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5 Useful Tips to Boost your Supply Chain Management

Efficient supply chain management is the key to boost a company’s revenue and stay competitive in the marketplace. To achieve this, companies must be hyper-focused on reducing waste to generate cost savings and minimize the risk in supply chain management. Furthermore, the rising customer demand calls for better service and availability of right products at the right time so that companies don’t lose their valuable customers to competitors. Here are the five key tips for companies to boost their supply chain management:

SUPPLY CHAIN EFFICIENCY

Tips to boost your supply chain management

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Partner with current suppliers

Often, companies tend to face market wide challenges in supply chain management. Developing an effective solution for this kind of scale might be a difficult task for a single partner within the value chain. Hence, it becomes necessary to develop deeper partnerships with your suppliers to help grow each of your businesses. Creating a mutually beneficial strategy can be tricky, but with the right planning and strategies in place, it is easily attainable. Here enterprises must lay the focus on clearly defined, revenue sharing-based, and easily trackable KPIs, and information transparency. Furthermore, they can also develop a coalition charter that outlines the arrangement in detail. In this manner, firms can tackle issues in supply chain management at a scale beyond their current capabilities.

Maximize IT investment

Today, the IT department is tasked with both supporting daily operations and expanding the business operations. It is important for modern businesses to invest in new technologies that can help employees perform tasks in a much-simplified manner and in turn boost the company’s supply chain management.

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Comprehensive training of the workforce

A training program should be aimed at teaching the workforce more than what the daily tasks that they are expected to perform. It is vital for companies to share their comprehensive plan to the employees in order to increase productivity while reducing costs. The workforce must be trained on the importance of internal and external customer service. It is also important to incentivize them to act in accordance with your business’ vision, mission, and values. Sharing this and training will drive a successful organization by creating aligned goals while improving supply chain productivity.

Improve information sharing and visibility

Transparency is an essential ingredient to determine the efficiency of operation in supply chain management. Furthermore, it is high time that companies eliminate slow, unreliable spreadsheets to provide information. Rather they must share up-to-date information through current technology solutions. Other ways to increase information sharing include taking advantage of big data analytics, measuring supply chain metrics regularly, and also involving employees in identifying inefficiencies in the system. By keeping the workforce and the clients informed, companies can create opportunities for innovation.

Analyze customer trends and opportunities

Supply chain managers must keep a constant watch on the trends and opportunities in the market. This will not only help them be in line with the newest market opportunities but will also consequently improve the overall supply chain management and its efficiency by adopting innovative techniques to cater to customer demand.


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The Downside of Gig Economy

The ‘gig economy’ has been described with numerous names including collaborative economy, sharing economy, part-time jobs, on-demand economy, and uberization. The dynamic changes in the competitive landscape have urged businesses to reconsider their working model. As a result, companies are adopting various business models including outsourcing, nearshoring, and gig economy. Proponents of gig economy argue that it will enable more people to participate in labor market by providing flexible options. SE_Demo2Businesses can call upon such gig workers at the time of need and thereby improve the overall productivity by keeping costs under control. However, overreliance on gig workers to perform tasks may not always be a wise move.

Downside of Gig Economy

Dipping Productivity of Gig Workers

Self-employment may increase the levels of job satisfaction but the gig economy is making individuals financially vulnerable due to lack of employee benefits. Most of the employee in gig economy do not have an adequate medical cover, savings, or life insurance. Due to such financial insecurities, it is forcing people in the gig economy to take up multiple jobs. Juggling between multiple part-time jobs can hamper the productivity of the person which might result in sub-par works being performed for the companies.

Higher Taxes for Contracted Workers

Independent or self-employed workers are required to pay their own taxes including social security, federal withholding, and Medicare. To cover such taxes, contracted workers in the gig economy usually place a higher cost for their services. In the end, businesses will have to end up paying higher amounts to workers in the gig-economy thereby increasing the cost.

Government Regulations and Policies

In order to tackle the disadvantages of gig economy to the workers, government rolls out various regulations and policies that put pressure on companies to formalize their employment relationships. For instance, recently, a UK court ruled that Uber should treat their drivers as workers and take care of minimum wage, health insurance, and holiday pay. The company was previously able to save 30% of the cost to operate a fleet of 40,000 drivers, will now have to work out on their business model.

Apart from posing challenges for companies, gig economy also has severe consequences for the workers as they usually have to work more than 60 hours per week, without health insurance and financial stability. The stress arising out of such works can have serious effects on a workers health which further increases the healthcare costs.

