The mid-size segment of the manufacturing industry is growing in both stature and importance as these companies now represent a large portion of the global economic stage. As a result, mid-size businesses are now forced to compete directly with larger corporate counterparts for market share and sales revenue.
In order to do so, a new report argues, mid-size manufacturers should take a look at improvements that can be made to supply chain management. Ironically, they can use their larger competition as a benchmark.
"Many industry leaders have successfully enhanced their supply chains to respond quickly to customer demand, provide value-added services to their retail partners and enhance profitability as they continue to grow," the report stated. "In many instances, best practices employed by these industry leaders can be adopted by smaller, growth-oriented companies in the same field."
The report also highlighted several tips companies can follow that will advance the performance of supply chain community management.
1. Identify impact areas
Certain areas of every supply chain have a greater impact than others. According to the report, companies should seek out these aspects of the chain and determine what can be done in order to improve them. Once these areas are identified, the company should develop a roadmap based off the foundation that will guide long term success.
In doing so, the report added, the company will want to collaborate and and work closely with all stakeholders.
2. Make the right choice
It's no secret that supply chain management solutions can highlight improvements that are needed. But according to the report, a company must choose software that best fits its unique needs. For many, that means selecting a solution that is scalable, because companies don't want to "mistake of choosing a small solution because you are a small business," the report stated.
3. Consider the cloud
In looking for flexible solutions, companies shouldn't be surprised to come across a cloud service. The technology is praised for its scalability, because pay-as-you-go pricing models mean companies are only responsible for the level of service they need.
Assessing risk is another key area for supply chain management, according to a recent report from African news provider News Day. Knowing what factors threaten the performance of the supply chain will empower a company to better mitigate and prepare to deal with any issues.