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5 Major Benefits of Global Supply Chain Management | SpendEdge

Fierce market competition led by industrial developments, increased globalization of demand and supply sources, and new venture capitals are making global supply chain management imperative for businesses. The simple pursuit of market share is no longer sufficient to ensure profitability, and companies need to redefine their competitive space and profit zone to say a step ahead of the competition. Moreover, the shift in power from corporate buyers to end users, emergence of global consumer segments, time- and quality-based competition, and changing dynamics of the global market have created the need for establishing effective global supply chains.

At SpendEdge, we understand that globalization is compelling companies to move away from traditional cost-cutting methods and operate global supply chains to build better connections with customers and increase sales. Therefore, in this blog, we have highlighted a few key benefits of global supply chain management that companies should look to achieve.

Want to know how global supply chain management can help companies to address the demands of their customers in the global market? Get in touch with our experts today!

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Benefits of global supply chain management

Customer satisfaction

To win customer allegiance, companies need to have a supply chain that can deliver what customers want on time. Global supply chain management and close supplier relationships empower companies to leave room for special orders in times of high demand. Also, it reduces the amount of stock that needs to be retained in the inventory and save costs for companies.

Broader perspective

This is one of the most interesting benefit of global supply chain management. A global supply chain widens the scope of learning for people willing to learn new business processes. It broadens the horizons of learning and gives ideas to solve problems through innovative ways as business is done differently in different parts of the world.

24/7 availability  

Since different countries have different time zones, the work never stops. There are always people working to meet the supply chain requirements on different continents and at different times. This is one of the major advantages of global supply chain management for companies.

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Sourcing opportunities 

A global market offers opportunities to select higher-quality or lower-cost options of goods and services. It offers businesses the opportunity to choose the best suppliers, materials, and products at good prices. It not only ensures economic viability for businesses but also lets them meet a high standard of quality.

New markets

Apart from identifying better sourcing opportunities, global supply chain management offers companies the opportunity to expand their business to new locations. Companies just need to ‘up their game’ and plan their resources strategically to open up businesses in different countries. This will help them to expand sales globally and provide access to a bigger pool of customers.

Wondering how global supply chain management can help your organization to gauge new consumers in the global market? Request a free demo and know from our experts now!

 

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5 Keys to Evaluate Your Inventory Management Process for Biomedical Devices

With the emerging need to delicately balance the medical devices’ security and patient safety, medical device manufacturers are facing numerous challenges like reducing costs, better inventory management, improving efficiency, and allocating resources effectively. The need for inventory management solutions is increasing for medical devices manufacturers owing to the surge in demand for better healthcare products.

Poor inventory management or disconnected systems can lead to operational inefficiency and issues with order fulfillment, which rises concurrently with an increase in the demand. Additionally, it can also result in wastage of time, space, and can increase the cost of operations. Therefore, it is important for the manufacturers of medical devices to understand that creating a feasible model for inventory management is central to the sustainability of their business.

At SpendEdge, we understand the impact that an effective inventory management solution can have on your business. And to help companies manufacturing medical devices in the changing landscape of the medical industry, our team of experts has highlighted five ways to examine their inventory management process and improve their efficiency.

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3 Best Practices for Supply Chain Risk Management Planning

When it comes to supply chain risk management planning, a risk can be defined as a broad spectrum of events, from counterfeit products, natural disasters, supplier delay, to theft, part shortages, production interruptions, and even cybersecurity. Every business has a different array of potential risks depending on its verticals, and each of its product has a different risk portfolio depending on its components. The product lifecycle is influenced by an incredible number of variables. Therefore, a comprehensive supply chain risk management planning is required, and many companies, today, are embarking on the journey to reduce the overall negative impact on the bottom line and effectively deal with unexpected hiccups. For companies that don’t have supply chain risk management plans, their primary objective should be to discover the largest risks and figure out strategies to deal with them. In this article, we have discussed some next-level best practices that can push supply chain risk management plans to another level of value and consistency.

