As the challenges to the supply chains grow more critical, Corra Group is expanding its due diligence efforts to assist its clients in finding alternate sources for critical materials.
Corra Group is expanding its due diligence efforts to assist its clients in vetting potential vendors of critical materials that may boost their supply chains. As evidenced in a recent article on CNBC, entitled, “Supply chain chaos is already hitting global growth. And it’s about to get worse,” supply chain bottlenecks are in a variety of industrial sectors.
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“Corra Group conducts due diligence for its clients to help ascertain whether a company is truly a viable source for its supply chains,” said Corra Group Co-Founder, Gordon Basichis.
“Manufacturers are looking for alternate sources,” said Corra Group Co-Founder, Gordon Basichis. “Rather than hope and wait for critical materials to be shipped across the water and finally unloaded in the backlogged ports, and then delivered from the ports to their local destination, manufacturers and distributors are looking for more local and regional sources for the materials necessary to augment their supply chains.
“It’s no easy task,” said Basichis. ”There is a major difference between often smaller vendors who say they can deliver the materials and those who can make good on their promise. Corra Group conducts due diligence for its clients to help ascertain whether a company is truly a viable source. Corra Group conducts a series of background checks, including criminal records searches, criminal records, and reputational or source interviews with persons familiar with the principals of a potential vendor and the business itself.”
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Basichis offered that Corra Group conducts due diligence and business research on a domestic and international basis. He noted that Corra Group conducts business credit reports, world-wide, and when necessary, can arrange to have local assets conduct on-the-ground investigation. He said that Corra Group services global investigative groups as well as larger corporations. He added as the supply chains have worsened, Corra Group has been approached by smaller companies who are finding it even more challenging to source critical materials, as they don’t have the buying clout of the larger business entities.
“While there is no doubt, we are in a critical stage with our global supply chains, this can present an opportunity for smaller and regional companies to prosper,” said Basichis. “Manufacturers and distributors are looking for local sources for their critical materials, or for companies that can supply them directly by overland rather than from over the ocean. Corra Group is working to develop its own knowledge of viable vendors, while expanding its efforts to assist its clients in getting their goods to the market.”