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A new look at Supply Chain Planning in an era of disruption
A continuously applicable term over the past years is “Supply Chain Disruption”. If this is the new normal, how must we adapt?
Why managing AI risk presents new challenges
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The difficult of using AI to improve risk management
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How to bring AI into managing risk
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Pros and cons of using AI to manage risks
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Benefits and opportunities for risk managers applying AI
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Whether you're a seasoned professional or a recent graduate, navigating the evolving landscape of supply chain management introduces new challenges. In today's era, traditional strategies confront unprecedented disruptions, reshaping how we approach Supply Chain Planning (SCP).
The term "Supply Chain Disruption" takes center stage, triggered by global issues such as climate change, political unrest, pandemics, and geopolitical conflicts. This upheaval necessitates a reassessment of established SCP concepts that have served us well in the past.
Just-in-Time Manufacturing, once a cornerstone in the ERP world, has transformed product quality and cost efficiencies. However, in a world where supply and service deliveries are irregular, its reliability is questioned. Is it facing obsolescence, or is it evolving to meet new challenges?
Global sourcing, a practice spanning over two decades, has offered opportunities and choices by lowering labor costs and tapping into new markets. Yet, the increasing incidence of shipment delays and disruptions prompts a reevaluation of its benefits against the costs.
Supplier relationships have long been a focus, emphasizing factors like price, quality, quantity, and timely delivery. Should we now elevate low risk as a fifth performance criterion in our priorities?
Here we examine the impact of SC disruptions on JIT Manufacturing. Part 2 addresses the necessary adjustments to global sourcing rules. Part 3 explores a revamped approach to vendor selection and performance metrics.
JIT Manufacturing in a World of SC Disruptions
Traditionally, JIT concepts are straightforward but not always easy to implement. Order components and spare parts only when needed, keep inventory minimal, and prioritize efficiency. However, recent disruptions have amplified risks, challenging the reliability of JIT supply, production, and demand.
The question arises: Can we still afford to be "too lean"? While JIT won't disappear due to its cost-effectiveness, certain inventory rules may need relaxation. Shifting from JIT to "Just-in-case" inventory, especially for critical components, is worth considering. Rethinking key performance indicators is crucial to avoid unprecedented levels of unpreparedness.
To better prepare for future disruptions, consider embracing ideas such as:
Enhanced Inventory Management:
1. Utilize 3PL solutions for streamlined inventory management.
- Invest in E-Commerce and diverse fulfillment models to optimize stock processes.
- Proactive Supply Chain Transparency:
2. Increase transparency within the supply chain for swift reactions to disruptions.
- Embrace digital transformation for enhanced visibility across the supply chain.
3. Strategic Risk Management:
- Leverage scenario planning modules from IT solutions to proactively identify and manage risks.
- Implement advanced analytics for trend projection and early issue identification.
4. Diversification for Resilience:
- Diversify sources and logistics routes to build resilience against potential disruptions.
- Strategic Material Management:
5. Stock up on key materials strategically to ensure continuity in production.
Adapting to these transformations ensures resilience in the face of evolving supply chain challenges.
