Organisations looking to see more value out of their supply chains in the years ahead should take advantage of the latest technology-based trends to optimise their systems.
Mungo Park, president of leading Southern African supply chain and operations management association SAPICS, shares his insights on supply chain trends.
1. Leverage Technology and Data Analytics
As supply chains become more an more complex, the focus moves to supply chain visibility that facilitates quick and proactive interventions.
Organisations need to understand the importance of an integrated system capable of monitoring and analysing the amount of growing data generated by supply chain events.
Leveraging the latest technology available, such as business intelligence tools, blockchain and RFID, can further improve supply chain performance and visibility.
2. Engage in Partnerships
Supply chain collaboration is the key to unlocking more value for the benefit of all stakeholders. Organisations need to consider the advantages of supply chain partnerships.
Furthermore, supply chain partnerships are a necessity as companies need to integrate multiple participants, provide access to the supply chain network, and share information.
An integrated supply chain management solution, which also facilitates partner integration, can be the answer to better collaboration across the supply chain for optimal performance.
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3. Add E-commerce Fulfilment
According to SAPICS, e-commerce is increasing at a rapid pace in South Africa by up to 40% year-on-year compared to traditional stores reporting only 5% to 7% annual growth.
Organisations will have to adapt and expand their supply chains to include e-commerce fulfilment, scalable warehousing, and fast distribution solutions.
Flexibility and responsiveness become mandatory for a successful supply chain network, and represent the only way to respond to increasing demand in peak seasonal times.
4. Optimise Your Supply Chain
SAPICS expects more organisations to become interested in effective supply chain optimisation to drive bottom-line improvement.
The supply chain is slowly moving from a cost centre perception to an important integrated element that drives business performance in other areas as well.
Organisations will have to invest in an integrated supply chain solution that facilitates easy automation, maintenance and optimisation across the value chain, and reduces waste.
5. Manage Supply Chain Risk
Supply chain risk management is vital given the increase in supply chain complexity, outsourcing, and multitiered global supply networks.
Supply chain managers need to identify potential operational, environmental and legislative risks and mitigate these to drive real value and performance from the system.
Organisations can increase their bottom-line by developing risk mitigation plans, having alternative and multiple supply networks, and building resilience in the supply chain.
Read more: bizcommunity.com.
The 40th annual SAPICS conference took place on the 10th-13th of June 2018 in Cape Town.
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