughtful planning, data-driven decisions, and thorough supplier evaluations. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here are some recommended steps you should take to get started:&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-assess-current-supply-chain-dependencies\"><strong>1. Assess current supply chain dependencies<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The first step is to&nbsp;<a href=\"https:\/\/www.sage.com\/en-us\/blog\/supply-chain-diagram\/\" target=\"_blank\" rel=\"noreferrer noopener\">map out your existing supply chain<\/a>&nbsp;and identify where you are most vulnerable.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Look for areas where you rely on a single supplier, a single geographic region, or a single manufacturing facility. These are the areas that pose the greatest risk.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-identify-alternative-suppliers\">2. Identify alternative suppliers<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Once you\u2019ve assessed your current dependencies, the next step is to identify and evaluate potential alternative suppliers. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This means&nbsp;strategically selecting suppliers&nbsp;from diverse regions or industries who can meet your quality standards, price points, and production timelines.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-evaluate-supplier-reliability\">3. Evaluate supplier reliability<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Supplier diversification doesn\u2019t work if you partner with unreliable vendors. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s crucial to conduct&nbsp;thorough due diligence&nbsp;when selecting new suppliers, ensuring that they have the capacity, reputation, and financial stability to meet your long-term needs.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There are powerful tools out there to help. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.sage.com\/en-us\/products\/supply-chain-intelligence\/\" target=\"_blank\" rel=\"noreferrer noopener\">Sage Supply Chain Intelligence<\/a> provides supplier performance tools, making it easy to establish processes for&nbsp;supplier audits, scorecards, and continuous performance monitoring to measure supplier reliability over time.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-4-establish-strong-relationships\">4. Establish strong relationships<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Building relationships&nbsp;with multiple suppliers can be more complex than working with a single source, but it\u2019s worth the investment. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Engage with potential suppliers early, negotiate favorable terms, set up quarterly business reviews, and establish clear communication channels to ensure smooth collaboration. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s also important to maintain a balance in your supplier portfolio, ensuring that no one supplier dominates your operations.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-5-integrate-technology-for-visibility\">5. Integrate technology for visibility<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Managing a diversified supply chain can be complex, but adopting technology like an intelligent <a href=\"https:\/\/www.sage.com\/en-us\/products\/supply-chain-intelligence\/\" target=\"_blank\" rel=\"noreferrer noopener\">purchase order management system<\/a> can make it much easier.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The right tool can offer real-time visibility&nbsp;into supplier performance, purchase orders, and shipment tracking, making it simpler to manage multiple suppliers and stay on top of disruptions.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-6-monitor-and-adjust\">6. Monitor and adjust<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A diversified supply chain strategy isn\u2019t a set-it-and-forget-it approach. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To ensure you stay agile and ready to adapt\u2014whether that means adding new suppliers, renegotiating contracts, or changing sourcing strategies\u2014you need&nbsp;supply chain reporting tools&nbsp;in place that put real-time insights about emerging risks at your fingertips.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"wpBlockID5\">The competitive edge of working with pre-vetted suppliers<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The reality is that supplier diversification can be just as risky as sole sourcing if brands don\u2019t know how to properly vet suppliers. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Cutting corners in the process or relying on popular B2B global trade ecommerce platforms\u2014which may offer an infinite choice of suppliers, but little in the way of due diligence\u2014come at an extremely high risk.