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2018 has been a pivotal year for promising technologies like the Internet of Things (IoT), machine learning, mixed reality (MR), and blockchain to be applied in several realms of the supply chain, such as end-to-end visibility, product tracking, settlements, worker safety, productivity, and delivery speed. Supply Chain Management (SCM) integrates supplier relationships, manufacturers, dealers, and distributors—involved in meeting a customer’s desires.
According to the Management Events report, CEOs and executives of the supply chain, procurement and manufacturing are focused on eight key motives of progress in the supply chain. These are decreasing supply chain expenses, increasing responsiveness to customers’ requirements, improving delivery performance, reducing supply chain complexity, escalating supply chain sustainability, increasing volume flexibility, ensuring end-to-end visibility, and reducing risks.
Supply Chain optimization is not like a storehouse procedure; it is one that benefits from continuous development in cross-functional optimizations that leverage technological advances. To gain a deep understanding of the SC (Supply Chain), the SCM-D (Supply Chain Management-Dashboard) encourages and facilitates incorporated SCM while supporting information management and business process standardization. The tool increases operational clearness and effectiveness, value for money of donated funds, and overall services provided to those in need.
Various best practices of SCM are analyzed from the best-in-class manufacturers and the observation on what they do to implement the most efficient supply chains for the organization. Having an internal council of leaders in place is an essential part of SCM. Therefore, setting a supply chain council holds a significant position among the best practices in the supply chain. By setting a council of executive leadership and lower level management, the council can ensure improved cross-functional communication and can offer an organized supply chain.
Identifying areas where technology can help improve and streamline processes is another strategy that can be implemented as a best practice. Many of the international supply chains in large companies are more automated than domestic supply chains. As a solution for this drawback, the automation technology ensures a more coordinated supply chain, and it avoids problems caused by lack of visibility in the supply chain.
Moreover, maintaining a healthy supplier relationship adds more strength to SCM. This should be a very effective buyer-seller communication for improving the quality and value of the organization; thus, it can ensure a long life to the SCM.