FPC of Raleigh

Have you considered how many supplier tiers your company should manage in the supply chain? 🌟 Managing suppliers across multiple tiers can enhance risk mitigation by providing a broader view of the supply chain. Even though Tier 1 suppliers are directly linked to the company and might seem reliable, issues at Tier 2 or Tier 3 suppliers can indirectly affect operations. For instance, a problem at a Tier 3 supplier could cause delays or shortages that trickle up the chain, eventually impacting the end product. 📈 Extending oversight to these lower tiers allows companies to detect potential issues early and take proactive measures to prevent disruptions. This can include assessing these suppliers' financial health, production capacity, and compliance. 🌐 By understanding the entire supply chain, businesses can develop contingency plans and diversify their supplier base if needed, reducing the chance of a single point of failure. Engaging with Tier 2 and Tier 3 suppliers also fosters stronger relationships, ensuring they align with the company's standards and expectations, leading to better quality control, innovation, and efficiency. ⏳ However, managing multiple tiers does require more resources, including time and personnel. Companies must weigh these costs against the benefits of increased risk mitigation and supply chain stability. In many cases, the investment in managing additional tiers can pay off by preventing costly disruptions and maintaining smooth operations. 🔗 Read more on this topic here: https://lnkd.in/e8r5mtKJ What are your thoughts on managing multiple supplier tiers? Feel free to share in the comments below. #SupplyChain #RiskManagement #BusinessOperations

Have you thought about the potential of data for supply chains? 🌍🏢 Supply chains generate massive amounts of data every year, but many companies struggle to gather it. However, investing in comprehensive data and analytics can aid future business growth. With that in mind, this article from Forbes recommends collecting data now and using these 5 tips to leverage its potential. 1️⃣ Prioritize real-time data. 2️⃣ Rethink the ROI of tech. 3️⃣ Start small and test. 4️⃣ Understand the business and the tech. 5️⃣ Think long term. For more, read the full article here: https://lnkd.in/eHxdXhqi #OptimizingData #Analytics #SupplyChain

RFID item tagging is benefiting supply chain management across the world. Inventory accuracy is one of the primary advantages of RFID (Radio Frequency Identification) tagging, as it enables real-time tracking throughout the supply chain, which in turn minimizes overstocking as well as reduces stock discrepancies. RFID technology not only speeds up shipping and inventory counts, but also plays a crucial role in gathering data on customer preferences and behaviors. This data can then be used to make informed decisions about product placement and inventory management. However, there are some roadblocks to the adoption of this technology, as covered in the article below: https://lnkd.in/eH6xTpek #RFID #SupplyChain #DataAnalytics

Did you know the barcode has been revolutionizing supply chain operations for over 50 years? It was back in 1974 that a pack of gum became the first item scanned with a barcode. Since then, the humble barcode has become the backbone of global commerce operations, streamlining processes and ensuring efficiency. As we step into the future, the potential of 2D barcodes, such as QR codes, is already being realized. These advanced barcodes promise greater traceability, transparency, and safety, perfectly aligning with the needs of modern consumers. Learn more about the past and future of barcodes in the article below: https://lnkd.in/e8YPrmK9 #SupplyChain #Technology #Barcodes

Are you getting the most out of your supply chain? This interesting piece discusses how supply chain optimization can significantly benefit various aspects of business operations. Here are five key areas where optimization efforts make a notable difference: ➡️ Inventory control: A well-managed inventory affects order fulfillment and production planning. Efficient inventory control helps avoid excess goods that take up space or shortages that affect demand, ensuring timely order fulfillment. ➡️ Order fulfillment: Optimized supply chains lead to increased on-time orders and greater customer satisfaction. Businesses can streamline order deliveries by improving logistics planning and discovering efficient delivery methods. ➡️ Demand planning: Accurate demand planning helps manage inventory levels effectively, avoiding purchasing less popular goods and maximizing warehouse space utilization. ➡️ Customer service: An optimized supply chain enhances customer service by providing timely notifications about shipment delays and enabling compensation measures for late deliveries, thus maintaining customer trust and loyalty. ➡️ Decision-making: Real-time data visibility supports informed decision-making and allows for quick response to emergencies. Machine learning advancements further enable predictive modeling, improving overall supply chain efficiency. Check out the full article here for a deeper dive into these areas. https://lnkd.in/gPfuct6E #SupplyChain #InventoryManagement #Logistics

