The top seven benefits of Supply Chain management in industry
To us, the benefits of Supply Chain management in industry are clear. And we hope you’ll agree, especially after seeing the top seven benefits we’ve compiled here.
- First thing:Faster time to market.
- Second thing:Reduction of goods inventory.
- Third thing:Financial and compliance risk reduction.
- Fourth thing roduct quality and reliability enhanced.
- Fifth thing:Faster response to marketplace changes.
- Sixth thing:Improved customer satisfaction.
- Seventh thing:Faster response when product issues arise.
Let’s take a more in-depth look at each of these. You’re in a competitive business and the faster you get your product to market, the more revenue you earn. Knowing all the suppliers in your supply chain and their capabilities will help eliminate any bottlenecks in production.
Inventory sitting around costs your company money. Generating and distributing a materials plan to all your suppliers gets you closer to on demand inventory.
An intimate knowledge of and good relationship with your suppliers helps guarantee quality product, which results in happy customers. Product recalls are expensive in terms of money and loss of customers. Demand rises and falls unexpectedly sometimes. When your upstream supply chain intimately knows your plan, and your expectations, the easier it is to tweak that plan quickly.
Consistently delivering quality goods on time is the key to business success, and a healthy supply chain will make this happen.
Sometimes things just go awry, even with the best supply chain. Thorough knowledge of your entire supply chain enhances your ability to pinpoint the problem quickly and fix it as fast as possible.
If you want an excellent overview of supply chain management in industry, this article is a good start, supply chain vital.