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When suppliers are pre-vetted, it means that another company has already vouched for their reliability, compliance, and performance\u2014giving you vital information about what to expect from the partnership before you enter into it. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This pre-screening process alone significantly reduces the risk of poor supplier performance, and ensures that the newly diversified supply chain runs smoothly from day one.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"wpBlockID6\">Final thoughts<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The lessons from recent supply chain disruptions are clear: businesses must spread their risks across multiple suppliers to safeguard against geopolitical, economic, and operational shocks.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But diversification alone isn\u2019t enough. You also need to ensure that you\u2019re working with reliable, pre-vetted suppliers who can deliver on their promises and help drive long-term success.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">By prioritizing pre-vetted suppliers in your diversification strategy and adopting technology for real-time visibility, you can build a more resilient and agile supply chain. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In doing so, you not only protect your business against future disruptions but also position yourself to thrive in an increasingly complex and competitive global marketplace today, tomorrow, and years down the line.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.sage.com\/en-us\/products\/supply-chain-intelligence\/\" target=\"_blank\" rel=\"noreferrer noopener\">Explore Sage Supply Chain 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src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-1073797282-1440x810.jpg\" class=\"single-cta__image\" alt=\"Working from home with tea in hand\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-1073797282-1440x810.jpg 1440w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n\n<section class=\"more-topics alignfull has-grey-light-background-color wp-block-sage-post-topics\">\n\t<div class=\"container\">\n\t\t<div class=\"row\">\n\t\t\t<div class=\"col col-12 col-lg-4\">\n\t\t\t\t<h3 class=\"more-topics__title h2\">Browse more topics from this article<\/h3>\n\t\t\t<\/div>\n\t\t\t<div class=\"col col-12 col-lg-8\">\n\t\t\t\t<ul class=\"post-tags__list\">\n\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-tags__item\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-us\/blog\/hub\/boss-your-business\/\" class=\"post-tags__link button button--secondary\">\n\t\t\t\t\t\t\t\tBoss your business\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-tags__item\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-us\/blog\/hub\/business-continuity\/\" class=\"post-tags__link button button--secondary\">\n\t\t\t\t\t\t\t\tBusiness Continuity\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-tags__item\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-us\/blog\/hub\/business-strategy\/\" class=\"post-tags__link button button--secondary\">\n\t\t\t\t\t\t\t\tBusiness strategy\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-tags__item\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-us\/blog\/hub\/distribution\/\" class=\"post-tags__link button button--secondary\">\n\t\t\t\t\t\t\t\tDistribution\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-tags__item\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-us\/blog\/hub\/growing-a-business\/\" class=\"post-tags__link button button--secondary\">\n\t\t\t\t\t\t\t\tGrowing a business\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-tags__item\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-us\/blog\/hub\/manufacturing\/\" class=\"post-tags__link button button--secondary\">\n\t\t\t\t\t\t\t\tManufacturing\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-tags__item\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-us\/blog\/hub\/productivity\/\" class=\"post-tags__link button button--secondary\">\n\t\t\t\t\t\t\t\tProductivity\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-tags__item\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-us\/blog\/hub\/supply-chain-management\/\" class=\"post-tags__link button button--secondary\">\n\t\t\t\t\t\t\t\tSupply chain management\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/section>\n\n<div class=\"alignfull wp-block-sage-related-posts\">\n\t<section class=\"related-posts card-grid has-dark-background-color\">\n\t<div class=\"container\">\n\t\t\t\t\t<div