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‘Best Practices’ are passé.
Most Supply Chain teams actively look for benchmarking their processes with leading players in their industry. They are in an eternal chase to find the ‘Best Practices’ in their industry. I empathize with them.
In most cases, adopting some other company’s ‘Best Practice’ fails to deliver the expected results. Why is it so?
Best Practices are specific to the context in which the company is operating. Since the context is different for each company, what works for one is unlikely to yield results for the other.
We need to go deeper and look for the ‘Best Principles’. These are common across all the players. These principles will lead to a specific practice in your context, which would be the ‘Best Practice’ for you.