New Year’s Resolutions for Your Supply Chain
It’s that time again – time for New Year’s resolutions. Aside from the usual personal goals, maybe it’s time to make some resolutions for your supply chain. In Industry Week’s new article, “10 Supply Chain New Year’s Resolutions,” author Michael J. Gravier, Ph.D., offers some suggestions. Here are a few to consider:
Become more transparent. As consumers become more concerned about where their products come from, transparency will be more important. “People expect their products to be safe, environmentally friendly, and ethically produced,” Gravier explains. “The danger for most companies happens because of the supplier several times removed that they don’t know about; companies should map their supply chains to preempt unpleasant surprises
Focus on the experience, not the product. Brand reputation and managing customer relationships will become vital to the survival of manufacturers. When something goes wrong, it can take everyone in the supply chain down, even if they were not at fault. “Know how your input matters to the final end customer’s experience before advances in analytics and information sharing take you by surprise, and you will be more successful,” says Gravier.
Prepare yourself for more global trade. Though President-elect Trump’s trade policies are not solidified at this point, global trade is expected to grow in the coming year. “Reinvigorated political support means more investing in infrastructure, re-looking convoluted regulatory requirements, and re-structuring a tax system that disincentivizes re-investing in the U.S. economy,” says Gravier. “On the whole, smart supply chain managers should count on the continued march of globalization.”
Want to read the rest of Gravier’s supply chain resolutions? See the article from Industry Week.