Best Practices for Supply Chain Risk Management

Best Practice #1: Site checks must be performed

There are certain kinds of issues in supply chain risk management that can only be discovered with routine, in-depth personal visits, and an understanding of the culture where production occurs. The routine site visits are one of the most impactful methods of not only identifying supply chain risk but also help in developing contingency plans. Undoubtedly, this can be expensive and time-consuming in the case of a supply chain that reaches overseas, but the outcome can be enormous. This is one of the best practices which ensures that if there are any concerns with unsafe working conditions or quality, the companies can immediately take the necessary steps to revise their risk quantification.

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Best Practice #2: Don’t neglect cyber threats

Risks are not always physical but virtual too. There are many stakeholders when it comes to supply chain risk management who assume that supply chain risks come from physical challenges, such as delay in production and shortages, but this is short-sighted. Every supply chain is built on top of IT, whether it is a bill of materials shared between the company and the third-party suppliers, or CAD designs comprising proprietary, patented designs. Threquest proposalerefore, for a better supply chain risk management, companies need to roll cybersecurity risk into the overall supply chain roadmap and prioritize them higher than several physical risks.

Best Practice #3: Ease out supply chain risk with insurance

Insurance companies specialize in risk quantification and working with someone can help procurement companies in their process of putting together proper contingency plans. Some insurance policies cover the own production of the company, such as a custom-built and expensive piece of equipment that would cost millions and take weeks to replace. Therefore, this best practice in supply chain risk management can enable the company to recoup many of the costs involved in case of a critical failure. There are also other insurance policies that cover issues upstream, such as delay in the supply of parts from overseas suppliers. In either case, insurance can never make up for damage to a brand, but it can help lessen the sting of a major supply chain disruption, both in-house and the other side of the globe.

Want to know more about best practices for building supply chain risk management plans? Contact us now!

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Procurement Technology: Top 4 Ways it is Impacting Supply Chain Functions

The continuous influx of innovation in the field of procurement and sourcing has made supply chain functions simpler by eliminating tiring paperwork and automating complex as well as simple tasks. Procurement technology solutions like e-procurement tools and many others significantly benefit businesses by allowing better visibility, greater productivity, and cost efficiency. Traditional techniques such as category expertise and supplier relationship management are still relevant but the new procurement technology solutions are transforming the way businesses approach supplier negotiation, contract management, category management, and reverse auction. The high degree of granularity achieved through the use of procurement technology enhances business agility, drives continuous process improvement, and supports an operating model that boosts business excellence within procurement and supply chain functions. In this article, we have talked about a few interesting ways in which procurement technology is impacting supply chain functions.

Procurement Technology in Supply Chain Functions

Mobile procurement has made supply chain efficient

We cannot deny the fact that procurement professionals are on the move and demand instant information. This is where procurement technology plays an important role. It empowers them to drive better value and results. With such technology, organizations can streamline their procurement processes and supply chain functions with features like purchase order creation, demand notifications and real-time analytics from a mobile device. Procurement professionals can also request and compare items conveniently, providing them complete visibility on suppliers.

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Digital signatures have secured supply chain functions

Digital signature and certificates make the e-tendering process possible through its capacity to access information of buyers or services online and ensuring security. Digital signatures drive away the lengthy paperwork and allow for contracts to be carried out in lesser time. Additionally, this procurement technology also encourages automatic contracts and eases the request for proposal processes apart from simplifying the order of purchase.Contact US

E-catalogs have improved reliability

Unlike services catalog or traditional product, e-catalogs are interactive and can store huge quantities of items that can be classified and organized into different categories as per requirement. Such a procurement technology can be easily modified and edited on a recurrent basis and help in converting inquiries resulting in significant cost savings. 

Reduced operational costs in supply chain functions

Today, both small and medium business enterprises are migrating to cloud technology to enjoy the benefits of procurement technology solutions without investing much on IT infrastructures. Also, businesses are opting for a Software-as-a-Service (SaaS) model to meet their procurement needs. Such digital procurement platforms provide great value that in-house solutions can never match. Additionally, cloud migration can reduce the overall costs and provide scalability and flexibility to the organization.

SpendEdge offers customized procurement market intelligence solutions to help procurement and sourcing stakeholders make better business decisions. Are you looking for any solution? Request a proposal now!

