Today’s competition is tough. If you do not innovate, you will surely put your company at risk. In short, doing what you have always done in the past is no longer acceptable. Every business owner or manager must know that improving your organizational structure as well as adopting methods and processes that will make your company “best in class” is of high importance. What makes a supply chain organization standout? The answer will vary depending on what strategies will suite your company. What makes a supply chain organization best in class? The answer will vary for each company, but there are some practices that many leading companies are adopting now. Supply Leaders Academy lists 5 key practices that you should have in your supply chain to outsmart your competition.
- Establish alliances with key suppliers
- Provide a mechanism to ensure that the relationship stays healthy and vibrant
- Create a platform for problem resolution
- Develop continuous improvement goals with the objective of achieving value for both parties
- Ensure that performance measurement objectives are achieved
- Properly select staff and align their expertise
- Establish appropriate levels of control to minimize the risk
- Engage in collaborative strategic sourcing
- Make use of technology