Today, companies have to dip into the knowledge bases of their suppliers to innovate. Quinn sees this restructuring happening worldwide. U.S. companies have to keep up with what's going on in America but also abroad. The Dartmouth professor believes both buyers and suppliers have to adopt an increasingly global focus. Today some of the risk associated with outsourcing is global.
Companies have to figure out where they want to be and where they want to find suppliers.
The new economy has also changed how companies approach risk management. The traditional approach has been to look at the past instead of trying to predict the future. Today, it's the future that holds the biggest threat to companies. Gazing into a crystal ball is just what's required in these times of change. This will be another big outsourcing trend.