The success of any business heavily relies on the efficiency of its supply chain. With an optimised supply chain, businesses can ensure the timely delivery of goods, reduce inventory costs, and ultimately increase their bottom line. However, supply chain optimisation is easier said than done. There are many variables at play, including logistics, procurement, and demand forecasting, that can make the process complex and challenging.
Poll results
In our most recent LinkedIn poll, we asked our social media followers how they best optimise their supply chain.
Supply chain optimisation: what we found
Use of technology & analytics
It comes as no surprise that technology and analytics were the highest-ranked answer in our poll. 67% of respondents chose it as their go-to strategy for supply chain optimisation. The use of technology and analytics can help businesses collect and analyse data in real-time. As well as allowing them to make informed decisions and identify areas for improvement. There are numerous ways in which technology can help businesses streamline their supply chain operations. For example, automation, machine-learning, data analytics and cloud computing.
Using high quality products
While technology and analytics were the clear front-runner in our poll, the use of high-quality products tied for second place with 17% of the vote. Using high-quality products is crucial for businesses that want to ensure the reliability and consistency of their supply chain.
High-quality products are less likely to break or malfunction, reducing the risk of delays and disruptions. Additionally, it can also enhance a business’s reputation, improve customer satisfaction, and increase brand loyalty. Companies that use high-quality products are often viewed as more trustworthy and reliable by their customers, which can lead to increased sales and revenue over time. While the use of technology and analytics can help businesses optimise their supply chain operations, the quality of the products used is equally important in ensuring the success of a business’s supply chain strategy.
Forward planning
Another effective strategy for optimising supply chain operations is forward planning, and it tied for second place with 17% of the vote in our poll.
Forward planning involves analysing future demand and anticipating potential supply chain challenges in advance. By doing so, businesses can prepare for any potential disruptions and ensure the timely delivery of goods and services. By taking a proactive approach to supply chain management, businesses can reduce their risk of delays, increase customer satisfaction, and ultimately improve their bottom line.
Other
It’s interesting to note that 0% of the respondents chose the ‘other’ option in our poll, indicating that the strategies mentioned in the poll were comprehensive enough to cover the majority of supply chain optimisation methods. However, it’s worth noting that every business is unique, and there may be other strategies that are specific to a particular industry or company that were not covered in the poll. For example, some businesses may prioritise sustainability and eco-friendliness in their supply chain operations. While others may focus on reducing lead times or improving communication between suppliers and customers. Ultimately, the best supply chain optimisation strategies will vary depending on the specific needs and goals of each business.
More information
B2BE’s experience in the supply chain sector allows our customers to build, expand and adapt successfully, enabling greater effectiveness. To engage with B2BE and offer feedback on what matters most to you and your business, make sure to follow us on LinkedIn and across social media. You can also vote in our latest LinkedIn poll. If you’d like to discuss your supply chain strategy, get in touch with us.