2017 was a year of great disruption for global trade professionals. We saw shifts in consumer demand and global trade policies, enhanced restrictions, stricter enforcement, labor and shipping dilemmas, and weather-related catastrophes. These all add to the daily grind for supply chain executives.
The ability to meet supply chain objectives by preventing or recovering quickly from risk-related disruptions requires more than merely crossing corporate fingers and hoping these risks never materialize.
Risk management is incredibly important, and digital supply chains can help make that an integral part of operations. However, fully eliminating risk in the supply chain simply isn't possible, as the events of the past year have shown. Rather, companies can better position themselves by making their supply chains more resilient to the infinite number of risks that may become realities. Companies can bolster the resilience of their supply chains by making targeted investments in areas that proactively mitigate risk:
- Connecting all business partners in a single, integrated, cloud-based platform
- Enhancing visibility of their supply chains, including second, third, and even fourth-tier suppliers
- Collaborating with suppliers in real-time via cloud-based platforms
- Improving control of key operational and quality processes
- Enhancing agility to improve responses to adverse changes in external environments
After the trade rhetoric has subsided and the storm waters have receded, is your business operating at highest level of efficiency, ready for the next round of disruption, and braced by a solid technology solution? Developing a digital supply chain is more than just a money saver; it can create competitive advantages and increase growth. Companies must transform the way they do business and take the leap into making their supply chains digital, or be left behind.