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How can you improve supply chain management with better decision-making?

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Supply chain management (SCM) is the process of planning, executing, and monitoring the flow of goods and services from the source to the customer. SCM involves multiple stakeholders, such as suppliers, manufacturers, distributors, retailers, and consumers, who have different goals, preferences, and constraints. To optimize SCM, you need to make effective and timely decisions that balance the trade-offs between cost, quality, speed, and customer satisfaction. In this article, you will learn how to improve SCM with better decision-making by following these five steps:

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Rajat Goyal

XLRI | Lean Six Sigma Black Belt Ex - Udaan.com, ITC & Maruti Suzuki | Supply Chain | Operations | Supply and Demand…
Mark Vernall

Logistics/Supply Chain Specialist, SC SME - SC Project Management - SC Consulting - SC Advisor - SC System…
Ganes Kesari

2X Founder & Chief Decision Scientist | TEDx Speaker | Contributor to MIT SMR & Forbes | B-School Adjunct Prof. |…

1 Assess your current situation

Before you can improve your decision-making, you need to understand your current SCM performance and identify the gaps and opportunities. You can use various tools and methods to assess your situation, such as SWOT analysis, benchmarking, value stream mapping, and key performance indicators (KPIs). These tools will help you to evaluate your strengths and weaknesses, compare your performance with your competitors and best practices, map your current processes and flows, and measure your outcomes and efficiency.

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Mark Vernall

Logistics/Supply Chain Specialist, SC SME - SC Project Management - SC Consulting - SC Advisor - SC System Implementation - Supplier Relationship Management - SC Digital Transformation - SC Solution Design - SC Jedi
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Good decision-making is based on accurate and up-to-date information, preferably in real time. Before making a decision, clearly understand the existing challenges, objectives, and limitations. Think strategically and convert decisions into actionable plans. Make strategic decisions that align with the organization's core competencies and goals. Foster collaboration between different teams and departments to ensure that decisions are well-coordinated and aligned with the overall business strategy. Use tools and software that can help you gather and analyze data, optimize processes, and improve decision-making. This can include real-time tracking systems, advanced analytics, and AI-powered solutions.

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Ganes Kesari

2X Founder & Chief Decision Scientist | TEDx Speaker | Contributor to MIT SMR & Forbes | B-School Adjunct Prof. | C-Suite Advisor
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Assessing your current supply chain situation is akin to performing a thorough financial audit. Just as an audit exposes both the strengths and weaknesses in an organization's financial structure, a data-driven assessment lays bare the operational efficiencies and bottlenecks in a supply chain. Ensure you do a stakeholder mapping to identify key people you must talk to - across the hierarchy, functions, and geographies. This can ensure a 360 degree assessment.

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HENRY OLANREWAJU OLABOYIN

Logistics Supply Chain at Al Fakher Tobacco Factory
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To improve supply chain management, you can focus on enhancing communication with suppliers and customers, implementing technology for better visibility and tracking, and continuously analyzing and optimizing your processes.

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G Mani Kumar

Operations Management | Lean Management |Six Sigma Green Belt |Automotive Industry | Maximizing the value to Customer Through Manufacturing Excellence Strategies
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Decisions should be based on the data,current scenario with the help of Past experience /wisdom.We have to improve our decision making through effective communication and clear understanding of requirements that what we want to do....

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Sriram Narayanan

Supply Chain, Procurement, Logistics | Ex Sandvik | Transformation, Data Analytics, Optimization, Category Management, EXIM | INR 600 Crores Procurement (Direct & Indirect), | Nominated Global Supply Chain Award
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Decisions taken by logical and rational inputs available through various business intelligence tools with complete customer centric approach shall drastically improve Supply Chain. But communication clarity is the key for such initiatives. ????

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2 Define your objectives and criteria

Once you have a clear picture of your current situation, you need to define your objectives and criteria for SCM improvement. Your objectives should be SMART: specific, measurable, achievable, relevant, and time-bound. Your criteria should reflect your priorities and preferences for SCM, such as cost reduction, quality improvement, customer satisfaction, sustainability, and innovation. You can use a weighted scoring matrix or a decision tree to rank and compare your criteria and assign values to them.

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3 Generate and evaluate alternatives

After you have defined your objectives and criteria, you need to generate and evaluate alternatives for SCM improvement. You can use brainstorming, research, or simulation to generate possible solutions, such as changing suppliers, adopting new technologies, redesigning processes, or launching new products. You can use cost-benefit analysis, risk analysis, or multi-criteria analysis to evaluate the alternatives based on your criteria and values. You can also use sensitivity analysis to test how your alternatives perform under different scenarios and assumptions.

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4 Choose and implement the best alternative

Based on your evaluation, you need to choose and implement the best alternative for SCM improvement. You can use a decision matrix or a decision support system to summarize and compare your alternatives and select the one that maximizes your objectives and minimizes your risks. You can also use a stakeholder analysis or a consensus-building technique to involve and communicate with your SCM partners and gain their support and feedback. You can use a project management or a change management approach to plan and execute your implementation and monitor its progress and impact.

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Paul Weedman

The Eyes & Ears of your Chinese/Asian supply chain
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The key is people and process. You need to find the most professional people for each functional part of supply chain management. Then build a well-functioned process from sales, manufacturing, logistics to finance. Let the process work on its own and monitor the people and process and make improvement

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5 Review and improve your decision-making

Finally, you need to review and improve your decision-making for SCM improvement. You can use a feedback loop or a continuous improvement cycle to collect and analyze data on your implementation results and compare them with your expected outcomes and KPIs. You can use a gap analysis or a root cause analysis to identify and address any deviations or problems that arise during or after your implementation. You can also use a learning review or a best practice sharing technique to capture and disseminate the lessons learned and the best practices from your decision-making process and outcome.

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Ganes Kesari

2X Founder & Chief Decision Scientist | TEDx Speaker | Contributor to MIT SMR & Forbes | B-School Adjunct Prof. | C-Suite Advisor
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While conducting a workshop on 'Decision-making in the Age of AI,' a lively debate emerged. After spending weeks implementing a decisioning process, should you revisit it? And if yes, how often? It's a misconception that once you roll out the process and leverage tech like data & analytics to implement, it's pretty much done. It's not just the decision-support software that needs periodic updates, but the decision-making process as well. You must iteratively re-assess factors such as the influencing stakeholders, market situation, and likely ramifications of your decisions.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Rajat Goyal

XLRI | Lean Six Sigma Black Belt Ex - Udaan.com, ITC & Maruti Suzuki | Supply Chain | Operations | Supply and Demand Planning | Warehousing | Logistic | Distribution | People Management
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In addition to points mentioned by other experts, there is one more important piece is to understand power of digitization. Today's supply chains are getting more and more digitized than it was two decades back. With improved analytics tools it gives an opportunity to optimize to improve productivity which can unlock huge value either by kmproving customer satisfaction or reducing costs or both . In either case it may be a game changer for the organisation proving an edge above competition

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How can you improve supply chain management with better decision-making?

1

2

3

4

5

6

1 Assess your current situation

2 Define your objectives and criteria

3 Generate and evaluate alternatives

4 Choose and implement the best alternative

5 Review and improve your decision-making

6 Here’s what else to consider

Decision-Making

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How can you improve supply chain management with better decision-making?

1

2

3

4

5

6

1 Assess your current situation

2 Define your objectives and criteria

3 Generate and evaluate alternatives

4 Choose and implement the best alternative

5 Review and improve your decision-making

6 Here’s what else to consider

Decision-Making

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