While midsized companies don’t have the same needs as firms at the enterprise level, they can adopt some of their approaches to make their supply chain a successful one.
One of the most useful tools for a business that wants to improve efficiency is a comprehensive written strategy for its supply chain. Supply chain expert J. Paul Dittman, PhD, has found that big enterprises that follow this approach note higher shareholder value and better profits than firms that ignore this crucial step.
In midsized businesses, however, the resources needed for such an undertaking are not always there, forcing management to prioritize. This often takes place at the expense of the supply chain.
Goya Sets An Example
However, one firm that is getting it right is Goya, a maker of Latin American and Hispanic foods.. After experiencing a surge in growth a few years ago, the company adapted some elements used in supply chain planning by enterprises to suit its own needs with great success.
For example, technology can make a huge difference, but it’s important not to jump on the latest technological advancements only for the sake of having “the latest and greatest.” The customers’ needs should be kept at the forefront when determining which technology to get on board with. For mid-market businesses, supply chain technology is now well within reach thanks to cloud-based services.
It’s also important to prepare for any disruptions that could arise by analyzing how various events could affect business. Many firms do not have a process in place to help them identify and mitigate risks, which is a huge missed opportunity to help a company protect itself against the unexpected.
After putting some strategies in place that focus on the customer first and foremost, Goya has been able to sustain its growth and overhaul its supply chain. The future looks bright for the firm thanks to its supply chain efficiency and resiliency.
This blog post was based off of an article from Supply Chain Brain. View the original here.