A company’s Supply Chain is undoubtedly its backbone but a smooth process cannot be taken for granted.
To remain competitive and secure earnings growth, organisations are looking at both process automation and newer technology systems to redefine their Supply Chain.
The Board of Directors in most organisations expect this change to be led by the Chief Operating Officer (COO). S/he is expected to reduce Supply Chain complexity, streamline operations, reduce spend on indirect procurement activities and ensure compliance. And rightly so. As Apple CEO Tim Cook demonstrated when he was the Chief Operating Officer (COO), an efficient Supply Chain can take a company to new heights by keeping shareholders and end consumers happy.
The job of handling a Supply Chain is made more complex in countries and regions where the process continues to be largely unstructured and relatively untouched by technology.
According to a recent Greyhound Research study titled, Emerging Markets COO Priorities 2016, 68% COOs in the Asia Pacific Japan (APJ) region confirmed their plans to embark on a Supply Chain transformation project in the next 12 months. The study also confirmed that over 50% COOs in APJ expect to use technology systems as a frontrunner in these projects.
Since this adds tremendous pressure on the role of a COO, Greyhound Research recommends some best practices to help in the task. These are:
- Harness The Power Of Data
- Develop Production Dashboards To Better Plan Production Cycles
- Simplify Transaction Mechanisms
- Build Transparent And Responsive Channels Of Escalation
“To keep up with new agile models of sourcing and delivery, traditional organisations need to start innovating their Supply Chain. Greyhound Research advises COOs to assume the role of a technologist and a process champion who will spearhead their organisation through this disruption,” said Sanchit Vir Gogia, Chief Analyst and CEO of Greyhound Research.
What Are Some Best Practices Which COOs Can Implement?
To know more about the challenges that COOs face and how they can optimise the use of technology to architect an efficient Supply Chain, read our freemium Greyhound Sprint Report titled, Redefining The Supply Chain Paradigm – A New COO Diktat.
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