Unfortunately, many businesses believe that procuring assistance with supply chain matters may be too pricey, or reserved for larger companies. We’re here to tell you that the cost of doing nothing will far exceed the price of ineffective supply chain management. Truthfully, nearly every company can stand to undergo supply chain improvements. In fact, supply chain improvements are listed among the priorities for those in the c-suite.
Take the automotive supply chain as an example. When it comes to making supply chain improvements in this industry, one survey reported that nearly 80 percent of respondents cited visibility as their premier concern. When it comes to automotive supply chain improvements (and really, all supply chain improvements), data is king. To achieve full end-to-end visibility, a company must be able to effectively break down data and silos. The companies that do this effectively do more than implement internet of things sensors and RFID technology. Indeed, they go farther, making significant workflow changes that nurture an environment where information on pricing, capacity restrictions, availability and other data is easily accessible.
If recent statistics are any indication, it’s also important to realize that while data is king, that’s only the case if that data is effectively used and shared – and that can be a bit of a challenge to businesses. A recent survey indicates that while many business leaders have instituted real-time data sharing as part of their supply chain improvement initiatives, only a fraction of them have done so successfully. In fact, only 13 percent of survey respondents stated that the real-time data sharing they implemented was effective.
That means that an astonishing 87 percent of those who implemented real-time data sharing as a piece of their supply chain improvement plan failed to do so in a way that created value for their company.
To be sure, real-time data sharing is one of many moving parts imperative to real data chain improvement efforts. But implementing it into your processes is difficult. It takes complete real-time data to be able to quickly and effectively identify and solve problems in your supply chain. That means that your company needs to be effectively tracking the right data from the get-go.
Over the past decade, Forsyth Advisors has helped small and midsize businesses adapt the supply chain strategies and best-practices of some of the world’s premier entrepreneurs. Our founders and executives have help developed and deployed some of today’s premier manufacturing tools.
Since our inception, the experts on our team have worked with more than 50 companies with products that ranged in volume and technical complexity, from decorative hardware products to automotive electro-mechanical assemblies. If you need to improve your supply chain, you need Forsyth Advisors.