In addition to global challenges , new tariffs and problems with the availability of raw materials and components require companies to be more resilient in terms of supply chain planning.
To ensure stability and maintain a high level of service, companies must ensure that their supply chains are flexible enough to cope with natural disasters and changes in the availability and cost of product.
There are other techniques to improve the supply chain than just having the right suppliers.
One way to do this through an internal look at your supply chain and reviewing these factors:
- Preemptively maintain inventory levels
- Real-time inventory management
- Improve distribution network
- Increase transparency
- Gain data insight
- Monitor supplier performance
- Raise cost awareness
Supply Chain Management (SCM) encompasses a broad range of activities and requires excellent attention to details.
The rapidly changing environment and the growing demand for the company’s products require changes in operational activities and in supply chain management.
Keeping all supply chain components running as smoothly as possible ensures that your business can provide on-time delivery of products and services, especially with changing consumer demands and supply chain disruptions brought about by the COVID-19 pandemic.
With the ongoing pandemic, a large number of SCM professionals reported experiencing disruption that forced them to change their strategies and business processes.
These included having to adapt their supply chain for e-commerce, renegotiating contracts, as well as finding alternative sourcing options.
As such, keeping tabs on industry trends will allow you to be quick on your feet and make sound business decisions.