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Fundamentals of a Efficient Supply Chain
An effective supply chain manages the inventory efficiently and has good coordination with logistics and suppliers. Inventory data should be shared to meet quicker replenishment of inventory according to customer demands. With accurate inventory data, goods can be delivered to the right place at the right time.
The primary goal of all the individual supply chain components is to deliver the best value to the customer. Retailers are the ones who get customer feedback as they are the ones to interact with the customer. This feedback must be shared with the manufacturers to address any problems and encourage a win-win situation for all.
Enable Financial Success
Cost efficiency must be improved by reducing inventory costs, minimizing labor expenses and decrease logistical costs to achieve financial success. Supply chain behaves like an engine to pull all major business units towards delivering value to their customers.
The advanced decision making that comes with accurate data being read in real time. This is known as digital decision making. Reliable data sources need to be determined as well as setting up the right processes that align strategy to execution across the organization is required to enable digital decision making. The expertise from the business, the right technology infrastructure, and proper alignment within the organization are principles to facilitate informed and engineered decision making.
Utilizing data from crucial points across the supply chain like sourcing, manufacturing, production, distribution, logistics, and transportation helps organizations to compare this historical data and make better-informed decisions.
A flexible supply chain management system should leverage opportunities and weigh down potential threats by anticipating changes and adapting to them.
Supply chain management helps in the end to end process of the business and is a backbone that supports major activities.