Before we address what makes it thrive, what exactly is Supply Chain Management<\/a>? To start, these essential concepts must be noted:<\/p>\n One could argue that our modern economy needs the supply chain process as much as Henry Ford required his assembly line in the early 20th<\/sup> century. Without a successful supply chain, ecommerce, manufacturing, and a myriad of industries would simply falter.<\/p>\n Moreover, a truly successful supply chain must include several crucial elements. Read further for expert perspectives on the subject.<\/p>\n EY<\/a>\u2019s global and Americas supply chain leader, Glenn Steinberg<\/a> stated, \u201cTo thrive in today\u2019s transformative age we encourage companies to focus on creating a supply chain that operates as a holistic ecosystem.\u201d He continues, \u201cWith emerging technology such as blockchain, machine learning, and the internet of things, markets themselves are evolving and becoming super-fluid, frictionless and fast moving. Given the convergence of events we are seeing with trade wars<\/a>, tax reform, Brexit, EU anti-dumping rules and the like, companies are re-evaluating their supply chains.\u201d<\/p>\n Considering this notion, Steinberg indicates that \u201cflexibility, data and future planning are integral to successful supply chain management.<\/p>\n Steinberg recommends trading the \u201cone size fits all\u201d archetype for a more customized \u201cfit for purpose\u201d supply chain model. \u201cWe\u2019ve found that a supply chain can be agile and responsive, efficient and low cost or innovation driven, but it likely can\u2019t be all three. The ideal scenario is to align the supply chain with the company\u2019s corporate strategy and operating model, determining which of the previously mentioned qualities are most important for successful execution. When these priorities are in conflict, the supply chain is set up to fail from a strategy perspective,\u201d says Steinberg.<\/p>\n Data analysis is essential to a successful supply chain, Steinberg reiterates, as data is a vital foundational <\/em>element \u2013 rather than an addition \u2013 to the conventional model. Without accurate master and transactional data, a supply chain cannot succeed. Steinberg continues \u201c\u2026 analytics \u2013 descriptive, predictive and prescriptive \u2013 not only supports decision making, but can help guide the decisions in amore evolved supply chain.\u201d<\/p>\n A truly sustainable supply chain includes responsible forecasting of where the process will lead. Keeping the future in mind requires constructing efficient and updated methods that are created to withstand employee turnover, as opposed to designing a basic clannish intelligence. \u201cGone are the days of lifetime jobs,\u201d Steinberg notes. \u201cSupply chain companies should focus on creating enriching positions and career development programs that care for the most important asset a company has; it\u2019s people.\u201d This is one of the most important ways for businesses to remain adaptable to an ever-changing workforce.<\/p>\n \u201cBefore you invest in assets, processes, systems and people, you need to deeply understand the requirements of your end customers,\u201d advises one of PwC<\/a>\u2019s main strategy principals, Rob DeNardo<\/a>. He maintains, \u201cThe end-to-end supply chain needs to work in harmony to meet those requirements.\u201d An example can be made of services such as Amazon Prime, wherein fulfilling their 48 shipping policy requires the coordination of many roles, including, planning, logistics, production, sales, and warehousing.<\/p>\n DeNardo points out that a supply chain can\u2019t simply be integrated throughout the company itself, but across co-manufacturers, suppliers, third-party logistics sources, and even customers and consumers. This is where data comes into the picture. Products, containers, pallets, trucks, etc. can be equipped with sensors to facilitate real-time \u201ctrack and trace\u201d. This process aids integration via planning procedures which consolidate internal and external data from the entire set of connections in order to enhance forecasting, planning, and execution.<\/p>\n \u201cTechnology is a critical enabler, allowing companies to analyze and predict changes much more effectively than in the past, which automation of tasks freeing supply chain staff from transactional work to focus on solving complex challenges which arrive,\u201d says DeNardo.<\/p>\n In the world of successful supply chains, innovation is a powerful component, DeNardo observes. \u201cWhen new products are developed, supply chain functions need to be included in the early stages to make sure the product design comprehends supply chain implications. For example, when designing the product and packaging, it is important to consider how the product will be shipped to optimize those costs.\u201d He continues, \u201cIf a tractor can be one inch narrower so it doesn\u2019t require special road transport during delivery, the logistics cost savings can be massive compared to a design change which might be inconsequential to the user.