Five Vital Tips for Global Supply Chain Management

When managing a global supply chain, everything must come together just right at all times. Here are five tips that can help ensure the process runs as smoothly as possible.

1. Always have a back-up plan.

What’s more important than having a great plan? Having a great backup plan! You might never end up needing it, but failing to have a Plan B in place could end up costing you sales and customers. So many things can go wrong when dealing with international suppliers, from customs issues to language barriers. A solid backup plan will come in handy when these snags occur and help you stay afloat.

2. Stay on top of things

Failing to stay current on all aspects related to business could cost you greatly. A compliance expert is a very good idea given the sheer number of regulations, laws and best practices that apply to global sourcing.

3. Focus on getting sales forecasting right

As products move from one place to another in the global supply chain, sales forecasting can be just as critical as timing. After all, too much inventory can have a big financial cost and force your organization to hold onto products for a longer period of time than anticipated, impacting warehousing.

4. Put an expert team in place

When it comes to international business, it can pay to enlist the help of people who have expertise in different localities. If you are bringing lots of products into the U.S. from China, for example, you’ll want to have someone on your team who knows how things work in that country.

5. Take advantage of supply chain software

Modern technology brings a lot of gifts to supply chains, and one of the greatest of these is supply chain software. This can help manage and track inventory and suppliers, process orders, and give you an overall view of how things are progressing in your supply chain.

This blog post was based off an article from Business 2 Community. View the original here.