Albert Einstein’s Theory of Relativity, Charles Darwin’s Theory of Evolution- we’ve all heard of them, but what do these have to do with the supply chain industry?
Einstein’s Theory of Relativity showed that the speed of light is the same no matter the speed at which an observer travels. Much like Einstein’s theory, changes in the supply chain industry are occurring at what seems like the speed of light, and you are the observer. No matter your position or speed of travel in the marketplace, the supply chain industry is rapidly changing.
Darwin’s Theory of Evolution is the process by which organisms change over time to better adapt to their environment to help them not only survive, but evolve. We are amid a supply chain evolution, and businesses must adapt and evolve to survive.
The question is, what are you doing to stay relevant and evolve in a “survival of the fittest” industry?
Positioning Your Business for Success
Below are three key tips that businesses must focus on in 2018 to remain relevant and evolve with the changing times.
1. Retain Skilled Workers
It’s no secret that there is a global talent shortage crisis, leading to high demand for supply chain professionals. This is due to the:
- Colossal wave of retiring baby boomers.
- Distribution and manufacturing giants oversaturating the market, and offering higher wages.
- Supply chain industry expanding faster than workers are becoming available, and qualifications for those careers are becoming more dynamic.
- Perception that supply chain jobs are not attractive or lack excitement.
This results in significant gaps in the workforce and spikes in turnover. Because of this, it’s more imperative than ever for businesses to properly feed their future talent pipeline by retaining their current employees, and setting them up for long-term growth and success
2. Create a High-Performance and Continuous Improvement Culture
With the supply chain industry’s evolution and increasing demands, as well as global talent shortage, it’s important for businesses to create and embrace a culture of high-performance and continuous improvement. This can be done by:
- Increasing engagement with your workforce.
- Improving coaching sessions between managers and associates, including data-driven feedback.
- Implementing or validating standards and goals that are fair and accurate.
- Offering competitive recognition programs that assures your workforce their performance and hard work matters.
Instilling this kind of culture helps retain current employees and attract qualified job seekers to your company while improving your productivity and profitability.
3. Become a Supply Chain Digital Trendsetter
In today’s supply chain, people expect the on-demand experience and nearly instantaneous service. Whether B2B or B2C, businesses can no longer operate on manual or outdated systems that report data days or weeks after the fact.
Digital trendsetters are heavily investing in technologies like:
- Real-time monitoring and tracking.
- Cloud based systems.
- Business Intelligence.
These types of technologies provide real-time insights to workforce and supply chain operations, and ensure:
- Reduction in operating costs.
- Improved productivity and efficiency.
- Increased throughput and time-to-value.
- Greater customer satisfaction.
There is no limit to how fast the universe can expand, and the supply chain industry is taking full advantage. It doesn’t take someone as smart as Einstein or Darwin to see that, and businesses are already stepping up and investing in the necessary technologies to gain a leg up on the competition.
If you’d like to talk with someone at TZA about how you can further evolve and take your operations to the next level, click below.