Tag Archive Guide to Supply Chain Management

A Beginner’s Guide to Supply Chain Management

Every business owner is aware of the complexity of supply chain management. And, so may you. If you are a budding entrepreneur, your goal would be to develop effective and successful supply chain and deliver perfect value to the business.

This sounds an easy-to-do- task, right?

However, this can be complex and time-consuming, especially if you are unclear where to begin.This is more telling if you’re depending on old-school supply chain technology in this data-driven world.

Have You Read About: Digital Market Research: What to Do & What Not To Do?

Read on to know these effective supply chain management tips that will prove beneficial to your organization.

Supply Market Research

Conducting a successful supply market research or intelligence is the key to risk mitigation plan.Here are the important questions you need to answer:

  • Who are your suppliers? What are the evaluation criteria?
  • Are you receiving supply on time?
  • Are you paying the right prices?
  • What’s the backup plan?
  • Are you delivering value to the business?

Read Also: Steps You Shouldn’t Ignore in Supply Chain Market Research

The key challenges in procurement supply chain is finding the right suppliers for your company. When we say right suppliers, we mean suppliers across regions, who can offer right price and deliver on time. To be successful you need to assess supply risks, mitigate potential disruption, implement new technologies and constantly revisit your strategy according to market developments.

You need to study current market trends, discover new supply opportunities, forecast and anticipate price trends, evaluate supplier, assess supply chain risks. A successful market research involves analyzing supply market, developing category strategy, identifying suppliers, determining supply bench market and tracking global indices.

Meeting Challenges

In the current dynamic market scenario, sometimes things don’t work as per your plan. Your supply market strategy should revolve around planning for unplanned, developing substitute suppliers, focusing on best cost country sourcing. This may sound complex and time consuming.

Don’t worry, there are solutions that can do the job for you.

Read About: All That You Should Know About Supply Chain Intelligence in 2018

Benefits of Supply Chain Market Research

Once you analyze the supply market and source right, you can reap the following benefits:

  • Cost Reduction
  • Improve turn-around-time
  • Larger pool of suppliers
  • Happy Internal Customers
  • Positive impact on bottom line

Concluding Part

The supply chain of any business isn’t easy. It’s quite large and can be challenging and complex as well. You need to widen your approach and keep pace with rapidly changing market dynamics.

SI-Insights is a leading provider of supply chain market research. Contact us for smart solutions at affordable prices.

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