LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of supply market intelligence solutions, has announced the completion of their latest article on the top six supply chain best practices to boost business success.
The real importance of supply chain management in today’s competitive market landscape cannot be undermined. With expectations of both consumers and business shareholders soaring to new heights, it has become quite important for businesses to better manage their supply chain activities.
At SpendEdge, we understand that adopting supply chain best practices requires extensive knowledge of new market developments. And to help companies overcome such challenges and increase value across the supply chain, we have listed down some of the supply chain best practices to follow for this year.
Supply chain best practices that every category manager should keep an eye on this year:
Best practice 1: Align supply chain responsibilities
Having a siloed business process can sometimes be harmful since the decision-making process is divided among people. Aligning supply chain responsibilities will not only ensure better supply chain management but also increase efficiency for businesses.
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Best practice 2: Leverage new-age technologies
In a bid to boost efficiency, most businesses integrate too many technologies without performing a comprehensive impact analysis. Companies should, in fact, analyze the efficacy of processes that need improvement and then implement technologies that can address those needs.
Best practice 3: Develop better strategic sourcing strategies
An efficient strategic sourcing plan is imperative for streamlining supply chain activities. It ensures the availability of supplies, lowers costs, and helps increase responsiveness to customers’ changing needs. Companies should, therefore, focus on strategic sourcing rather than considering it the sole responsibility of the purchasing department.
To access the complete list of supply chain best practices, get in touch with an analyst today!
About SpendEdge:
SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions.
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