Supply chain management spans multiple business units, external vendors and internal supply chain team stakeholders. Effective supply chain management requires the right people, making the right decisions based on the right data and framework. However, mitigating the risks and overcoming the numerous hurdles that appear in these complex supply networks is no small feat. There are five basic steps of supply chain management — planning, sourcing supplies and materials, manufacturing, delivery and returns — and each poses unique challenges and considerations. There are also four attributes of a supply chain to keep in mind: integration, operations, purchasing and distribution. These broad categories form the foundation of a successful supply chain management strategy. 15 Best Practices for Supply Chain ManagementThere are many different ways companies can improve their supply chain management to increase operational efficiency, reduce costs and provide a better customer experience. Below are 15 supply chain management practices that businesses can follow in 2021 to start realizing these benefits.
Manage Your Supply Chain With NetSuiteSupply chain leadership is constantly asked to find new and innovative ways to manage purchasing, storage and delivery of goods in a market that’s increasingly competitive and global. Forecasting potential issues, mitigating risks and overcoming setbacks require powerful tools to eliminate kinks in the supply chain while helping decision-makers implement enterprise-wide goals. Working with a pioneer of cloud pioneer of cloud software and authority in supply chain technology is vital to finding opportunities for improvement and solving issues. NetSuite offers a variety of systems that can drive major supply chain improvements, including dedicated solutions for procurement, inventory management, order management, demand planning and more. NetSuite's Supply Chain Control Tower helps businesses strike the right balance between supply and demand with forecasting tools that project your future inventory position and by automatically generating purchase, work and transfer orders. By bringing all of this data and functionality together on a single platform, operations managers and executives can quickly see the current state of their supply chain and spot approaching problems. That all leads to better planning, execution and increased collaboration. The supply chain has come into focus for many companies as they treat this aspect of their business as something that can be a competitive differentiator rather than just a cost center. The best practices outlined here are a great starting point for those looking to reduce supply chain expenses and offer a higher level of service. Technology can play a central role in turning these concepts into reality, which will set up organizations for long-term success and growth. |