3:
Invest in the Right Technology
Technology investments are relatively cheap when compared to lost sales and lost customers. Larger companies need integrated data from customers, sales, suppliers, and producers through modern, sophisticated inventory management systems that connect to suppliers, production facilities, warehouses, and the sales organization. Inventory management software can provide real-time, detailed visibility into inventory levels, stock on order and supplier performance. Knowing the inventory levels at vendors and raw materials at suppliers will help reduce volatility. Integrated software provides immediate notification, quickly identifies all impacted purchase orders and in-transit inventory. Some software can recommend alternative options and track competitive supply chains.
4:
Do Not Forget Suppliers’ Suppliers
They can become the bottleneck. Best-in-class companies map out and monitor the entire supply chain; especially for their top profit generators. In times of shortages, those that have early warnings of disruptions and visibility into which sites and products would be impacted can get in line first for limited inventory and capacity. Being better prepared can be a competitive advantage.
Organizations must determine the right mix of resilience that they want to build into their products and revisit their supply chain strategy to ensure that resilience is embedded into all areas of their business, including research and development, product design, and planning. By focusing on building resilience comprehensively, and ensuring it is not seen as an afterthought, organizations can be better prepared for whatever the future brings.
If you are looking for assistance with your supply chain needs, Quest can help — contact us today.
4 Key Actions to Create a More Resilient Supply Chain
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