LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of supply chain management solutions, has announced the completion of their latest article on the strategies to develop an agile supply chain management framework.
With the rising pace of businesses, it has become important to identify and respond to market changes. Companies not only need to react faster than competitors, but also need to prepare themselves better for faster execution of strategies. They require agile supply chain strategies to manage a supply base that can meet consumers’ needs. Building an agile supply chain management framework can enable companies to ramp up products quickly and launch ahead of their competitors.
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At SpendEdge, we understand that an agile supply chain management framework is vital to manage a supply base and inventory. Therefore, we have mentioned the key steps involved in creating an agile supply chain management framework.
Steps to Create an Agile Supply Chain Management Framework
Step 1: Build an agile team
Building an agile team is the first step towards creating an agile supply chain management framework. The team develops strategies that can better align suppliers’ output with customer needs. It is an alternative project management technique that designs a process that is aligned to customers’ needs and focuses on achieving better outcomes.
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Step 2: Get quicker and more accurate data
Gaining accurate data is vital for companies to respond to market changes. Companies must invest in newer demand sensing technologies to address the uncertainties of the retail market. Also, they need to obtain quicker access to data to respond intelligently, increase product availability, and capture a higher market share.
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Step 3: Be innovative
Often companies feel reluctant to experiment with new processes due to fear of failure. Devising effective agile supply chain management strategies will help them to execute pilot programs and identify the best course of action during supply disruptions or unexpected orders.
Want to know how implementing agile supply chain management strategies can help you address supply disruptions? Request more information now!
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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