It should come as no surprise that supply chain is a determinant of business success. In today's digitally driven marketplace, almost nothing moves without the supply chain. Thanks to the industrial internet of things, the cloud, the smart factory and other trending technologies, businesses face increasing complexity in their supply chain.
Keeping up with the speed of changes in this era of digitized and globalized business has become more difficult than ever before. As the landscape evolves, supply chains need to adapt to stay ahead of the curve; it is a company's ability to manage complexity that will define how well they can compete and succeed.
Although the importance of supply chain management is clear for modern economies, there are many myths and misconceptions that plague the practice. If you manufacture or sell products, or just provide a service, it's time to check conventional wisdom.
Click on the image below to start a slideshow of the six common myths.
Back in the 1980s, professionals that were involved in purchasing were often viewed as “buyers” or “clerks”. It was more of an administrative function based on history and intuition. But that early interpretation completely missed the increasingly strategic role that supply chain management now plays in the modern digital enterprise. Today it is closer to finance than operations, with supply chain professionals managing many functions from investment to cash utilization, taxes to import and export requirements, and compliance to risk mitigation.
All photos courtesy: Jabil
Dispelling the most common misconceptions is the first step in achieving supply chain excellence, working with the right partner with years of experience and the tools to manage complex data is the next and perhaps most important step.