Recent global events (civil unrest, volcanoes, the Japanese earthquake, etc.) have focused new attention on the importance of supply chain resilience. Incidents like these underscore how globalization has connected companies, suppliers, consumers and the world around them in new ways.
How should manufacturers respond to this intricate interdependence? Are there specific steps they must take to achieve excellence in today’s connected marketplace?
A new whitepaper from PricewaterhouseCoopers (PwC) deep dives into these questions and concludes that essentially, there are five key issues that play an important part in determining whether manufacturing companies will rise to the level of excellent, adequate or merely mediocre. Those five key issues are:
- Identifying and preventing supply chain risk
- Linking demand planning with the whole value chain
- Making customer and supplier collaboration real
- Addressing lifecycle opportunities and demonstrating sustainable value
- Attracting the people and skills needed for the future
In the report, PwC does a good job of breaking down the first bullet point, the task of identifying and preventing supply chain risk. Ultimately, the firm recommends that you mitigate supply chain risk by: (more…)