We would like to alert you to a new service that we think will be valuable to your individual businesses and to the overall industry. In order to grow existing businesses and attract new companies to our area, Madison Region Economic Partnership (MadREP) has undertaken an initiative to map the supply chains of industries in our regions. In order to do so, they need local companies to participate and provide them with their supply chain information. In return for participating, the business will have their supply chain information mapped free of charge and benefit from possible economic growth. Below you can find out more information about MadREP’s initiative and supply chain mapping in general.
Supply chain mapping is the process by which the transfer of goods, services and money both into and out of an organization is represented as an abstract design or on a map.
According to MadREP, this practice can be especially useful to individual businesses because it allows them to analyze a variety of factors that can impact the profitability of that business, such as transportation costs, the potential for supply disruption, and opportunities to modify inventory based on turn-around of goods, among other things. The business can then use this information to gain a strategic advantage.
MadREP hopes to collect individual supply chain information so they can identify supply chain gaps and disconnects across an entire industry.
Supply chain gaps occur when a number of businesses in the region source certain products or services from businesses outside the region. Once these gaps are identified, MadREP can use the information to recruit new suppliers to the region, resulting in investment and jobs.
Supply chain disconnects are where businesses in the MadREP region are buying products or services from outside the region, even though those items could be sourced from existing businesses within the region. MadREP will identify those disconnects and play matchmaker for those businesses on both sides of the transaction, thereby benefitting both parties and the region as a whole.
In order to map the supply chains, MadREP will be using a program called Sourcemap. Sourcemap is crowd-sourced and cloud-based. And unlike other supply chain mapping programs, there is no cost to businesses in our region that participate; this a free service sponsored by MadREP. Therefore, all businesses must do is upload their information and it will be mapped and available to them free of charge.
Here is a screenshot example of a simplified Sourcemap, showing the suppliers for our sample company, Vandelay Industries, and their customers. In the live web-based application, clicking the node for any supplier or customer reveals company-specific information, including its relationship with the sample company.
For a short video demonstrating how MadREP is partnering with BioForward to map the bioscience industry in our region, see http://www.youtube.com/watch?v=rYdtUNzuRK4&feature=youtu.be .
To register and begin using Sourcemap and uploading your supply chain information, please navigate to: https://mysourcemap.com/madrep .
**Please note that any information you provide will be kept confidential and only shared with MadREP for the purposes of advancing regional economic development.
Please direct any questions to Gene Dalhoff at gdalhoff@madisonregion.org