In the era of global sourcing, it's even more important to make sure the parts you buy come from the source you think they do.
A recent study by the U.S. Chamber of Commerce said that Ford Motor Co. loses about $1 billion a year from counterfeit auto parts. And the auto parts industry estimates counterfeit parts have become a $12 billion problem worldwide, with $3 billion in phony auto parts sold in the U.S. alone.
"Many businesses, particularly small and medium-sized companies, do not fully appreciate the bottom-line cost of lax supply chain security and the adverse impact it has on brand value," the Chamber of Commerce study says.
So double-check those new suppliers and do that due diligence.
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