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How to Choose the Right Network Service Provider for Your Business?

Internet and access to mobile networks have been an integral part of our lives. Yet, the only source we know to express our gratitude to is our respective internet service providers (ISP). People are dependent on their ISP’s to provide them with uninterrupted access to the internet and the network. Consequently, the ISP’s are also reliant on network service providers to offer them with bandwidth and network access. When the customers dial into an ISP’s network, it is connected to the internet provider’s network service provider. A network service provider provides all the infrastructure to keep up with the internet traffic demand. As a result, it is essential that ISP’s partner with the right network service provider to provide uninterrupted internet and network connection to their customer.

Supplier Selection Criteria for Network Service Provider (NSP)

Network Reach

In the age of globalization, it is essential to choose a network service provider that can consistently and reliably provide global coverage to cater to customers spread all across the world. NSP’s adopt various strategies to ensure global coverage. Some are global companies that already have a presence in multiple countries, while others partner with local providers to handle all their traffic. The problem with handing-off the traffic to local providers is that of availability and performance guarantee regarding latency issues. While choosing an NSP for your enterprise, it is essential to evaluate the partnership model of the NSP with local providers so that they can ensure a comprehensive network with consistent performance.

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Ease of Business Dealings

Every businesses and enterprise will have different needs based on the industry they belong to, operating geographies, workloads, and business strategies. There is some network service provider who requires the clients to follow strict procurement and onboarding process offering little flexibility. Such rigidness may deem companies unable to cater to businesses or client’s specific needs. To ensure flexibility irequest proposaln service, companies should look out for NSP’s that are able and willing to customize processes, services, or tech support to meet the client’s requirement.

NSP with Connection to the Top Cloud Services Provider

The widespread adoption of cloud service model within the telecommunications industry is forcing the service providers to adjust their selection process of NSP’s. Partnering with the cloud service provider with global reach benefits the companies to have an active presence across the world. Additionally, it also allows them to easily connect to any network service provider just by adding another connection to the network.


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Procurement Market Intelligence Study Offering Insights on Optimizing Supply Base in the Pharmaceutical Industry

The latest procurement market intelligence study by SpendEdge on assessment and optimization of current supply base for a leading pharmaceutical company unfolds specific procurement insights to develop end-to-end process support and formulate robust procurement strategies.

Supply chain network – trends and developments

The rapid digitalization in the healthcare industry is creating vast opportunities for vendors to introduce new business models that will ensure glitch-free supply chains. The suppliers are introducing technologies that are offering high data security to protect the information of both stakeholders and patients. The increasing competitiveness is encouraging vendors to improve their capabilities by innovating new products and technologies to improve service delivery and reduce costs. By implementing process control measures, suppliers can avoid disruptions in the supply chain process and manage the cost of operations at an optimal level.

Digital business networks are the stepping stones for a multi-enterprise supply chain, connecting all suppliers through technology such as cloud platforms. The internet works in favor of the digital business network, allowing all partners to share information on a real-time basis. By adopting new technologies and establishing these platforms, suppliers can gain insights on the current demand trends in the pharmaceutical market.

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Robust support process for supply chain optimization

The market intelligence study helps the client understand the end-to-end procurement support and flexibility to accommodate the volatile needs from category managers. By identifying the critical areas such as tail spend assessment, spend optimization, and other activities, companies can improve their support process. An optimal supply chain will help companies in the pharmaceutical sectors to manage their sourcing and procurement processes better.

Adopting good distribution practices

Structured and well-defined distribution channels are helping suppliers reduce the risk of disruptions in delivery timelines of the product. Setting up global distribution networks around the manufacturing units will increase operational efficiency and reduce overhead costs. These channels form the backbone of the supply chain infrastructure and establishing a functional channel will help increase sales and revenues.

Solutions offered

The team of procurement experts at SpendEdge provide a market intelligence study that meets requirements specific to the needs of the businesses and evaluates the gaps in the current supply chain structure. Some of the solutions offered are listed below:

  • Address the procurement market intelligence requirements explicit to the needs of the industry
  • Provide the best benchmarking standards to categorize key improvement areas and strategize category development
  • Offer detailed procurement market insights specific to end-to-end process support
  • Increase cost savings through identification of consolidation and tail spend optimization opportunities
  • Improve process management practices based on benchmarking against industry best practices

Read our complete case study titled – Assessment and Optimization of Current Supply Base for a Leading Pharmaceutical Company

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