Harnessing Creativity And Innovation In Efficient Logistics
To pace with the demands of the customers, who expect their products to be delivered at the ‘drop of the hat’ time interval, it becomes cardinal for the firms to optimise their supply chain management strategy with modern techniques of creativity and innovation.
A beneficial Supply Chain Management or SCM of an organisation is weighed as a pre-requisite tool to remain dominant and to give its combatants a cutting edge in today’s complex global market. A well-managed Supply Chain contributes in customers satisfaction and escalates company’s economic growth. With the passage of time, the entire supply network chain has undergone tactical reformation by breaking the shackles of deficient and archaic methods of operation. The newest technologies and inventions thriving in the distinct aspects of supply chain industry have made it more productive.
Industry opinion
Putting forward the views of industry experts, innovativeness and creativity are chief drivers in boosting the SCM firm’s strategic success and long-term survival. To cognize how innovativeness and creativity can be leveraged so that supply chain delivers the best quality service, top past and future trends, such as Supply Chain Digitization, Growth in Circular Supply Chains, convergence of Big Data Analytics is needed to be explored.
Revisit
Particularly, ever since the corona pandemic has inflicted mankind, the entire mechanism of SCM is left in a tight spot. Consequently, the customers choices and expectations have drastically altered pushing the companies to strategically re-organise and innovate their existing SCM models. There arises an urgency for better produce by engaging similar reserves for satiating the rapidly varying preferences of the consumers. Various challenges like the dearth of labour, changed needs of the buyers, trending work from home culture and mass cost-cutting has radically interrupted the smooth operation of logistics supply system of market.
For that reason, it is imperative that the firms should foster enhanced creativity and innovation in the SCM during complex and uncertain times. More novel ways should be embraced for people management. Unimpeded communication and milestone tracking can effectively manage stress and resolve issues in the time of pandemic.
Examples
Some pertinent exemplars from diverse industry verticals harnessing innovative and adept SCM systems are the likes of Steller Value Chain Solutions, Alvarez, Marsal, NTPC etc. The voluminous usage of technology, digitalization and the expansion of B2C marketplace has crowned the Steller Solutions as a popular choice in the logistics solutions. Equivalently, Alvarez and Marsal with the formula of network and mode interventions, vendor management and digital interventions together with the prospering vogue of block chain management is hailed as all- in- all solution for many companies globally. The concept of public procurement by India’s largest power giant NTPC, has transmuted complete operation of logistics solutions.
Supply Chain Management being the backbone of any industry, demands the adoption and integration of key innovations with technological solutions such as latest software and Artificial Intelligence for its efficacy and success. The management of supply chain can become more secured by employing advanced technology for the timely delivery of the customers products to ensure guaranteed customer satisfaction. Obsolete methods of supply chain management should be weeded out by implementing new and innovative approaches for making SCM more constructive.
An action plan is essentially needed to fight the threat of supply chain disruption, which can be mitigated through a 4-step plan: Identify, Quantify, Mitigate and Respond. Risks involved in the supply chain can be alleviated through better evaluation and identification of the emergent risks and challenges. In this context, Prime Minister’s idea of “Atmanirbhar Bharat” requires a special mention in aggrandizing the Supply Chain system, especially by transforming the pandemic into an opportunity to become self-dependent.
As the business world continues to evolve globally, the supply network ought to find out more innovative and proliferative measures to equilibrate goods flow and costs throughout the life-cycle of goods. The corona pandemic has inversely impacted the economy of the world and has accelerated the urge of network logistics structure for discovering more apropos tools for making better and more futuristic decisions.
The severe financial crunch borne by many industries has resulted disruption in the SCM. The most appropriate strategy to address this disruption is the practice of resilient and innovative supply chain technology. It is highly predicted that by the year 2024, nearly, 50% of the Supply chain companies will spend on services and devices supporting artificial intelligence as the latest weapon for improvement. Modern technology driven innovation like Internet of Things, big data, telematics and sensors can comprehensively re-direct the scope of competition around.
To put it succinctly, the supply chain managers require constant innovation and creativity to keep up with the prevalent trends in Supply chain management and outshine in the inscrutable environment of threats and prospects.