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4 Reasons Why IoT in Healthcare is the New Trend and its Role in Transforming the Pharmaceutical Supply Chain

Efficiency, convenience, and automation are the three words that define everything the Internet of Things (IoT) stands for. Today, IoT has become a game changer technology that has been creating quite a buzz in almost every industry. But has this technology found acceptance in healthcare? The modest beginning of IoT in healthcare can be traced to the use of smart sensors, remote monitoring, and medical device integration as well as wearable biometric sensors, activity trackers, glucose monitors, smart beds and medication dispensers. Additionally, the use of IoT in healthcare will help mitigate pharmaceutical supply chain entropy, while improving transparency and visibility. The future of healthcare will be exhilarating with more expansion and investment in IoT.  This technology is expected to optimize every aspect of care as well as the pharmaceutical supply chain and transfigure the way it is managed across the continuum. So, let’s understand in detail the reasons why IoT in healthcare is the need of the hour. (more…)

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Busting 4 Common Myths on Supply Chain Management

Global supply chain management has evolved drastically over the years. Technology and innovations are the major contributors in fueling the efficiency and flexibility of supply chain processes across various industries. However, in this era of digitized and globalized business, keeping up with the speed of changes has become more difficult than ever before. As the landscape evolves, supply chains must evolve in order to adapt to stay ahead of the curve. A company’s ability to manage complexity will greatly define how well they can compete and succeed.

Although the importance of supply chain management is quite evident for modern economies, there are sContact USeveral myths and misconceptions that plague the practice. Let’s examine some of the most persistent and stubborn supply chain management myths and carry out a reality check for each of them:

Myth #1:  Supply chain management is all about purchasing

Associating the supply chain management process with only purchasing functions is clearly an outdated outlook that ignores the strategic role that SCM plays for modern digital enterprises. Rather, the supply chain must involve greater flexibility, enhanced strategic awareness, and stronger entrepreneurial thinking. Today’s supply chain professionals are also looking at mastering several other key functions that impact SCM, including customer experience, systems thinking, and innovation.

Myth #2: Investing in SCM applications will generate rapid returns

Pragmatic application of supply chain management products in real-world business problems will undoubtedly deliver good returns. However, poorly specified implementation and investment in SCM can result in a cycle of continued investments to support unrealized but promised benefits. Companies must exercise focus on delivery, quality, and time targets. Effective and detailed planning is an essential element of an effective global supply chain management process.

Myth #3: Right forecasting can eliminate supply chain issues

Considering forecast accuracy as the sole cause of issues is dangerous and stems from two main misconceptions. Firstly, forecast accuracy should not be considered as an end in itself. Instead, it is one contributor to outcomes of the supply chain process that needs to be managed to deliver the desired results. Secondly, despite all the best attempts, forecasts in most cases will not be completely correct. It’s much more important for enterprises to recognize this fact and manage an understood level of risk than to spend too much effort in improving forecasting when it may not translate to better outcomes.request proposal

 Myth #4: Lesser inventories are always better

Controlling costs might be the major agenda for most supply chain managers. Consequently, they try to keep the inventory as low as possible. But on the flip side, this could greatly increase their financial risk. While it’s true that holding a high level of inventory ties up business funds that could rather be used in other areas. However, it is also important to remember that high inventory isn’t always a bad thing — and often proves to be a good sign of growth ahead. For instance, it is remarkable if an organization increases inventories because it is confident about the economy and forecasts higher demand. Furthermore, when comparing the extremes of a stockout versus and holding more inventory than you need, the former is definitely worse. When demand cannot be fulfilled, customers will be disappointed and the risk of alienating them and losing them to competitors are higher.

