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Define Your Supply Chain by These Winning Traits Featured

Define Your Supply Chain by These Winning Traits man jumping on the beach during daytime

Excellence in supply chain management may translate to business success. If you are good in this area, you will likely impress your customers in delivering the right products, in the correct quantity, at the right place, at the lowest possible cost and the right time, and to the correct people.  However, getting it right in the supply chain is easier said than done. Unlike the thinking that excellence in managing the supply chain can be achieved through few steps, the truth is that it goes much deeper and entails many other defining actions and strategies. For supply chain professionals, it means that they must have extra attributes that enable them to stand out. Here are some of the winning traits that should define your supply chain.

 

  1. Embrace innovation

Like any other industry, innovation in the supply chain is everything. Leaders ought to always look for innovative methods to improve operations and enhance customer experience. Some ways of ensuring you stay ahead are adopting new technologies before anyone else and experimenting with new techniques and processes. According to Deloitte, more than 96% of supply chain leaders recognize innovation as an essential factor for growth. Over 75% use mobile technologies, while 65% use RFID tagging, among other approaches. In short, the adoption of technology is the leading way of ensuring you stay ahead of the game.

  1. They are data-driven

We are living in a highly data-driven world. Therefore, you must always gather data on your supply chain and create actionable information to drive growth. A report by Deloitte shows that 75% of supply chain leaders use data optimization software to gather actionable information. With the proper tracking of the supply chain and recording of data, you will increase efficiencies in operations. You will efficiently handle critical aspects like materials and optimize floor space while also forecasting the future. With the right data in your possession, you are assured of making the correct decisions at all times while minimizing costs and improving productivity.

  1. Successful supply chains empower employees

Employees are crucial for any successful supply chain operations. Any organization that intends to succeed must always empower its workers and invest in their wellbeing and knowledge. Investing in the right way gives employees a sense of belonging and fosters success for the company. Through incentives on performance and careful tracking to identify and determine bottlenecks, you can control costs in your supply chain. Successful supply chains put their employees in places where they are needed and give them the right tools to get the job done. As a supply chain company, give your employees the technology to ensure their work is easy and successful.

  1. Successful supply chains are transparent

Transparency in the supply chain builds trust among the stakeholders. This usually comes with sharing information and data freely throughout supply chain firms. Therefore, companies in this sector should ensure that their supply chains are not siloed. With connectedness, efficiency is increased, and profitability can be achieved as well. Furthermore, tracking needs to be enabled to enhance accountability and compliance. Transparency gives supply chain firms the ability to know the expiration dates of products, inventory levels, and potential losses.

  1. They are prepared for the unexpected

Supply chains keep changing, and companies must always stay on top of issues to remain relevant. The most successful supply chain companies can apply values and vision to the solutions required and overcome unexpected challenges. Supply chains must always take advantage of new opportunities and make the best decisions considering potential risks. With the right plans in place, you will get your business decisions right, and efficiency will be improved significantly within your organization.

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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. 

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