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Eliminating deficiencies in supply chain through collaboration

You may have expertise in a respective field but integrating various professional skills from different sectors is becoming a game-changer in today’s world.

The so-called Amazon effect has also contributed to supply chain complexity by creating an increased demand for quick fulfilment and deliveries, which requires real-time information on capacity and inventories. The demand for next- and same-day delivery has prompted companies to invest in smaller fulfilment centres nearer to the end-consumer. The complexity in today’s supply chain involves real-time collaboration among stakeholders to mitigate risk, avoid potential loss, and advance business goals.

The extreme events and pandemics have made supply chains unpredictable, companies are outsourcing skills or collaborating with external organisations to manage the challenges efficiently and cost-effectively.

Of course, several arguments are being raised. Why can’t a large-size company build an in-house team for extra skill sets? Isn’t it a better option in terms of pricing? Will it not be safe to have an in-house team rather than appoint an external agency to keep your data secure?

In response to this, if we consider a new partner, they can add complexity to an already elaborate supply chain with flawless communication. Nevertheless, most businesses continue to follow manual processes and legacy technologies, making real-time collaboration impossible.

The world is so fast-moving due to the pandemic that we don’t have the time to build a solution from scratch. By the time you hire and try to build solutions, you will be out of this competitive world. In this scenario, outsourcing expertise can help you to find the solution in an efficient and customised way. However, data security has been a vital concern but several solution providers have pulled up their socks to ensure transparency with security.

Research from McKinsey states that the push to digitisation was the major disruptive trend in the post-Covid era. For many suppliers, teams contain a complex entanglement of worldwide and domestic stakeholders, all of whom have their way of observing data. This often results in information that's siloed, leading to slower reaction and response times. Better technology can cause better visibility and provide quicker insights, increased supply chain transparency, better-informed trade-offs, and deeper collaboration between teams.

The first step is to spot potential partners that complement and align together with the organisation’s priorities in 2022. Then need to identify the type of collaboration to be pursued, like product or service expansions or even vertical integrations, and begin reaching out to those potential partners to begin discussions. It’s essential to acknowledge what both parties can contribute and ensure both of them have the clarity around what the collaboration is predicted to realise.

As once the internet was a charm in the world of computers, today, digital logistics platforms are becoming the competitive edge to keep the supply chains moving.

With supply chain issues expected to continue for a couple of more years, suppliers have had to shift from crisis management to crisis recovery, thinking through how best to structure their supply chain teams going into 2022.

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