At the recent annual conferences for APICS and CSCMP, the industry’s top professionals focused on some of the challenges that the industry is facing at the moment. Here is a look at three concerns that need to be addressed to help ensure a bright future for the supply chain industry.
Talent Crisis on the Horizon
Baby Boomers are dominating the supply chain at the moment, which means there could be a mass exodus in the next decade as these middle managers and top executives reach retirement age. Firms need to take a proactive approach to stem these losses by hiring millennials, looking outside of the industry and creating more mid-level positions to hold on to the talent they currently have.
Big Data Expertise is Needed
Companies now have access to more data than ever before. Thanks to the internet in general and the Internet of Things in particular, there is great potential to keep track of goods at every step throughout their journey and create more precise forecasts and analysis than ever before. However, collecting data just for the sake of having it is not the way to go. Too much data can overwhelm supply chain managers if there are no benchmarks or specific reasons for having certain pieces of data. Data that is collected without a clear purpose does not hold much value, which is why it’s important to first identify the problem, then define the metrics and set up the processes to collect the relevant data.
Mentoring the Next Generation of Workers
In his APICS keynote speech, SAP CEO Bill McDermott said that the mentors he looked up to always had his best interests at heart, adding that “trust is the ultimate human currency.” As today’s more experienced supply chain leaders approach retirement, many of them are keen to leave the industry in competent hands. When most of these people started working in the industry, there weren’t many formal programs for supply chain management. As such, they tended to learn the ropes through practice and sharing information amongst peers. This style of sharing knowledge is now part of the culture in this industry, and new hires need to embrace this custom if they wish to make an impact.
This blog post was based off an article from Supply Chain Dive. View the original here.