When it comes to managing global and cross-border businesses, the management of your supply chain is absolutely crucial.

 

The supply chain, which essentially refers to the numerous processes associated with producing and ultimately distributing a commodity, has a huge bearing on your businesses operational costs and its ability to achieve a viable profit.

 

In the post below, we’ll explore this in further detail by looking at the key steps that contribute to successful supply chain management across the globe.

 

1. Create an Outside-in Supply Chain

 

With an outside-in supply chain, you will focus on the utilisation of data to appraise consumer needs and forecast future demand.

 

This is entirely different to a more traditional, inside-out supply chain, which is more product-centric and does not take heed of the real-time feedback consumers.

 

While creating an outside-in supply chain operation would not have worked in previous generations, businesses now have access to analytical CRM tools that enable them to collate huge swathes of data and analyse this in careful detail.

 

As a result, modern supply chains are more capable of adapting to consumer behaviour and feedback, creating a more efficient model in the future.

 

1. Make Security a Key Watchword

 

Your next consideration should be security, as this is an area in which many businesses are struggling in the digital age.

 

This is borne out by the statistics, which reveal that despite an increase in the number of attacks launched at manufacturers and their underlying supply chains, just 27% of firms do not have the requisite security policy to repel the existing threat.

 

Subsequently, firms must strive to invest in a technology-led security policy, and one which is based on collaboration and communication with your partners. It’s also important for cross-border firms to consider variable data protection laws, particularly with the EU set to launch the new, GDPR legislation in May of this year.

 

1. Collaborate with International Partners

On the subject of cross-border businesses, it’s crucial that firms strive to partner with reputable and global service providers in the modern age.

 

This includes firms like TNT, who have a global presence and the capability of shipping products of all shapes and sizes on behalf of their clients. Companies of this type can also offer a competitively priced service, and one that helps you to reduce the cost of your supply chain.

 

Remember, it’s extremely difficult to manage a global supply chain without first building the right relationships and collaborating with the firms that can lend practical expertise.

Tweet

April 13th, 2018 by financetwitter

If you enjoyed this post, what shall you do next? Consider: