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Best Practices for Optimizing Supply Chain to Gain Profits
FREMONT, CA: The possession of the right talent, appropriate technology, and a holistic perspective is not enough to gain profits for the company. With the increase in supply chain optimization, the profits can be doubled, and risks can be controlled. Due to geo-political indifferences, the optimization and risk management of the supply chain is tough, volatile, and uncertain. Hence certain best practices and preventive measures need to be followed:
1. Redefine the Supply Chain
Redefine the supply chain management by optimizing the thorough end-to-end supply chain, from a supplier’s vendor to the customer rather than focusing primarily only procurement, logistics, and delivery.
2. Focus on the Right Metrics
As an overwhelming number of metrics are involved in supply chain management, it is necessary to prioritize the right parameters to distinguish the supply chain optimization’s impact on the company’s financial performance.
3. Connect With the C-Suite
Building relationships across the sectors of the company may be a challenge, but it is essential to start a conversation with the CFO. Some supply chain managers abstain from communications as they feel overthrown or encounter resistance from peers, but offering solutions and insights will help forge strong bonds and allies in the supply chain optimization.
4. Manage Risks
Companies that possess no infrastructure to manage risks are missing out on key opportunities to create value. The matured companies have begun identifying hazards in the supply chain with assessment techniques in the initial stages of management. Those companies which are proactive have already implemented the practice of formal reporting process to recognize, differentiate, and mitigate risks in the years to come.
5. Total Value Optimization
Total Value Optimization (TVO) framework encourages greater collaboration, transparency, and integration by focusing on the search for value drivers for cash, cost, and growth. The formation of an action plan is to achieve the drivers by extracting the end-to-end data, implementation of supply chain excellence and building a long-term risks management system. TVO framework depicts a pragmatic approach to transforming step-by-step the supply chain into a competitive advantage.