In order for a business to be successful, there must be an efficient and adequate process of maximizing customer value and achieving sustainable competitive advantage. These supply chain activities include a variety of operations from expansion, raw material sourcing, production, and logistics, as well as the information systems needed to manage these activities.
According to Excel’s Procurement and Supply Chain Business Manager, Mr. Eugene Gonsalves, “The growth in the natural resources sector has caused a surge in demand for construction materials, equipment, and provisions to support development projects. Now is the time to be smart about the supply chain and demand sense in your business in order to maximize your profits and reduce costs.”
In order to maximize the potential of your business and move forward to a more profitable investment, here are the 5 ways on how you can streamline your supply chain management in the new year:
1. Review Your Supply Chain Process
In order to make improvements on how you can streamline your supply chain, you must first look into the current state of your business. This capability includes processes such as supply chain planning, supply risk management and supplier relationship management. Once you have identified they areas where you deem need improvement, it will be easier to address it.
2. Reevaluate Your Sourcing Partners and Plan of Action
The ideal source should be low in prices, high in quality, and have short lead times. With this, you will be able to maximize your supply and get higher returns. Companies can orchestrate their end-to-end supply chains and make profitable promises to customers. Processes that enable these actions include control towers, product life cycle management, and advanced sales and operations planning.
3. Reduce Redundant Tasks
You can cut your turnaround time by reducing redundant tasks which are not considered vital in the operations. Opting to merge divisions and designate similar tasks can bring about a big improvement in the business. Efficiency is the key factor in successfully finishing operations in a less expensive process.
4. Contemplate Using Blockchain Technology
Blockchain is a peer-to-peer network where every process and agreement have a digital record that can be identified, stored, and shared. By using blockchain technology, you can easily monitor al the processes in the supply chain. It also provides total transparency and shared accountability so it will cut expenses and increase efficiency.
5. Keeping Up with The Local and International Regulations
If you are dealing with international trade, it’s vital to keep updated on policies of trade and shipping, as economic and political situations often arise without notice. Streamlining the global supply chain provides increased efficiencies throughout the entire product life cycle. By improving the accuracy of demand forecasts and schedules, optimizing production lines and reducing costs companies are more flexible and profitable.
With a broad inventory of supplies and direct shipping from factories, Excel Logistics & Management Services has built a reliable and sustainable supply chain solution to keep industries productive and proﬁtable. Excel’s clients can look forward to bringing down acquisition costs with a professional end-to-end supply chain management and streamlined customs brokerage service.
Excel understands how important having a reliable supply chain in all these undertakings. Thus, thru Excel Logistics & Management Services, it commits to providing the country with a steady flow of materials for investors and contractors.
Contact Excel to request a complimentary catalogue of our products or a competitive proposal.