class=\"row\">\n\t\t\t\t<div class=\"col\">\n\t\t\t\t\t<h2 class=\"related-posts__heading related-posts__heading--featured h1\">Explore more wisdom<\/h2>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"row related-posts__featured\">\n\t\t\t\t<div class=\"col card-grid__item\">\n\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-0 post-30823 post type-post status-publish format-standard has-post-thumbnail hentry category-money-matters category-strategy-legal-operations tag-accounting-101 tag-boss-your-business tag-business-intelligence tag-cash-flow tag-small-business tag-starting-a-business tag-staying-competitive business_type-small-business business_type-growing-business card-post--is-clickable\"\n>\n\t<div class=\"card-post__media-wrapper\">\n\t\t<figure class=\"card-post__media\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1215\" height=\"810\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-1190223207-1215x810.jpg\" class=\"card-post__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-1190223207-684x384.jpg 684w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-1190223207-768x512.jpg 768w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-1190223207-1215x810.jpg 1215w\" sizes=\"auto, (min-width: 48em) 250px, (min-width: 30em) 100vw, 100vw\" \/>\t\t\t\n\t\t\t\n\t\t\t\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"card-post__content\">\n\t\t\t\t\t<div class=\"card-post__label\">Recommended<\/div>\n\t\t\n\t\t\t\t\t<div class=\"card-post__meta\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2026-06-24T09:08:55-04:00\">June 24, 2026<\/time><\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"reading-time\">13 min read<\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\n\t\t<p class=\"card-post__title h3\">\n\t\t\t\t\t\t\t<a\n\t\t\t\t\tclass=\"card-post__title-link\"\n\t\t\t\t\thref=\"https:\/\/www.sage.com\/en-us\/blog\/how-to-track-business-expenses\/\"\n\t\t\t\t>\n\t\t\t\n\t\t\tHow to keep track of business expenses\n\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/p>\n\n\t\t\n\t\t\t\t\t<p class=\"card-post__description\">\n\t\t\t\tIf you&#8217;re responsible for managing business finances, keeping track of expenses affects how clearly you can see your cash flow and make informed decisions. Learn the key steps, best tools, and how to build a process that keeps your finances accurate and error free. \t\t\t<\/p>\n\t\t\n\t\t\t<\/div>\n\n\t<\/article>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\n\t\t\t\t\t<div class=\"row related-posts__non-featured\">\n\t\t\t\t<div class=\"col col-12\">\n\t\t\t\t\t<h2 class=\"related-posts__heading related-posts__heading--more h4\">More on this Topic<\/h2>\n\t\t\t\t<\/div>\n\n\t\t\t\t\n\t\t\t\t\t<div class=\"col col-6 col-lg-3 card-grid__item\">\n\t\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-1 post-36758 post type-post status-publish format-standard has-post-thumbnail hentry category-money-matters tag-distribution tag-supply-chain-management business_type-small-business business_type-growing-business industry-distribution industry-wholesale-distribution\"\n>\n\t\t\t<a\n\t\t\tclass=\"card-post__link\"\n\t\t\thref=\"https:\/\/www.sage.com\/en-us\/blog\/reduce-supply-chain-costs\/\"\n\t\t\t\t\t>\n\t\t\t<figure class=\"card-post__media\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"684\" height=\"384\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-1349031655-684x384.jpg\" class=\"card-post__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-1349031655-684x384.jpg 684w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-1349031655-768x512.jpg 768w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-1349031655-1215x810.jpg 1215w\" sizes=\"auto, (min-width: 48em) 250px, (min-width: 30em) 100vw, 100vw\" \/>\t\t\t\n\t\t\t\n\t\t\t\t\t<\/figure>\n\n\t\t\n\t\t\t\t\t<div class=\"card-post__meta\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2026-06-24T08:00:00-04:00\">June 24, 2026<\/time><\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"reading-time\">7 min read<\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\n\t\t<p class=\"card-post__title h5\">\n\t\t\tHow to reduce supply chain costs: 10 strategies that work\t\t<\/p>\n\n\t\t\t<\/a>\n\t\n\t\n\t\t\n\t\n\t<\/article>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t<div class=\"col col-6 col-lg-3 card-grid__item\">\n\t\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-2 post-30598 post type-post status-publish format-standard has-post-thumbnail hentry category-strategy-legal-operations category-trends-insights tag-boss-your-business tag-business-intelligence tag-business-strategy tag-sage-news tag-security-fraud tag-small-business tag-starting-a-business business_type-small-business business_type-growing-business\"\n>\n\t\t\t<a\n\t\t\tclass=\"card-post__link\"\n\t\t\thref=\"https:\/\/www.sage.com\/en-us\/blog\/what-is-expense-report-fraud\/\"\n\t\t\t\t\t>\n\t\t\t<figure class=\"card-post__media\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"684\" height=\"384\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/08\/BrandShootLDN_Jul2022_TechSoftware_0620-684x384.jpeg\" class=\"card-post__image\" alt=\"A person giving a presentation to colleagues.