SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article on why are SCM professionals rooting for agile supply chain practices over lean practices.
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Lean supply chain practices have been followed by companies for many decades. But in today’s competitive business scenario, they are proving to be inefficient. Consumers are highly demanding and the environmental factors largely volatile. Companies that can’t keep up with the pace will lose out on lucrative opportunities. They need an agile supply chain to adapt to quickly changing conditions.
At SpendEdge, we understand that digitization, augmented reality, IoT, and artificial intelligence are transforming how a supply chain functions. And to help companies gain a better understanding, we have highlighted why companies should consider agile supply chain practices.
Why Supply Chain Professionals Should Consider Agile Supply Chain Practices?
Ability to respond to change
Agile supply chain practices empower companies to address market volatility, changes in the economy, and changes in technology and equipment. It understands changes in other variables in a better way and helps organizations to adjust to changing market conditions rapidly. Not only this, an agile supply chain help manufacturers to produce the right amount of goods on a daily basis without relying on monthly or quarterly forecasts.
Creating an agile supply chain is imperative for companies to address rising global competition. Request free platform access to access our smart procurement solutions now!
Consumer preferences have changed significantly from mass-produced, low-cost products to custom-made products. Today, customers prefer highly personalized products. Companies need to adopt agile supply chain practices to respond to changing customer preferences quickly and economically in a feasible way. To implement customization on an economically feasible scale and identify best agile supply chain practices, get in touch with our analysts here!
Ability to operate with low inventory
Inventory management is a herculean task. Maintaining high levels of inventory not only increases the risk of stock obsolescence and spoilage but also freezes the company’s capital base. The fashion industry is an imminent example of this. Here the summer collection gets outdated by the spring itself. Adopting agile supply chain practices can help companies to maintain low inventory and replenish the stock.
To know in detail about the complete steps involved in the supply chain management process, read the complete article here!
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