Supply Chain Management

Synopsis

The limited granularity of actionable data, slowed digital transformation and conventional inventory strategies are the things that keep most supply chain managers up at night. To tackle these, you need a powerful strategy. With our Supply Chain Management deck, you can break down the complex steps of SCM, gain a competitive advantage in a global marketplace, increase your organization's business efficiency, output level and overall profitability.

Questions and answers

What are some examples of businesses that have successfully used supply chain management to increase their profitability?

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Some examples of businesses that have successfully used supply chain management to increase their profitability include Amazon, Walmart, and Apple. Amazon has a highly efficient supply chain that allows it to deliver products quickly and at a low cost. Walmart's supply chain is known for its efficiency and ability to keep costs low, which is passed on to consumers in the form of low prices. Apple's supply chain is highly streamlined and efficient, allowing it to keep production costs down while maintaining high quality.

How can supply chain management help a business adapt to changes in the global marketplace?

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Supply chain management can help a business adapt to changes in the global marketplace by providing a strategic approach to managing all the steps involved in the production and distribution of products. This includes sourcing raw materials, manufacturing, transportation, and delivery to the end customer. By effectively managing these processes, businesses can gain a competitive advantage, increase efficiency, and improve profitability. Additionally, a well-managed supply chain can help businesses respond quickly to changes in demand or disruptions in the supply chain, which is particularly important in a rapidly changing global marketplace.

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Slide highlights

Start with an overview of your current state of supply chain management. With this slide, walk your audience through the movement of raw materials, the internal processing and the movement of finished goods into the hands of the end consumer.

With this slide, communicate your demand and sales forecasting. Some of the useful and proven tools for predicting demand and sales include Unioncrate Demand Planning AI, Prophix Software, ForecastX, Refract and Jirav.

Expert advice

What happens when the supply chain gets disrupted? And how to handle it? In his article for Forbes, Jeff Hicks, VP Sales at FAST Solutions, list three lessons about a deranged supply chain that you can learn from.

• Value relationships – ecommerce isn't the ultimate remedy, Hicks says. He stressed the importance of having relationships with the suppliers that are key to your business. "You need to be able to negotiate and collaborate with people in a time of crisis in order to brainstorm and adapt to the situation at hand," Hicks says.
• Leverage local supply chains – when life happens and disrupts your supply chain, the time it takes to get finished goods to your facility is crucial. To reduce transportation time and allow you to acquire products in a matter of hours versus days or weeks, Hicks recommends looking for local or regional sources. He says: "Local and regional distribution can (and should) still provide global reach and planning. Search out the providers who can manage and execute a supply chain on the local level."
• Integrate technology – technology can offer the necessary clarity in "fog of war" situations, Hicks says. Provide visibility into employee behavior when it comes to product usage and ask yourself: What's moving? How quickly? Are the patterns changing? This will help you see trends and patterns and determine priorities.

Application

Business.org suggests these five strategies for improving your Supply Chain Management:

1. Improve your distribution network – this can be done through a holistic approach or a cluster view. "In a holistic approach, you review essential parts in your distribution network and try to figure out how the parts work in sync," the experts say.
2. Monitor cash flows – cash flow control is an important tool that various organizations use to improve supplier management. It is crucial to monitor payment terms and conditions with several groups within the supply chain and come up with an efficient plan to understand the technology used for monetary transfers.
3. Establish information conduits – ensure data is distributed promptly and properly to pertinent recipients, so you can establish proper information channels.
4. Track your inventory – employ tracking software or internal spreadsheets to monitor the whereabouts of your inventory. This will help you to know how much of your product you have, how much you need, as well as if there is any damage, decay or theft. Other things to keep in mind are the location and quantity of inventory, including final products, work-in-progress items and raw materials, the experts say.

Case study

IBM and BASF

BASF SE, a German multinational chemical company and IBM worked together on improving BASF's supply chain management by making digitalization an integral part of the company's operations to create extra value for customers, grow the business and improve efficiency, IBM writes on its website.

The issue the chemical company faced was the fact that it "operates global value chains with high service standards, requiring close coordination between supply and distribution points." To resolve it, BASF worked with IBM to demonstrate that AI and machine learning could support supply chains by bringing smart visualization of relevant information to support supply decisions. As a result, BASF saw significant increases in visibility on operation status, enabling better supply chain replenishment decisions. Also, support comprehensive planning was improved and the company saw more agile responses in a volatile market. Finally, the company employed greater monitoring and optimization of a significantly larger portfolio due to cognitive insights.

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