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7 Benefits of Short Food Industry Supply Chains

Short food supply chains are characterized by few intermediaries and shorter physical distances between producers and consumers. These supply chains are good for increasing profits of farmers and other producers, revitalize rural economies, and give consumers access to fresh, fairly-priced foods. Short food supply chains are garnishing more attention as consumers are concerned about the spread of foodborne diseases as well as issues such as the horse meat being identified in packaged foods in Europe. In this article, we have talked about some of the greatest benefits that the use of short food industry supply chains offers:

Benefits of Short Food Industry Supply Chainsrequest proposal

#1. Improved negotiating positions for farmers

These short food industry supply chains offer farmers greater power during negotiations, especially during those with retailers. Using short food industry supply chains that do not consist of multiple processors, traders, and wholesalers give farmers and small producers more direct access to the market.

#2. Increased communication between producer and consumer

Short supply chains can lead to job creation, especially in rural areas, which also helps to increase the farmer or producer’s reputation and the trust that consumers place in them. Operating locally allows producers and consumers to have more direct communication and interaction, which also helps to build loyalty and trust.

#3. Reduced transportation costs

Short supply chains typically serve a local area, reducing the energy costs, transportation costs, and CO2 emissions used to transport goods in longer supply chains. Because of this, these supply chains have a greater potential to be made sustainable and to remain sustainable over the long term.

#4. Increased transparency 

It’s easier to make short food industry supply chains with few or no intermediaries transparent than it is longer and more complex ones. Producers are also able to offer more detailed information about their business and practices, helping to build their reputation, increase customer retention, and build loyalty. It also makes it easier to make procurement decisions.

Continue reading to know more about the benefits of short food industry supply chains or request a free demo below


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5 Critical Steps for Establishing Ethical and Sustainable Supply Chain

The pressure is on: ethical and sustainable supply chain has become critical to business success, and more and more businesses are scrambling to make sure their supply chains meet these new standards. Consumers are overwhelmingly beginning to favor businesses that are committed to environmental-friendliness, offer fair wages and labor, and who have demonstrated social responsibility. However, establishing an ethical, sustainable supply chain should be done in a careful series of steps, and involves research, communication, and commitment. Here are five of the most critical steps for establishing a sustainable supply chain:

Key Steps to Establish Sustainable Supply ChainContact US

Step 1: Identify your challenges

Start by laying out the supply chain and procurement challenges that your industry, your suppliers, and your business itself typically face. How have you overcome them in the past? What is the typical root cause of these issues? Once you’ve asked yourself these questions, you can identify areas of your supply chain that require improvement and special attention when working towards overall sustainability. This important step will also help you to evaluate the overall productivity and effectiveness of your current supply-chain setup and your supply chain management that will ultimately build up a sustainable supply chain.

Step2: Outline your supply chain

Trace the flow of your entire supply chain. You should also identify how information moves through your supply chain, and where your supplies and services are coming from. Take a look at the geographic locations of your suppliers and seek to understand major issues—political, humanitarian, environmental, etc.—in those regions. Evaluate your suppliers in terms of risk and location, and address any issues accordingly. For example, a supplier that exploits underpaid migrant workers is, clearly, not a good fit for a sustainable supply chain.


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Step 3: Collaborate

Engaging in supply chain collaboration with like-minded businesses and sustainable supply chain companies can help you to reduce waste, save money, establish ethical business practices, and decrease overall production time. It can also strengthen your reputation in your industry and increase business opportunities and profits.

Step 4: Ensure visibility

You should have the full picture of how your suppliers operate, who they hire, what their impact on the environment is, etc.—and your suppliers should be aware of your business practices as well. Communicate effectively, share an accurate image of your supply chain and processes, and make sure you all share the same vision and are committed to ethical and environmentally-friendly business operations. You should also make sure that your suppliers and partners reflect positively on your business and don’t contradict your business’s values and efforts. All individual employees, too, should be fully in the know about your business’s practices and your overall vision and goals. This will effectively help you have a sustainable supply chain.

Step 5: Demonstrate your commitment to your goals

It’s not enough to simply have a mission statement about how your business seeks to be ethical and sustainable—you have to practice what you preach. You can demonstrate your commitment to your stated goals by becoming involved with communities and charities that match your vision and being transparent with your customers about how your business operates and what your goals are. This will also result in increased customer loyalty, a better brand reputation and will help you build a sustainable supply chain.

To know how SpendEdge’s procurement intelligence solutions can help you establish a sustainable supply chain

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