Information is empowering consumers, businesses, and the entire players in the value chain to make informed, effective decisions. Supply chain networks rely heavily on data to establish coordination, visibility, product customization, and business intelligence. Data is collected and transmitted through many avenues including analytics software, survey, and tracking systems.
Industry news and thought leadership articles, however, are one of the best sources to gather key information and insights. They enable you to learn new regulations, best practices, market trends, and competitors’ performance. Businesses that are not informed on the latest updates are facing the risk of losing market share to rivals because they fail to comply with new policies, implement innovative solutions, and capture and serve a shifting customers preferences.
Staying abreast with industry developments has four benefits;
BEST PRACTICES IN THE INDUSTRY
Industry articles are written by experts who are willing to share proven processes or approaches giving readers an idea of how they can apply them in their organization. Though it is unnecessary to copy the exact methodology, it lays the foundation to build initiatives solving complex business issues. Oftentimes, companies are heading nowhere simply because no clear directions are set-up or business practices are poor. The world today is full of thought leaders who are generous in sharing their experiences on how they identify and solve the problem as well as the results they get. You would learn from their experience world-class practices that you can apply to your organization.
It is paramount to remember that managing a successful firm always requires someone who is willing to continuously learn something new – a relentless pursuit of perfection. Some companies are moving up even further, after leveraging existing practices, they innovate completely new ones allowing them to set the standard in the industry after being emulated by other companies.
Trade news serves as an information resource by revealing what your peers are doing or how they respond to the evolving market. By reading, for instance, you have learned that one of your competitors introduces a new product line and consumers have started to buy-in. Just a piece of news enables you to do something to be proactive and urgent to counteract against competitor’s move. Reading news will also alert you when your rival is anticipating launching a new product or feature.
In today’s technology-driven industry, organizations that are so satisfied with their existing process and think there is no more room for improvement are more likely to suffer from long lead times, angry customers, costly operations, low productivity (less output with more input), slim profits, a decline in market share, and the list could go on. Why? Because the management team is hiding from abundant useful information available everywhere, anytime.
News and industry blogs will give you an overview of the industry and help you evaluate your current business processes as you compare them against industry standards. As a result, you will know the gap from where you are to where you are supposed to be relative to leading competitors.
By reading, your minds get enlarged to a whole new level. You would get to know what other organizations are doing, how do they do it, what drives them to innovate, and much more. Having this information builds an incredible footing so you can start comparing your own with others, evaluating your company’s strengths and weaknesses, and implement success measures as you move towards your goal.
ACCESS TO SUPPLY CHAIN SOLUTIONS
Lastly, but equally important, you get to learn new products and services available today to give solutions to your organization’s needs. It could be new software, cost-effective raw material, logistics provider, or any specific solution you are seeking to accelerate your supply chain performance. Not only to learn new solutions, but also how these products work, who are the users, what are the proven business results, and how much it cost – although some may conceal the price tag from the public. Further, you can connect with the vendors as most articles have a link taking you to their website. Innovative companies at all sizes are quickly adopting new software technologies capable of performing analytics, business process automation, paperless transaction, artificial intelligence, and other things.
ExploreSCM brings you the information you need to stay relevant to a dynamic, modern supply chain. Staying on top of business trends is one way to get ahead in a competitive economic environment. Just by reading news, you armed yourself with powerful information helping you prepare for potential risks that may occur.