The transformation of the Supply Chain (SC) into a digitalised-approach becomes quite a challenge for enterprises everywhere, given the circumstances; there were many initiatives to transform businesses into a resilient-customer-centric SC to enable growth, just before the pandemic.
Top organisations have invested considerable amounts in transforming their SC for growth over the recent past years. With such significant investments for a successful SC, they must deliver a Return on Investment (RoI) in the form of growth. Based on Accenture's recent surveys, executives from several industries worldwide declared these main SC issues:
- The deficiency of flexibility when talking about supplying customised goods.
- The poor ecosystem design, which lacks the right partners.
- A siloed-technology architecture that does nothing to facilitate collaboration and sharing innovation.
- The critical need for a resilient SC that produces and delivers all essential goods and services quickly, safely and securely.
What was the cause of this lack of transformation?
Health and world economies have gone down because of the current crisis; SCs have to go further than efficiency to support their company’s development and goals. Although businesses invested millions into SC renovation, just a few of them have effectively accomplished such transformation.
Companies have to focus on transparency ASAP and make the faster decision to building up more customer-centric-purposeful SCs right away, to advance whilst economies recover.
Customer experience leads to growth.
Top-level executives across some industries around the globe are transforming their SCs to contribute to a customer experience that leads to growth, and successfully reshaping them to generate meaningful impact.
The customer in mind
CEO's SC strategy is now focused on the customer’s high-values, becoming a personalised-custom-made experience. Customers are looking for services and products as experiences; hence, they are expecting from companies to deliver more complete encounters.
By dealing with these changing-customer expectations, for sure, it makes an enormous difference in the delivering purpose that matter the most when financing in their SCs. When CEOs invest in digital structural design, they are creating a culture insight across their companies that relies on collaboration.
The use of data increases those values. SC leaders understand that investing in edge-technologies and building analytical-asset collaboration approach might significantly enhance SC impact on profits. By all means, innovation, data-driven insights and collaboration patterns represent more revenue growth.
Ten most-mature-capabilities companies applied
- They have made a meaningful investment in applying and improving blockchain skills.
- Partnering with Procurement leader helps them to identify value add, and the designing of products to meet target margins.
- They put into operation customer and product segmentation on a real-time basis.
- They put into practice predictive analysis and maintenance procedures based on applied intelligence within the company and its customers.
- They have implemented continuous cybersecurity measures and risk assessment by the use of predictive data analytics.
- They base procedures on customer and product segmentation on a real-time basis.
- They have entirely automated their warehouse processes with machine-to-machine order management and mobility solutions using augmented and virtual reality.
- They set up external partnerships to develop competences and to innovate new products.
- The engagement of CEO's in the SC transformation resulted in the board enthusiastically assigning capital and talent that power innovation capabilities for their SC.
- CEO's assign top talent to drive SC transformation.
Summing up: never before has SC been so crucial to not only company well-being but also to society. There are many benefits for organisations moving their SC beyond efficiency into customer-centric growth.
Is your company changing current SC mindset to make the most out of customer-centric growth?
Dave Food
Prophetic Technology
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