Rattled by the pandemic, our supply chains broke down. Just as we think we’re getting back on our global feet, a war starts in eastern Europe, another shock to the business supply chain. What supply chain strategies work to keep your business afloat in these uncertain times?
Adaptability and flexibility are key. Supply chains of the future need to adapt quickly to changing circumstances. They must incorporate changes easily without significant hiccups.
How do you make your supply chain adaptable and flexible? Use supply chain management, or SCM, to keep track of what’s happening to your product or service from initial procurement to customer delivery. And it would help if you had a strategy behind your SCM.
A few recommendations for good SCM strategies are utilizing several suppliers and maintaining a good relationship with them. Seek out and retain top-notch supply chain professionals. Invest in an ERP, enterprise resource planning system that fits your business.
An ERP allows you to track your materials and services as they move through your departments, across town, or the world. An excellent digital system updates in real-time to catch glitches immediately. You can make changes quickly to avoid bottlenecks.
You have up-to-date information on transportation and material costs. With inflation heating up, you can pinpoint areas of increasing costs. Then, it’s possible to explore ways to mitigate cost increases.
Knowing what’s happening at all points in your supply chain allows your business to adapt to or flex around trouble spots.
Author: Kris Keppeler, a writer who finds technology fascinating and loves humor. She writes for Crossing Genres on Medium.com and Does This Happen to You? on Channillo. Award-winning podcast producer who enjoys telling stories. Follow her @KrisKKAria on Twitter or on LinkedIn.