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Supply chain management will directly impact business growth and profitability. In an industry with increasingly changing trends, it can be very challenging to adapt to the times. But then, it is non-negotiable. Efficient management of your supply chain will depend on how well you’re able to optimize several internal business processes.
Here at BYEXPRESS Worldwide, we’ll be discussing some of the best supply chain management practices in this post from strategic sourcing to inventory management, and vendor control, among others.
Strategic sourcing
Sourcing should be the first thing you do when building a supply chain.
It is nonetheless very important to be strategic with the vendor sourcing process. Before setting out to source vendors, do assess your organizational needs and evaluate sources against your supply chain benchmarks.
Thoroughly consider transit time and delivery, the batch order size and stock levels, as well as the costs. Doing this will help you identify the needed changes so you can know the needs you expect you vendors would have to meet.
Vendor management
At BYEXPRESS Worldwide, we believe that vendor sourcing ought to start from the onset, the vendor selection process itself. Communication will play a role in your relationship with the vendor and that’s why you need to lay a solid foundation from the beginning.
Vendor management basically involves three stages and processes.
These include the research stage where you compare different vendors based on a range of metrics that should include shipping costs, shipping time, transport method, capability, turn time, product pricing, batch order size, and a host of other things.
The next process should be the refining stage where you refine prospects down to the best choice that can suit your business and supply chain needs. It makes sense to communicate your needs to prevent miscommunications and avoidable troubles.
Then, the third stage will be when you finally pick and finalize terms with that one vendor who you think will be the most suitable as far as your supply chain goals and expectations are concerned.
Risk mitigation
A resourceful supply chain should also have a solid risk management plan in place.
Supply chain teams must be proactive enough to identify potential risks that can affect the supply chain. Being proactive with risk management will help lessen the impact of such occurrences on the organization. In most cases, significant threats can also be easily identified and addressed before they pose any significant risk to the supply chain. Every supply chain should, however, incorporate a crisis team, insurance, reserve inventory, and forward buying into their risk mitigation plans.
Inventory management
At BYEXPRESS Worldwide, we understand just how important it is to be able to know where inventory is at all times. Rayford Collins, a supply chain optimization expert believes that inventory management can only be improved only when you maintain closer collaborations with your suppliers, as well as when there is a substantial improvement in visibility and predictive analysis.
Synchronizing your supply chain
Finally, it is important that you see the entire supply chain as not an entity on its own but one that demands collaborative effort. And then, it must be routinely optimized for even more efficiency and profitability.
Creating an effective supply chain may seem challenging not impossible. By incorporating some of these practices while also keeping an eye on product flow in and out, the supply chain will be poised for more efficiency which will ultimately impact the bottom line and overall business growth.
BYEXPRESS Worldwide
If you’ve been looking a way to make your global supply chain more effective, perhaps BYEXPRESS Worldwide is the answer you’ve been looking for.
With a network of hundreds of the most reliable and credible carriers available, BYEXPESS Worldwide is arguably the largest marketplace for air and ocean transportation across international boundaries.
Finally, you have the answer to your air and ocean logistics needs with hassle-free shipping and competitive rates from multiple carriers so you can get the most value and efficiency your business needs.
Log on to our website atwww.byexpressworldwide.com with details of your shipment to get free quotes at no costs. You can as well contact us at info@byexpress.com for additional information. We’ll be more than happy to help!
