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Have we instituted ‘Value Sensing’ in our Supply Chain?
Many companies have instituted Demand Sensing in their supply chain. It helps them understand the demand coming from their customers, its evolving pattern, and the demand expected in the near future. It is of immense value in stock deployment and helps synchronize supplies with demand on an ongoing basis.
Do we also have a sense of value being delivered to our key customers? Is it increasing or diminishing? What’s the evolving pattern? Do we have a system in place to capture it periodically?
Companies with ‘Value Sensing’ system are quick to identify customers who see the benefits diminishing over time. We need to identify their pain areas afresh and rejig the supply chain to deliver higher value, to prevent them from lapsing.
Similarly, we must identify customers who see increasing value in our offering. What is really working for them? Can we extend it to other customers as well?
The benefits possible from a good ‘Value Sensing’ system is immense. It must be designed to context and monitored on a regular basis to maximize its utility.