\u201d<\/p>\n Organizations must maintain a clear insight into the processes involved in supply chain and how they correlate with the enterprise in order to objectively evaluate, compare, and manage supply chain performance, explains Marisa Brown<\/a>, the principal research lead for supply chain management at APQC<\/a>. Brown maintains, \u201cA standard process framework for classifying and defining processes is a good starting point. Process groups (supply chain planning, procurement, manufacturing\/production) can then be broken down into processes, activities and lower-level tasks where accountability and responsibility can be established.\u201d<\/p>\n Once the processes are delineated, organizations can create \u201cperformance measurements\u201d for quality, cost effectiveness, process efficiency, staff productivity, and cycle time.<\/p>\n Likewise, Key Performance Indicators (KPIs) should be introduced based upon operational goals, adds Brown. Just below KPIs, organizations are encouraged to isolate the supporting markers that permit leaders to tunnel further for more meaningful supply chain performance insights.<\/p>\n csmwire.com<\/a><\/p>\n scm.ncsu.edu<\/a><\/p>\n <\/p>\n Fred Coon, CEO<\/em><\/a><\/p>\n Stewart, Cooper & Coon<\/em><\/a>\u00a0offers\u00a0<\/em>Human Capital Strategy Service<\/em>s\u00a0<\/em><\/a>to both individuals and corporations. Our staff is dedicated to our clients\u2019 success via innovative job search processes, employment management strategies, and state-of-the-art technologies.\u00a0Contact Fred Coon \u2013 866-883-4200, Ext. 200<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" Understanding Supply Chain Management Before we address what makes it thrive, what exactly is Supply Chain Management? To start, these essential concepts must be noted: Each product that makes it to an \u201cend user\u201d signifies the cooperative effort of numerous organizations. These specific organizations are […]<\/p>\n","protected":false},"author":6,"featured_media":8232,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,9,11,18,1666,88],"tags":[1673,1676,1670,1672,1678,1677,1667,1336,1674,1675,1671,1668,1669],"class_list":["post-8229","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-data","category-business-models","category-business-technology","category-chief-data-officer","category-supply-chain","category-technology-in-the-workplace","tag-data-and-supply-chains","tag-glen-steinberg","tag-how-can-a-supply-chain-be-successful","tag-innovation-and-supply-chains","tag-marisa-brown","tag-rob-denardo","tag-supply-chain","tag-supply-chain-management","tag-supply-chain-planning","tag-supply-chain-process","tag-technology-and-supply-chains","tag-what-is-a-supply-chain","tag-what-is-an-example-of-supply-chain"],"aioseo_notices":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/i0.wp.com\/theusatwork.com\/wp-content\/uploads\/2019\/12\/Supply-Chain-Pieces-Colored-Markers.jpg?fit=448%2C299&ssl=1","_links":{"self":[{"href":"https:\/\/theusatwork.com\/wp-json\/wp\/v2\/posts\/8229","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theusatwork.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theusatwork.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theusatwork.com\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/theusatwork.com\/wp-json\/wp\/v2\/comments?post=8229"}],"version-history":[{"count":7,"href":"https:\/\/theusatwork.com\/wp-json\/wp\/v2\/posts\/8229\/revisions"}],"predecessor-version":[{"id":8238,"href":"https:\/\/theusatwork.com\/wp-json\/wp\/v2\/posts\/8229\/revisions\/8238"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theusatwork.com\/wp-json\/wp\/v2\/media\/8232"}],"wp:attachment":[{"href":"https:\/\/theusatwork.com\/wp-json\/wp\/v2\/media?parent=8229"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theusatwork.com\/wp-json\/wp\/v2\/categories?post=8229"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theusatwork.com\/wp-json\/wp\/v2\/tags?post=8229"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
![\"Supply](\"https:\/\/i0.wp.com\/theusatwork.com\/wp-content\/uploads\/2019\/12\/Supply-Chain-Lightbulbs-graphic.jpg?resize=365%2C243&ssl=1\")
<\/p>\n1.\u00a0 Maintain Flexibility<\/strong><\/h4>\n
Related Article:<\/em>\u00a0 Adapting to Organizational Change on an Individual Level: How Employers Can Help<\/a><\/h5>\n
2.\u00a0 Draw Upon Data<\/strong><\/h4>\n
Related Article:<\/em> The Emergence and Challenges of Chief Data Officers in Modern Business<\/a><\/h5>\n
3.\u00a0 Forecast What\u2019s Ahead<\/strong><\/h4>\n
Related Article:<\/em>\u00a0 8 Tips for Preparing a Successful Yearly Business Review<\/a><\/h5>\n
4.\u00a0 Don\u2019t Lose Sight of the \u201cEnd Customer\u201d<\/strong><\/h4>\n
Related Article:\u00a0 <\/em>Essential Marketing Tactics to Help Connect With Customers<\/a><\/h5>\n
5.\u00a0 Integrate Through Technology<\/strong><\/h4>\n
Related Article:<\/em>\u00a0 Choosing Your Best Tools: Strategic Technology for Business<\/a><\/h5>\n
6.\u00a0 Keep Innovation Alive<\/strong><\/h4>\n
Related Article:<\/em>\u00a0 Business Professions for Innovative Thinkers<\/a><\/h5>\n
7.\u00a0 Quantify Performance<\/strong><\/h4>\n
Related Article:<\/em>\u00a0 How a Top Procurement Strategy Will Benefit Your Company<\/a><\/h5>\n
![\"Supply](\"https:\/\/i0.wp.com\/theusatwork.com\/wp-content\/uploads\/2019\/12\/Supply-Chain-Pieces-Colored-Markers.jpg?resize=352%2C234&ssl=1\")
<\/p>\nSources:<\/em><\/h5>\n
Published by:<\/em><\/h5>\n