If the recent pandemic has taught us anything, it’s that supply chain shortages can cripple a business. Even more so if you produce goods that are necessary for survival to counteract this, it’s best to update and modernize your supply chain whenever possible.
Everything from maintenance and repair work to vending, transport, and delivery can be improved in some form or fashion, either by partnering with new suppliers or by implementing training and technology solutions.
Make Use of Supply Chain Services
What supply chain services do is provide support for things like inventory management, software integration for training and vending, and a variety of other performance-enhancing features.
A good supply chain service will handle things from end to end so that you have everything you need to produce the product, package it, and ship it to the customer. Not only can this assist you with physical support, but there are also a number of logistical benefits to using supply chain services such as reducing procurement costs, data mining and aggregation, and technical support for any issues.
Improve Supply Chain Velocity
Beyond making use of services to improve your actual supply chain infrastructure and performance, it helps to improve your supply chain velocity or the rate at which things move through your supply chain from end to end. This mainly has to do with how fast you can procure raw materials, get products made, shipped out, and into customer’s hands.
This may involve purchasing new equipment, partnering with a new distributor, or improving resource procurement. This will mean more product reaches customers faster which in turns creates happier and more satisfied customers. The decrease in the lead-off time also means you can improve the distribution of products to retailers, accept larger orders, and even create a backstock much quicker.
Consider Creating a Reasonable Stockpile
As we've learned, running short on raw materials or on products due to supply chain shortages is disastrous. While there is such a thing as over-stockpiling when demand is low, having a back stock of product and materials in case of emergencies is essential.
By partnering with your supply chain services, you can strategically gather a stockpile of both essential materials and manufactured products that can accommodate a rush of business or an emergency situation.
How much you should stockpile or are able to stockpile will vary by industry, but assuming your products are not perishable, there is no harm in acquiring space and holding onto some inventory when the business allows. That is to say, you shouldn’t leverage assets that the business needs in order to hoard products.
Hopefully, by taking the time to invest and following these tips, you can improve overall productivity and preserve your business even in the worst of situations.
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