Key Drivers of Supply Chain Management that Help Tackle Market Uncertainties

Supply chain is a network of factories, suppliers, logistics, warehouses, distribution centers and retailers. Through this entire process; the raw materials are acquired, transformed, manufactured and deliver to the end user. It is dynamic process that has multiple functional areas where each chain member requires the constant flow of information, materials and cash for the proper working of supply chain. The main objective behind effecting managing a supply chain is the delivery of final product to the customer at cost-effective price.

Every stakeholder in the supply chain needs to cooperate with their partners in order to maximize the profit by meeting the customers’ needs. Managing collaboration isn’t easy as each party has its own objectives and resources. Supply chain management is all about bringing the required cooperation and understanding among all the stakeholders. It enables in bringing real-time cooperation and quick decision making across multiple level to tackle uncertainties. It is a powerful tool which enhances responsiveness towards the ever-changing market conditions thereby increasing the competitiveness of the organization. Through this, the right product at the right place and at the right time can be delivered.

Supply chain management solutions

Most of the companies are focusing on supply chain management in order to reduce cost and to leverage new innovative strategy. Group50, a leading supplychain consulting firm has managed supply chains of all sizes from $20M to $4B. They use a unique set of methodologies. These consultants understand companies need to be effective at designing products, defining services, forecasting, acquiring materials and resources, purchasing and delivering those products and services to the customers. And they need to do it with lower cost year in and year out. Supply chain optimization is achieved by focusing on the various key elements such as downstream, upstream, cash flow, inventory, information, logistics, distribution and value. Optimization occurs when all these elements are driving increased profits, minimal working capital and shorter lead times.

Key drivers for supply chain management

Globalization

All the external forces such as local competition, legal changes in policies and regulations, pressure from other competitors affects an organization’s ability to meet the market demand. Due to this, businesses face a lot of challenges in facing the customers’ requirement at a global level. Globalization of supply chains has eliminated the product barriers which have forced companies to adapt to the new change policy. Effective supply chain management has enabled them to bring a constant change in their strategies.     

Sustainability

Achieving sustainability across all the aspects of supply chain has also become a major concern for companies. It has become a key driver for supply chain management in order to have compliance with legal regulations, social-economic impact, international policies and much more.

Technology

With so many technological developments over the years, customers have become more driven towards technological oriented aspects such as online shopping, online payment, online shipping, online access to information, online status of product, online virtual chatting and so on. This has forced companies to update their processes with changing technology. It has not only helped companies in effectively meeting the customers demand but also resulted in increased revenue.

You can take the services of Group50, a renowned supply chain consulting company. Firstly, they will understand how well your supply chain is doing through their Supply Chain Effectiveness Assessment or their Distribution Assessment. From there, their subject matter experts will work with the senior leadership team to develop an optimization roadmap and implement a continuous improvement program that will generate 5-10% cost improvements, reduced working capital requirements and reduced lead times year over year.

You can find out more about their Supply Chain Optimization program by talking to an expert at Group50.  

How supply chain consulting firm can benefit your business?

Business owners are always looking for different ways to ensure the smooth running of their operation work. One of the best methods of improving efficiency is to ensure the availability of your products with demand. Many companies approach supply chain consulting company that can help them in reducing the cost and maximize the profit.

Keep up with the demand may sound very simple work but it is actually very complex when your sales unexpectedly rise. If this problem runs for a long time then it can lead to a negative effect on both the present and future of the business. Mostly owners are good at products but they don’t have expertise in managing their operations. In this scenario, hiring a supply chain consulting firm can work as a bridge to fill the gaps and ensure that company is operating at peak efficiency.

Reasons for hiring the supply chain management consulting company 

Here, we are listing a few reasons to show how consulting services can help in resolving your supply chain issues:-

1.      Baseline 

The supply chain consulting firm plays well in improvement initiatives and efforts for resolving the key issues related to large quantities of accurate past, current, and future projection data. The supply chain management consults digs out all information and presents it in a usable data. Moreover, they can accomplish the work in less time as compared to the internal team.

2.      Problem-solving

It is difficult for internal resources to identify and solve complex supply chain problems alone. A supply chain management consulting company experts will examine your supply chain to find the accurate problem and provide effective solutions. 

3.      Suggest the solution 

After identifying the problem, you may have different possible solutions for it. A management consulting firm will evaluate all the solutions and make an objective recommendation to provide the most cost-effective option.  

4.      Support in implementation

In most cases, management consulting will help you by providing recommendations for supply chain implementation and solutions for specific issues. In this way, you can get assistance from consultants through implementation, especially for complex projects.

Apart from it, there are other common reasons to hire supply chain management company like:-

• To act as an alternative for permanent internal resources
• To provide internal learning
• To share new ideas, best practice and methodologies into supply chain organization

Benefits of hiring supply chain management consulting

Many leading companies use supply chain management consulting services due to its various advantages such as:-

·         Objective: - The professional consultant offers an independent and fresh point of view which is free from any internal influences like politics and culture

·         Focus: - Company managers are responsible for managing the entire spectrum of the company for different roles. Management consultants are focused and have one obligation to resolve their client problems. 

·         These external experts are responsible to maintain their focus on the issues and resolve them.

·         Extensive experience: - The Company may have experienced a given issue once. Supply chain management consultants are experienced in dealing with the same issue many times in different organizations. It means they are equipped with more tools to experience and know-how to navigate the issues and their potential solutions.

·         Skills:- Apart from their expertise in the supply chain, they are also skilled in managing the projects to be executed successfully. These skills are change management, communication, project management, and leadership.

Group 50- to get Supply Chain Management Solutions

If you are also looking for Supply Chain Consulting Company to grow your business then you can approach the Group50 experts. It is one of the leading consulting companies which have extensive experience in managing supply chains of all sizes and use the same methodologies for assessing effectiveness.

The company has founded in 2004 and provides consulting practices in three areas including business strategy, talent strategy, and operational execution. They have a team of subject matter experts in manufacturing, distribution, and supply chain. The company provides its services to a wide range of industries and clients.