Tuesday, December 06, 2016

Pay Attention to Your Supply Chain

From Entrepreneur:

At the mid-market level, many decision makers believe they lack time and resources and so must prioritize certain aspects of the business over others. Often, the supply chain is not seen important enough to merit scarce resources. However, having a supply chain strategy is equally important for midsize companies as it is for enterprise-level firms.

The most important aspect of a robust supply chain strategy is that it meets the current and future needs of the customer. Customers are more sophisticated and demanding than ever, and understanding them—will inform your long-term supply chain strategy. Talking to them directly is the best way to find out what they need.

Technology can help provide end-to-end visibility across all supply chain channels, and it can speed up process steps. But it’s crucial that mid-market businesses don’t just adopt the latest technology just for its own sake. A solid supply chain strategy will place the customer’s needs front and center when it comes to establishing the need for new technology, and determining the correct solution.

Unlike some other business processes, the supply chain is subject to many external forces. Mid-market businesses can prepare for potential disruptions by being knowledgeable about the latest trends in the supply chain, and analyzing in advance how their business will be affected by a multitude of different event types. Disruption can be deeply damaging—and potentially for a long time to come—from lost customers, to lower revenues, even to loss of brand value.

Besides, choose the critical new supply chain capabilities and prioritize them into a project plan that delivers those goals at a rate of spend your company can afford.