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Managing a supply chain is a complex enterprise that is always negotiating the disparate fields of technology, transportation, economics, and more. If the goal of any supply chain is to connect businesses and their goods to their customers, there are many ways to go about it, and even more ways to get it wrong.
Above all, the biggest mistake you can make in supply chain management is failing to anticipate important trends and challenges to your existing practice. Here are some of the biggest challenges facing supply change management today, and the ways companies are dealing with them:
Globalization is a huge force in business, and if you’re in supply chain management, what’s important for business is important for you. As many modern businesses grow, they relocate and develop headquarters all over the world, which means they rely on their supply chains more than ever. In fact, at this level, efficiency, transparency, flexibility, and cost reduction across various supply chains is virtually where all profit margins are generated. If you want to compete with the supply chains of tomorrow, you need to be global-ready with a right for you.
Communication and transparency are the hallmark of a strong supply chain. In the past, this meant building lasting relationships and aligning expectations. These values are still important today, but in the global market, transparency goes hand in hand with flexibility and opportunity. Global businesses need a single source for supplier information and resources—at every level of the supply chain, access points and availability should be accessible from anywhere in the world with just the push of a button.
Reducing costs will always be an essential feature of the supply chain, but on a global scale this becomes exponentially more important. Using the latest technology, from labeling and asset management software, to integrated online databases across the supply chain, can streamline decision making, reduce costs, and help companies make better procurement decisions in the short- and long-term.
In the end, all of these challenges are just ways of achieving your customers’ goals. Whether it be professional relocation services, sourcing seasonal crops around the year, or a worldwide retail launch, a good supply chain is flexible enough to not only meet expectations, but moreover to exceed them time and time again.
If you can evolve at the pace of global marketplace, your supply chain will thrive alongside your customers!