Sequoia Group: Supply Chain Vision, 20/20 in 2020?
During strange economic times within the shifting pandemic environment we live in, certain elements stay the same. They just have to. Supply chain basics, such as when a product leaves a warehouse, or when delivery is scheduled can’t be modified as the brands behind the operations need to maintain structure to survive.
Evolving With the Times
And though supply chain networks do evolve themselves, as shifting strategies and evolving needs drive demands and trends, having the ability to truly understand in real-time the truth of those dynamics with fresh, pure data can be the difference between winning and losing.
In 2020, the importance of having software resources which not only tell the story but have the ability to harmonize data from processes to various internal components is critical. WMS and ERP platforms in particular enable shared visibility and collaborative engagement without the headaches of manually managing point connections or data that is questionable.
Does Your Data Tell a Story?
If you’re like many warehouse centric organizations, you may not have all the visibility you’d like. Many companies don’t have a true understanding of the heartbeat of supply sources, which, for supply chain management, can be problematic. While certain ‘quick-fixes’ may help to mitigate issues, such as dispatching individuals to investigate suppliers’ suppliers, the fact is they are not cost-effective measures and do not solve the root cause of the ongoing issues. As time goes on, data-driven solutions that tell the story and resolve questions before they can even be asked will become standard.
But for today, in 2020, are you satisfied with the story within your warehouse?
Supply chains for many product flows have become more complex as multiple transactions within the process are commonplace in 2020. Add to the fact that globalization is more of a standard component, with international manufacturers growing in market share regularly, true end-to-end visibility within software technology has become an imperative need, rather than a fun curiosity of sorts during the last century of business.
Time to Sharpen Your Instincts
And in current coronavirus times, logistic experts have been forced to sharpen their instincts and better adhere to lowest-cost suppliers, lean management, and exact inventory levels, as examples, now more than even during the great recession which seems so far distant now.
All these signs point to the fact that supply chain visibility should be 20/20 in 2020. Cost savings and efficiency will always be vital for continued success as, if there’s anything we’ve learned during the proceeding months, companies cannot casually plan for expected results. The days of auto-pilot are getting further and further behind us. Running lean and efficient without proper, actionable intelligence that helps to mitigate risk, increase freedom, and enable success in these challenging times could be the game-changer you need.
Some things stay the same, while others will not cease to evolve. It’s up to you to determine where your business stands in relation to ongoing success, especially during these unprecedented times. As is the case so often in life, it’s the tools that you utilize that can make all the difference throughout the process.