Every now and again, it’s a good idea to take a step back and assess the effectiveness of your supply chain from a high-level view. Here are some ideas for improvements from the top-down.
- Consider your core strengths. “Jack of all trades, master of none” is not a good philosophy for business. When you try to handle too many things internally, over time, the business can suffer. Relying on third-party service providers is almost always a better choice to keep your business focused and on track for the future. Is your team tackling too many tasks that aren’t core strengths? If so, it might be time to reconsider.
- Reevaluate your forecasting methods. There are several ways to identify trends and changes sooner. In doing so, you enable your supply chain to respond faster and plan better. This saves time and money and keeps inventory lean. Supply chain management (SCM) software can help facilitate the process of forecasting through the real-time information and customizable reporting. If you’re still doing things manually, maybe it’s time to invest in software. If you’re already using SCM software, is it still the best value for your business? As technology constantly improves, it’s worth taking some time to reassess software features as well as pricing.
- Assess the effectiveness of collaboration. Do you have a strategy for managing collaboration between the vendors, suppliers, staff and resources that go into meeting your business demands? Where has this process failed in the past? Are there ways you could improve visibility or communication? Vendor Managed Inventory is an excellent example of what can be accomplished by partners who plan well and collaborate closely. How well does your current VMI partner meet your needs? Is it time to consider a new VMI relationship?
The goal is getting the right goods, at the right time, with all necessary details accounted for—proper invoicing, consistent pricing, product documentation, and effective communication. As your business grows and evolves, your strategies for managing everything should grow and evolve too.
ETA Global is a proud, USA small business with a 35+ year history. ETA offers VMI programs, kitting services, high performance processing, delegated inspection and more. Contact us today at: 800-950-6939 or [email protected].