Industry Week: Continuing Supply Chain Challenges for Manufacturers
February 1, 2022
“Each organization must conduct a thorough assessment of the core elements of its supply chain to ascertain which parts need to be addressed as a priority to mitigate the most pressing risk.
Some of the common themes that we see include:
- Moving away from single sourcing (where possible) and creating a strategic sourcing mix of domestic as well as existing global suppliers
- Addressing extended lead times in Demand Planning and Forecasting
- Logistics and transportation strategies to address anticipated extended lead times
- Use of third-party providers to manage risk and utilize providers’ leverage in the market
- Implementing digitalization strategies
- Integrated and dynamic Management Operating System to provide better visibility of performance across the entire Supply Chain
- Improving data capture and integrity
- Inventory strategies”