\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/08\/BrandShootLDN_Jul2022_TechSoftware_0620-684x384.jpeg 684w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/08\/BrandShootLDN_Jul2022_TechSoftware_0620-768x432.jpeg 768w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/08\/BrandShootLDN_Jul2022_TechSoftware_0620-1440x810.jpeg 1440w\" sizes=\"auto, (min-width: 48em) 250px, (min-width: 30em) 100vw, 100vw\" \/>\t\t\t\n\t\t\t\n\t\t\t\t\t<\/figure>\n\n\t\t\n\t\t\t\t\t<div class=\"card-post__meta\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2026-06-24T05:46:09-04:00\">June 24, 2026<\/time><\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"reading-time\">8 min read<\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\n\t\t<p class=\"card-post__title h5\">\n\t\t\tExpense fraud: How to detect and prevent it in your organization\u00a0\t\t<\/p>\n\n\t\t\t<\/a>\n\t\n\t\n\t\t\n\t\n\t<\/article>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t<div class=\"col col-6 col-lg-3 card-grid__item\">\n\t\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-3 post-29306 post type-post status-publish format-standard has-post-thumbnail hentry category-money-matters category-strategy-legal-operations tag-accounting-101 tag-boss-your-business tag-business-continuity tag-small-business business_type-small-business\"\n>\n\t\t\t<a\n\t\t\tclass=\"card-post__link\"\n\t\t\thref=\"https:\/\/www.sage.com\/en-us\/blog\/what-is-a-purchase-order\/\"\n\t\t\t\t\t>\n\t\t\t<figure class=\"card-post__media\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"684\" height=\"384\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-1415809513-684x384.jpg\" class=\"card-post__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-1415809513-684x384.jpg 684w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-1415809513-768x512.jpg 768w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-1415809513-1215x810.jpg 1215w\" sizes=\"auto, (min-width: 48em) 250px, (min-width: 30em) 100vw, 100vw\" \/>\t\t\t\n\t\t\t\n\t\t\t\t\t<\/figure>\n\n\t\t\n\t\t\t\t\t<div class=\"card-post__meta\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2026-06-12T10:24:32-04:00\">June 12, 2026<\/time><\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"reading-time\">9 min read<\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\n\t\t<p class=\"card-post__title h5\">\n\t\t\tWhat is a purchase order (PO) and how is it used?\t\t<\/p>\n\n\t\t\t<\/a>\n\t\n\t\n\t\t\n\t\n\t<\/article>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t<div class=\"col col-6 col-lg-3 card-grid__item\">\n\t\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-4 post-30699 post type-post status-publish format-standard has-post-thumbnail hentry category-strategy-legal-operations tag-automation tag-digital-transformation tag-erp tag-inventory-management tag-supply-chain-management business_type-small-business business_type-growing-business\"\n>\n\t\t\t<a\n\t\t\tclass=\"card-post__link\"\n\t\t\thref=\"https:\/\/www.sage.com\/en-us\/blog\/what-is-order-management\/\"\n\t\t\t\t\t>\n\t\t\t<figure class=\"card-post__media\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"684\" height=\"384\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-1355438061-684x384.jpg\" class=\"card-post__image\" alt=\"Lady carrying cartons\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-1355438061-684x384.jpg 684w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-1355438061-768x432.jpg 768w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-1355438061-1440x810.jpg 1440w\" sizes=\"auto, (min-width: 48em) 250px, (min-width: 30em) 100vw, 100vw\" \/>\t\t\t\n\t\t\t\n\t\t\t\t\t<\/figure>\n\n\t\t\n\t\t\t\t\t<div class=\"card-post__meta\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2026-06-11T08:52:26-04:00\">June 11, 2026<\/time><\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"reading-time\">13 min read<\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\n\t\t<p class=\"card-post__title h5\">\n\t\t\tWhat is order management?\u00a0\t\t<\/p>\n\n\t\t\t<\/a>\n\t\n\t\n\t\t\n\t\n\t<\/article>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Learn why supplier diversification is no longer optional, how it mitigates risks, and explore the steps to implement an effective supplier diversification 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