In today's ever-changing economy, complacency is detrimental to many businesses. Check out the S&P index. In 1965, the average tenure was 33 years, in 1990 it was 20 years, and is predicted to shrink to 14 years by 2026. Those that have fallen off the index were too comfortable in their position and didn't change with the dynamic economy.
In order to stay relevant to today's consumers, NetSuite has identified 4 Key Areas To Address in a Dynamic Economy: supply chain, route to market, innovation, and identifying what your competitors doing.
Let's start by taking a look at how to better manage your supply chain.
Manage Your Supply Chain
Supply chain efficiency is a common challenge among businesses. Today, supply chains are becoming increasingly complex, but there are ways you can streamline:
- Find the right talent
- Collaborate internally
- Collaborate externally
- Find the right SCM Technology
- Manage changes
Most of these may seem simple, but they have a significant impact on the efficiency of your supply chain.
The Right Talent
Recruiting methods that worked for you in the past are outdated. Applicants are now focused on the ability to have a work/life balance.
Progressive companies are putting more effort into their employee's work/life balance using human capital management systems (HCM). The more modern systems include learning management, talent management, and an integrated operational system.
These features help employers learn what their employees want and find the best talent for their business needs.
Collaborating with employees is about more than just having a communication tool.
It's about how information flows through your supply chain and connects your departments. If you manage this effectively, you will uncover potential issues, improve reaction time and better forecast future needs.
The modern business isn't solely influenced by the lowest price. Today, companies are looking for suppliers that they can collaborate with to develop new ideas and innovations.
Collaboration goes beyond vendors. Collaborating with your customers is just as important. They can tell you firsthand about the user experience of your product, and help you see what you should improve on to increase customer satisfaction.
Finding the Right SCM Technology
Every business is different and it's important to choose Supply Chain Management (SCM) technology to drive your supply chain into the future. Many companies are adopting cloud-based technology due to the features and flexibility it provides. Cloud-based tech enables your business to:
- Keep up with the fast-paced economy
- Easily upgrade your systems
- Have more configuration options
- Eliminate siloed business data
- Scale to meet future business needs
Feeling overwhelmed by today's fast paced market? You aren't alone. Many businesses are experiencing the same challenges. One thing you can do to make things easier is preparing your employees for the change.
It's important to put time into training your employees on any new technology they will be using in order to make the transition easier. Also, make sure your managers and executives are on board with adapting to these changes. When employees see management taking the time to learn new things, it helps them accept the changes.
A Successful Supply Chain
Talent, external and internal collaboration, SCM technology, and change management all play a critical role your supply chain. With so many factors to think about, it can be overwhelming.