Supply Chain Management involves overseeing the movement of goods from suppliers to customers, whether they are consumers or businesses. This process starts with managing suppliers at the beginning of the chain and extends all the way to the end-user.
The way organisations distribute products and procure raw materials is changing a lot right now. Modern ways of making products and ever-changing customer demand patterns are requiring organizations to be innovative and strategic in terms of how the sourcing to manufacturing to fulfilment is orchestrated. In the middle of all these developments, Supply Chain Management needs to adapt without changing everything it does.
Supply Chain Resilience
The challenges that originated from the extensive industrial closures during the global Covid-19 pandemic are still lingering in 2023. These challenges are further complicated by emerging and persistent issues, such as the Russia-Ukraine conflict, inflation, economic slowdowns, geopolitical tensions like Brexit, conflicts between China and the West, Cybercrime, global actions, and climate-related concerns, notably the increasingly frequent extreme weather occurrences. These factors will continue to impact the movement of goods and raw materials throughout the supply chains, worldwide.
Three key disruptors for Supply chain driven organizations are:
- Logistics Disruption
- Delays in Production
- Labour Shortages
Supply chain leaders must face this challenge, and now! According to Gartner, a technology research and consulting firm, decisions have become 65% more complex since 2020. In fact, executives spend almost 40% of their time making decisions—and it is fair to say that most of that time is poorly used.
To have a resilient supply chain, it has become essential for organizations to have real time visibility with a smart and responsive supply chain.
Real Time Visibility
Understanding of all operations across the entire supply chain, covering every stage and operational process is the need of the hour. This insight empowers companies to effectively control the movement of products and components at each step of the supply chain.
By maintaining supply chain visibility, companies can ensure that their suppliers comply with essential regulations, mitigating risks and minimizing disruptions in the supply chain. Additionally, it plays a crucial role in enhancing customer satisfaction, boosting productivity, and ultimately contributing to increased profits. Some measurable improvements can be achieved on:
1. Reduced Disruptions
Having real-time visibility into the supply chain enables the early detection of potential issues. Immediate access to information facilitates quicker response times and informed decision-making, aiding in the proactive management of risks throughout the supply chain. For instance, IoT detecting a machine failure can signal a potential delay, or identifying transportation issues in real-time can help prevent delays in processing sales orders.
2. Improved Customer Satisfaction
The ability to see real-time updates empowers businesses to offer accurate and current information to customers about their orders. This transparency fosters trust and improves overall customer satisfaction.
3. ESG & Regulatory Compliance
Having real-time visibility in the supply chain ensures adherence to regulatory standards at every stage, including EXIM regulations, environmental norms, and worker safety requirements. Being aware of the precise timing and details of processes enables proactive resolution of potential compliance issues before they lead to disruptions, recalls, or legal consequences. Additionally, this capability allows for timely adjustments to the supply chain in response to changes in regulatory requirements.
Start the Journey
Although enhancing real-time visibility in the supply chain may seem challenging, the advantages it offers justify the initial investment. Here are some approaches to boost real-time visibility within your supply chain.
- Identify areas of improvement and define targeted KPI’s.
- Leverage Industry best practices in designing processes.
- Implement ERP/SCM Solutions with End-to-End Connected Process flows.
- Technology Investments into Blockchain, IoT and AI.
- Measure the benefits achieved with the right Analytics.
Oracle Solutions to accelerate the reach to Real Time Visibility:
Oracle Intelligent Track and Trace
Gain multi-tier visibility into supply chain networks, track and trace things of value, and detect and resolve issues with Oracle Fusion Cloud Intelligent Track and Trace.
Oracle Intelligent IoT Applications
Oracle’s Fusion Cloud Internet of Things IoT Intelligent Applications can provide us with more visibility, insights and efficiencies by capturing sensor data from connected devices using smart manufacturing, connected assets, connected logistics, workplace safety, and connected customer experience.
Oracle Supply Chain Management
With Oracle Supply Chain Management (SCM) & Manufacturing, organizations can respond quickly to changing demand & supply, and market conditions. One can seamlessly connect their supply chain to create a resilient network and process built to outpace change.
What is the next step?
Sticking to the usual way of doing business is not an option anymore.
The primary constraint for supply chains is no longer the limits of technology but the creativity of the individuals who utilise them. With businesses worldwide encountering a convergence of transformative changes, today’s leaders in supply chain management must revolutionize business models, organizational structures, and operations to succeed both now and in the future.
Orbrick acknowledges that business leaders require more than just solutions—they need reliable advisors. Our professionals possess extensive industry knowledge and expertise across diverse sectors, aiming to enhance your journey of transforming the supply chain.
