Following President Biden's announcement of the creation of the White House Council on Supply Chain Resilience and millions of dollars in investment to strengthening the country’s supply chains, many organizations are looking to understand where this funding is going, how to secure a portion of it for themselves, and how to monitor progress. The key to doing this is understanding the available tools, aligning them to your business strategy, and measuring ROI.
Where is the Money? Positions and Possibilities
The key to understanding the funding related to President Biden's initiative lies in the initiative descriptions. With numerous sectors expected to gain from this, organizations must understand and align themselves with industries termed as “critical” by the government.
For instance, the expansion of the Department of Health and Human Services’ authority has come into the spotlight. This opportunity may invite organizations in the pharmaceutical and biotech sectors to enhance their domestic production capabilities or put forth innovative methods to mitigate drug shortages, thereby positioning themselves for a share in the funding.
For the energy sector, revealed plans about grants to communities for investments in clean energy supply chains could be an opportunity for energy companies, particularly those focusing on renewable sources.
Also, as the Department of Agriculture encourages strengthening domestic food supply chains, agriculture, farming businesses, and entities involved in food logistics and transportation could benefit, too.
Beyond this, unearthing the funding opportunities requires you to stay updated with the current and future government initiatives. Being proactive in this sphere and adapting your operations to align with these “critical” industries is essential.
Strategies for Staying Ahead in the Complex World of Trade Policy
From export controls to armed conflicts, learn how to stay ahead of the curve and identify opportunities amid the risks.
Positioning your organization to capitalize on these opportunities requires close monitoring of ongoing changes in policies, regulations, and sector-specific incentive packages announced by the government. Leveraging policy tracking solutions such as FiscalNote can be the difference between receiving these vital funds or staying out of the competition altogether. By offering you real-time legislative tracking and intelligence, FiscalNote empowers your organization to adjust according to evolving policy changes.
Be it health, energy, transportation, or agriculture, every “critical” industry has the potential for growth under this new initiative. By leveraging technology to identify these opportunities and support your strategies with accurate intelligence, your organization can be poised to qualify for a piece of the investment.
Securing the Money: Tracking Initiatives and Driving ROI
To capture the benefits of these support packages, organizations must be agile and flexible in adapting their supply chains to comply with the new requirements. Those able to pivot quickly and efficiently will be well-positioned to apply for and receive funding tied to this initiative. The ultimate goal is to drive revenue for your organization by leveraging these opportunities effectively.
Here are some steps to position your organization to receive a piece of this significant funding:
1. Understand the Objectives
First and foremost, organizations must understand the objectives and criteria of the new supply chain resilience initiatives. The primary emphasis is on improving national security through domestic innovation and production. Therefore, demonstrating that your business strategy aligns with these goals is essential.
2. Display Adaptability
The ability to adapt operations and strategies to cater to emerging needs is crucial. This might entail pivoting production lines to meet domestic needs, investing in technologies that increase efficiency, or focusing on research and development to find innovative solutions to ongoing challenges.
3. Leverage the Right Tools
FiscalNote's procurement dashboard streamlines the process of identifying government contracts and prioritizing relevant opportunities. It provides a visual, tailored dashboard that includes contracting data, competitors, and upcoming procurement opportunities that are aligned with your organization's interests.
4. Propose Strong Bids
Once you have identified relevant grants or funding opportunities, create strong, compelling bids that highlight your organization's capabilities, showcasing your potential contributions to the resilience and sustainability of domestic supply chains.
5. Develop Partnerships
Increase your chances by identifying and partnering with other organizations that bring complementary skills and resources to the table. Engage in joint ventures or consortiums that expand your reach and bolster the impact of your proposals.
6. Maintain Compliance
Proving ROI: 6 Stealable Strategies from Successful Organizations
Discover strategies to prove your value & gain recognition in your organization from these six successful teams.
7. Implement Robust Tracking Mechanisms
Establish a thorough record-keeping system where you can track all actions on specific policy issues and interactions with stakeholders. Tools like FiscalNote allow you to do just that and to build visual reports automatically to quickly show how your work ties into the overall ROI. Connecting your actions to quantifiable metrics and funding wins will serve as concrete evidence of your successes and progress, proving your team’s value.
Companies that successfully combine this kind of strategic approach with an understanding of government priorities and investments will be best placed to access a share of the available funds.
The Future of Supply Chain Resilience
While supply chain resilience remains at the forefront of global policymaking, organizations must use the right tools to capture the opportunities the new U.S. government initiatives present. With strategic positioning in key sectors, creative adaptation to new requirements, careful tracking of initiatives, and precise tracking of ROI, businesses can effectively navigate the fast-changing supply chain landscape.
In doing so, organizations must incorporate intelligence platforms and tools, like FiscalNote's procurement dashboard and Risk Connector, to stay abreast of policy shifts, regulations, and emerging risks that could affect business operations and revenue streams.
Knowing your risks, leveraging opportunities, and tracking progress is the most certain way to maintain buoyancy amid these winds of change. Embrace the available resources and tools to navigate the complex landscape strategically to drive your organization's revenue and success.