How to increase your Supply Chain Velocity?
The times these days are difficult and the success of any company now-a-days depends on cutting down costs and delivering best quality service with minimal resources. The basic problem of the supply chain managers is to accelerate the Supply Chain Velocity and with the following points in mind, companies can always increase their SC Velocity.
Carefully scrutinize your key sourcing materials and services stressing more on their total value than just their basic cost. Besides cost, the total value includes the nearness of the source to key locations, assurance of best quality, past performance, standard of service provided and other things.
Look out for continuous improvement in your system. For this keep an eye for systems which move with a quicker pace and while going for bigger projects, opt for smaller incremental plans which focus on one thing at a time rather than trying to implement everything at the same time.
Reduce your Cycle Times and maintain flexibility in fulfillment by opting for systems that are adaptable to meet changing market demands. The cycle time can be reduced by proper organization of each step through which the product moves from the source to the customer right from acquiring and placing of the order to picking, to shipping, and the final delivery to the customer.
Manage your inventory and reduce your capital blockage by doing away with excess inventory. Ensure that you have right products at the right time instead of stocking products without careful analysis of demand.
Opt for Smaller or Niche Vendors than bigger names as the smaller and aspiring vendors are more willing to give you timely and quality service.
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