Now is the peak season for the Retail Supply Chain. Is your business ready for its peak season? Most businesses dependent on supply chain have peaks and valleys with regards to supply and demand—the key to survivability is supply chain resilience.
Supply chain risk management (SCRM) is the implementation of strategies to manage both the everyday risks and risk exceptions along the supply chain using a continuous risk assessment with the goal of reducing vulnerability and ensuring continuity. SCRM typically involves four major processes: identification, assessment, control and monitoring supply chain risks. This sounds conceptually simple, but supply chains are complex! And, these processes might not be sufficient to ensure that all eventualities are prepared for. But how does a Supply Chain Professional ensure resilience and continuity? Through analytics, of course. It’s all in the data! But not any old data—it has to be intelligence.
Supply chain analytics supports sustainable supply chains. Supply chain analysis not only reduces costs, but provides intelligence to develop sustainable supply chains. Your shareholders, regulators and consumers need proof and validation, which can be shown though metrics and Key Performance Indicators (KPIs) that sustainable goals are being achieved.
So where to start? First, you need to have quantifiable and trustworthy data sources. Modernizing manual and paper-based supply chain systems with Supply Chain automation software provides the data streams needed to establish baseline numbers so that you can then benchmark your supply chain. By assessing your supply chain performance benchmarks it gives organizations tangible measures of efficiency of different processes in the supply chain.
Apptricity Corporation provides Supply Chain Automation and Management solutions through its advanced mobile solution suite. Providing unprecedented insight, visibility and control to effectively manage, dissect and maximize complex supply cycles. Apptricity’s comprehensive mobile solutions include Apptricity Asset, Apptricity Inventory, Apptricity Field Services, Apptricity Warehouse and Apptricity Work Order, effectively automate all these critical processes and more. All Apptricity solutions utilize a common service-oriented architecture (SOA) platform, enabling you to select the individual modules you need for integrated, end-to-end supply chain automation. You can also add solutions from the Spend Management solution suite to tie together additional corporate functions and automate your entire enterprise.
Now that you have your data—what’s next? Apply the four processes of SCRM: identification, assessment, control and monitoring supply chain risks. What are my goals?
- Understand the nature and types of factors that may pose threats and risks to the achievement of the supply chain system’s short and long term mission.
- Understand the scenarios (processes and mechanisms) through which these threats, risks and vulnerabilities may evolve.
- Understand how through the use of vulnerability scenarios, the likelihood and consequences of such threats may be reduced and managed in a cost- and service effective manner, while achieving an acceptable vulnerability level.
A new report from Lloyd’s of London – the world’s specialist insurance and reinsurance market – is scrutinizing the power of supply chain management to understand and quantify liability events. The report helps build proactive supply chains by identifying liability using data-driven modeling. A big issue for many companies to resolve has been communication between the procurement and risk management departments. Relying on single suppliers and using just-in-time manufacturing techniques can help keep costs down, but it also increases supply chain exposure.
Where are you in your process to build and maintain your sustainable supply chain? Cut operations costs, ensure continuity and minimize your risks—take those first steps to automate and optimize. Or call us. We want to help and partner in your business success and continuity.