Are customer-centric supply chains the future? No longer just a back-end function, supply chains have evolved into a crucial element of successful businesses. By focusing on consumer needs, they can become more efficient, agile, and responsive to demand. But how can this be achieved? Gartner offers guidance in this area with their "Four steps to becoming a customer-centric supply chain" report, which suggests the best approach consists of these steps: 1️⃣ Establish a customer experience (CX) mindset. 2️⃣ Measure performance against CX outcomes. 3️⃣ Analyse CX insights. 4️⃣ Take action. Read more: https://lnkd.in/eH_TuCyS #CustomerExperience #SupplyChain #BusinessStrategy

Increase the efficiency and agility of your supply chain by implementing a data-driven strategy. Data-driven insights facilitate accurate forecasting and inventory management, thereby reducing the risk of overstocking or understocking. However, it's crucial to have high-quality data as the foundation of this approach, as forecasts and insights are derived from it. Here are some key steps to ensure the best data is collected: 1. Ensure that your technology is up-to-date and invest when necessary. 2. Foster a culture of data literacy within your organization. 3. Address any infrastructure needs that may affect the collection of data. 4. Ensure that your systems are scalable and flexible. 5. Maintain data security. These are just a few ways to ensure the best possible data is being collected. If you want to learn more, you can read the full article here: https://lnkd.in/g26KkCQJ #SupplyChain #DataAnalytics #Technology

In supply chain and procurement, data quality is extremely important. However, the challenge lies in collating the differing data sets created in each function in a meaningful way. Companies like Tealbook are addressing this issue by creating a 'data brain,' a system that uses AI to cleanse and integrate data, thereby improving its quality and generating valuable insights. Given that 90% of the world's data has been created in the past 2 years, it's crucial that this data is clean and usable. In this article, Stephany La Pierre, CEO of Tealbook, discusses the importance of data hygiene and its potential impact on your business. https://lnkd.in/eXcqPZNS #DataAnalytics #SupplyChain #Procurement

A new report from Boston Consulting Group (BCG) and CDP has revealed some eye-opening statistics: upstream emissions from manufacturing, retail, and material sectors in 2022 were 1.4 times the total CO2 emitted in the EU. The “Scope 3 Upstream” Report emphasizes how supply chain emissions are often overlooked. Interestingly, companies are twice as likely to measure Scope 1 and 2 emissions than Scope 3, despite Scope 3 emissions being 26 times higher than operational emissions. Key insights from the report include: ➡️ Companies with climate-competent boards are five times more likely to have a Scope 3 target and a 1.5°C aligned transition plan. ➡️ Businesses that engage suppliers on climate issues are almost seven times more likely to have a Scope 3 target. Yet, only four in ten corporations actually do this. ➡️ Mandating an internal carbon price for all business decisions makes companies four times more likely to have a Scope 3 target and an aligned transition plan. Read the full report: https://lnkd.in/eaQXxbMi #Sustainability #ClimateChange #SupplyChain

What does a circular supply chain look like? Manufacturers, intermediaries, buyers, and suppliers across global supply chains face significant pressure from consumers, activists, and government regulators. The push for waste-reducing and environmentally friendly solutions has reached crucial and imperative stages. Could a circular supply chain be the answer? Some of the current challenges include: 🔹 Increased costs and geopolitical conflicts 🔹 Rising global temperatures, expected to climb above 1.5°C between 2026 and 2042 🔹 Unsustainable global waste management policies with plastic production hitting 400.3 million metric tonnes in 2022 So, how can a circular economy address these issues? According to this article: 🔹 Reduces GHG emissions by targeting unsustainable practices in key sectors 🔹 Minimizes the demand for new products and raw materials 🔹 Boosts energy efficiency and renewable energy efforts 🔹 Maximizes resource efficiency and minimizes waste Could transitioning to a circular economy effectively address these pressing environmental issues? Feel free to share your thoughts in the comments. https://lnkd.in/eny586bq #Sustainability #CircularEconomy #SupplyChain