by Michelle Armstrong, TYS Global VP of Value Solutions Consultant
As we embark on a new year, the omnipresence of New Year’s resolutions is undeniable, whether it be on social media, in conversations, or in the news. For many of us, the commitment to these resolutions begins fervently in January but tends to wane as quickly as the holiday decorations are put away. In the supply chain realm, these resolutions take on a strategic and operational significance.
Plan and Play Smart
A key resolution in supply chain management is the adoption of real-time visibility for both supply and demand, enabling effective scenario planning and inventory optimization strategies. This visibility is critical for adapting to changes and making timely, resolute decisions. Integrated Business Solutions are essential in this regard, enhancing the synchronization of supply chain risk and real-time planning. The economic fluctuations affecting sales, operations planning (S&OP), forecasting, demand response, supply, and inventory planning emphasize the need for an agile approach with high visibility.
Taking Out the Garbage: Data Hygiene
Another crucial resolution involves tackling ‘garbage data’ – data that is inaccurate, unusable, or untrustworthy. Cleaning up and ensuring data reliability is fundamental. The steps to improve data hygiene include:
- Audit: Assessing the current data situation and identifying issues in data collection processes.
- Standardize: Creating consistent reporting processes aligned with organizational goals.
- Deduplicate: Utilizing automation to reduce duplication and human error.
- Verify: Testing the reliability and accuracy of the data post-clean-up.
Strengthen Your Business Networks
The cost of disruption in the supply chain extends beyond finances to brand perception and customer satisfaction. Achieving 360-degree, real-time visibility across the entire end-to-end supply chain is vital. Integrated platforms that allow instant information sharing with suppliers, partners, and third-party providers are essential for transparency, fast decision-making, and enhanced customer satisfaction.
Closer Scrutiny of Materials Suppliers
Materials suppliers, often less scrutinized than contractors, now face increasing scrutiny due to economic and regulatory pressures. Ensuring compliance with health, safety, quality assurance, environmental protection, and ethical practices is paramount. Supporting suppliers in demonstrating their compliance with supply chain risk management practices is crucial in navigating the complex maze of global and regional regulations.
Embracing Technology and Innovation
Incorporating technology and innovation is pivotal. Digital transformation can significantly streamline operations. Integrating advanced analytics, AI, and IoT technologies can revolutionize supply chain management.
Fostering a Culture of Continuous Improvement
Encouraging a culture of continuous improvement is essential. This involves open communication, regular training, and celebrating milestones to align the team with organizational goals.
Adapting to Change and Overcoming Challenges
The supply chain industry faces numerous challenges, including market fluctuations and global disruptions. Balancing steadfast commitment to resolutions with the flexibility to adapt is key to resilience.
As we progress through the year, let’s focus on these resolutions with strategic planning, data management, strengthened business networks, and rigorous supplier scrutiny. Let’s make this year count by staying focused, resilient, and committed to our goals in the ever-evolving landscape of supply chain management.