6 Best Supply Chain Management Tips
It can seem impossible to oversee the production of raw materials and final products. However, new technologies and supply chain processes make it easier. Keeping this in mind, we have six supply chain management tips that will help you make it easier.
6 Best Supply Chain Management Tips
1. Enhance supply chain visibility with the right technology
The right technology mix will enable you to gain visibility into product movements throughout the supply chain. to illustrate, analytics systems can connect to multiple data sets to show trends so managers can shift resources to prevent problems from occurring.
You can also get more visibility by using those that are less expensive data storage is simpler to manage and scale. Supply chain managers can easily and cheaply collect data from test projects without additional hardware by using scalable data storage.
2. Embrace sustainability and accountability
Sustainability in supply chains includes everything, from fair trade practices to environmental impact — which is why it’s so hard to address.
Manufacturing can produce a lot of waste, which can be problematic in other ways. Consumers and government agencies pressure companies to end their practices. That is not ethical or harmful to the environment. While there are many regulations that address this concern, problems continue to be widespread.
Because supply chain sustainability is so interconnected with so many issues no one software or practice will solve all your problems. It is crucial to identify the problems and technologies that your company faces, as well as the processes or technology that could help them. Slower vehicles can be more environmentally friendly than faster ones, and this can reduce pollution.
Also read: Supply Chain Planning: Definition, Process and Benefits
3. Consider blockchain for traceability
A list of supply-chain management tips is incomplete without mentioning blockchain. If you don’t have it, Consider exploring blockchain to establish trust and increase traceability.
Blockchain is being used by companies to prove that they have ethically obtained resources or to improve safety and traceability. Bumble Bee foods use blockchain for yellowfin tuna traceability from ocean to table, and Walmart mandates that suppliers use it to track leaves.
4. Trade paper for digital transformation
Although it may seem daunting, the transition from hard copy to digital is often key to successful supply chain management. Other technologies and web-based platforms can help you keep track of your data better.
Digital supply chains make it faster and easier for trading partners to connect. Information such as tax IDs, addresses, and certifications can all be collected digitally. This eliminates the need for workers to wait for important documents to arrive by mail. Blockchain may also help to boost digital transformation efforts and eliminate time-consuming paper-based processes.
5. Beef up cybersecurity
It’s essential to improve cybersecurity as hackers get more aggressive. First, define the requirements for improving cybersecurity and make sure that everyone — employees and vendors — meets them.
Make sure everyone involved in the supply chain management system is properly trained and that they are aware of your security policies. Make sure that users are informed about major risks and concerns. Information is the key to security.
6. Find the best AI technology
Now is the right time to look into AI technologies to improve supply chain management. It can be almost meaningless because the term is so common and hyped up. There is real value in finding the AI technologies most beneficial for your company.
Some AI systems can make proactive recommendations based on data and projections. They can also execute changes, provide insights, and offer suggestions. AI can improve predictive analytics to better understand customer shopping habits and help decision-makers.
These six best practices and technologies won’t solve your supply chain management problems. These technologies and best practices can help you get over the more difficult aspects of the process.