Any supply chain should ideally have a balance. A company must balance cost, inventory, and customer service in order for a supply chain to function well. However, even if a supply chain plays a significant role in our company's success, it's still important to focus on the elements that have the ability to influence your business's outcomes in unexpected ways. Here, Larry Savage Jr talks about elements that have an impact on supply chain management:

1. Larry Savage JrAlabama
Talks About Factors
Affecting Supply Chain

2. Any supply chain should ideally have a balance. A
company must balance cost, inventory, and customer
service in order for a supply chain to function well.
However, even if a supply chain plays a significant role
in our company's success, it's still important to focus on
the elements that have the ability to influence your
business's outcomes in unexpected ways. Here, Larry
Savage Jr talks about elements that have an impact on
supply chain management:

4. Uncertainty
A product chain's supply chains are impacted by many
challenges, including unanticipated changes in
suppliers, customers, competitors, and technology. Your
company's success is also greatly influenced by the
government's backing and unreliable factors from
elsewhere.
The expectations of the company about quality, timely
delivery, competition, and the degree of competition
amongst companies all affect supply chain factors.

5. Advances In Technology
Advanced technologies relate to the design of new,
lightweight materials as well as new production
technologies. The quick advancement of sensor
technologies and their use in remote monitoring,
diagnostics, and even repair systems has an impact on
the demand and supply.
Advanced sensor, information, and architecture
technologies are also essential to the functioning of the
Internet of Things, which all have an impact on supply
chain management.

6. Partnerships In The Supply Chain
Larry Savage Jr says that without smart supplier
partnerships and fruitful customer relationships, the
supply chain won't be efficient. In the end, coordinating
and integrating activities with suppliers and
understanding the needs of a customer is what
ultimately helps businesses.
As all businesses have a tendency to work indirectly
with various suppliers, it is essential that relationships
with suppliers meet both the company's and the
suppliers' needs.

7. Supply Chain Management
Supply chain management (SCM) includes all aspects
of material procurement, transportation, and delivery to
customers. The supply chain will experience delays,
reduced efficiency, redundancy, and an inability to
satisfy customer needs when SCM is not implemented
appropriately.
Strategic supplier relationships, more visibility, and
transparency are necessary for effective SCM. There is
a reduced possibility of a supply chain disruption when
all activities are coordinated.

8. Customer Satisfaction
Views of a product by its manufacturer and that of a
client are different. The reason for this is that although
producers and retailers search for sensible after-sales
procedures that allow them to raise customer
satisfaction levels, customers place higher importance
on affordable prices, timely delivery, and personalized
items. Giving consumers the best service possible in a
practical and effective manner is the aim of businesses,
and it has a huge impact on the supply chain.

9. Sustainable Methods
There has been increasing awareness of sustainable
practices, so supply chain managers should adopt
sustainable methods of working. In order to achieve
more flexibility, sustainable practices need more robust
and efficient supply chains. To solve this demand,
supply chain managers can promote ethical sourcing,
prevent overproduction, and eliminate waste.

10. Final Thoughts
Supply chain managers can efficiently overcome any
problems in supply chains by understanding the factors
that affect the process. Apart from that, in Larry
Savage Birmingham Advises the Steps To Increase
Supply Chain Resilience, he talks about resilient
supply chain solutions, which are necessary to run a
business in times of uncertainty.
Source Credit:
https://larrysavagejralabama.blogspot.com/2024/02/
larry-savage-jr-alabama-talks-about.html

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