The supply chain process continuingly evolves but over the last 10 years supply chain managers have been under notable pressure and the consequences have been irreversible.
Both the economic crash and smartphone revolution have had an impact on all industries using supply chains, in this post we will explore what effect it has been and how to optimise your supply chain for today’s economy.
The Impact of the Crash
When the economy nose-dived, it was common practice for managers to be innovative in their methods to stream line their processes with the aim of reducing costs at every stage. The changes that were implemented during that time still remain in place today and so even through intense pressure of the crash has technically passed, to remain competitive, managers of supply chain’s needs to be extremely economical and efficient.
The Impact of the Smart Phone Revolution
Business is driven by the consumer and there has been no bigger change in how the consumer wants to shop than the smart phone revolution.
The revolution is continuing to march on as we speak and as a result, proficient supply chains need to be able to provide an exceedingly quick and efficient service. Businesses need to be able to meet the needs of the ‘one click purchasing’ phenomenon. The way that consumers interact and order from businesses continues to change, it is therefore vital for managers to stay informed using advanced analytics so they can make amendments to the chain where necessary.
Demand Driven Planning
Research is an essential part of the supply chain. Managers need to prioritise money, time and resources to predict the demands on their supply chain. Managers also need to invest in well-organised contingency planning tools which safeguards against risk by implementing a valuable response to potential threats.
With these elements in place, managers are able to adapt volume produced, marketing, and pricing to fit demand. A supply chain needs to be a proactive system that is ready to respond to the consumer needs as they change.
These practices are considerably easier for supply chain managers in today’s market because the technology is available to support them. Having the ability to see inventory instantaneously through the Cloud is powerful and enables real-time manipulation and adaptation of the supply chain process.
Before this technology, businesses wouldn’t be able to analyse their supply and design chain until they examined their results at the end of the month or quarter. In today’s supply chain industries ignoring this tech and it’s data are missing a massive opportunity which puts them at a competitive disadvantage. To stay competitive, managers need to be agile and innovative in their approach.
The reality is that all markets are overcrowded; it is no longer enough for products to solve the problems of the consumers they also have to be sold at the optimal place and at the optimal time and this data gives managers the power to ascertain when and where that is.
Getting it Right from the Start
Despite the competitive market, start-ups are still proving that they can break through and play with the big boys in businesses by getting their supply chain right from the start. In some cases, new companies who understand today’s market are more able to put these practices into place seamlessly than more established managers who are not willing to adapt to new innovations
Every business, new or old, has the power to optimise their supply chain for today’s economy and be a competitive game player. Don’t be left in the dark, be informed and be proactive.