Estimated reading time: 3 minutes, 17 seconds

Are You Up to Date on These 5 Strategies to Improve Your Supply Chain? Featured

Are You Up to Date on These 5 Strategies to Improve Your Supply Chain? "Want with reflection on shop window"

Supply chain industry is no longer what it used to be back then. It is now more complex than ever and the ever-changing socio-economic and market factors have made it even more unpredictable. In the face of the world’s biggest pandemic arguably never witnessed before in human history, the supply chain has faced untold challenges made even worse by a more connected world where no country can survive alone. For a supply chain organization to respond to the changes in demand and the rising protectionism, one must devise new strategies and new variables. Here are some strategies that you may need to improve your supply chain:

  • Adopt a demand-driven planning approach that is based in real-time demand

Prediction of demand is an important component of the modern supply chains. As such, there are many tools that have been brought forward just for this function. For example, the artificial intelligence (AI) technologies and the internet of things (IoT) allow supply chain management teams to assess the market and take action faster. It also enables them to automatically adjust based on historical data presented by big data and machine learning systems based on real-time insights. With the adoption of cloud computing, things look promising as big data is now becoming a useful way of assessing the markets and making decisions regarding planning based on available insights. Cloud allows unified data models to be created and augmented by external sources therefore enabling advanced predictive capability.

  • Fine-tune your company’s response plan

Challenging times calls for stringent measures that will help your organization move towards the recovery; that should always be the mantra. With the coronavirus pandemic that has left many organizations struggling, it is a perfect time to fine-tune your company’s response plan to meet the new challenges. Take the lessons that you have gained from the pandemic and use them to strengthen our organization’s action plan. Think critically on how you are going to ensure continuity of business and fulfillment when faced with certain challenges. Determine if you are in position to maintain the information flow and how employees’ health will be fostered.

  • Optimize product design and supply management

A new era where different functions of an organization such as product development and supply chain management are run together is here. This enhances competitiveness and leads to the design of a product that meets the demand of the customer. With the success of the product hinging around the development of products that captivates customers, delivery of products at the right time and within the correct state cannot be overlooked because it also determines success. Such collaborative efforts as well as well-thought procurement practices such as supplier pre-qualification can help supply chain companies ensure product is in the right state from start of the manufacturing process to the end. Integrating all processes from design to supply chain planning can increase product revenue and reduce expenses.

  • Know your suppliers

The COVID-19 pandemic has taught many companies lessons of their lifetime. One of the biggest lessons is on the importance of supplier diversification and why it is important to understand suppliers from all tiers. Many companies failed to deliver the products ordered by the customers due to overreliance on a single supplier. With the pandemic however, many have learned that relying on a single supplier is not good for the customer and the business. Know the suppliers and their resilience in an event of a disaster.

  • Ensure supply chain visibility

A lot of talk on supply chain visibility has made headlines this year. With the right design and technology, visibility can be made possible. This eliminates data siloes and bottlenecks while building capabilities that allows tracing and insights into your business operations. How visibility is used counts as it enables identification of risks. Visibility is good for both customers and suppliers because it allows sensing of change and using it as a competitive edge. It is a source of resilience.

Read 455 times
Rate this item
(0 votes)
Scott Koegler

Scott Koegler is Executive Editor for PMG360. He is a technology writer and editor with 20+ years experience delivering high value content to readers and publishers. 

Find his portfolio here and his personal bio here

Visit other PMG Sites:

click me
PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.