Executive Forecasts 2024: Optimizing Supply Chain Networks
Electronics Sourcing, December 2023 – When advising supply chain leaders on optimizing their supply chains, NewPower’s CEO, Carleton Dufoe, advises building agility, resilience and redundancy.
To ensure economic viability, supply chain leaders worldwide are assessing their strategies. They’re focusing on capacity, adaptability and durability, but challenges like supply and demand imbalances, geopolitical instability, and unexpected pandemics make it difficult. Adding to the problem is electronic component demand patterns and customer expectations are always in a state of flux and the reality of what needs to be constructed will likely look vastly different over the course of the next decade.
What is the best approach for supply chain leaders to optimize their supply chains? In the supply chain landscape, a global reality exists with complex dependencies in upstream and downstream functions. Supply chain leaders must focus on optimizing strategies and building agility, resilience and redundancy. Agility helps to adapt to changing customer demands, resilience overcomes setbacks in the supply chain and redundancy mitigates damage from disruptions.
What are some concrete methods to accomplish this? To begin strategic planning, companies should set measurable goals aligning with quantifiable output metrics. These goals should be easily measurable and connected to the fundamental aspects of the company’s operations. A thorough inventory management assessment is vital for creating a comprehensive and detailed inventory strategy.
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