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Supply Chains must adapt to the changing business realities.
Charles Darwin made the profound discovery ‘It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change’. The principle is absolutely true for supply chains as well. If the business wants to survive and thrive in the long run, its supply chain must adapt to the ever-changing market reality.
I have often heard professionals grumble about the VUCA world, the pandemic, chip shortage, container delays, etc. When I ask them how their Supply Chain planning and execution processes have changed, there is a long silence. The processes have broadly remained the same for many decades now. If we don’t adapt to the changed market reality, the problem is actually internal, not the external changes.
I am concerned for the smaller and new companies, who often look up to the industry leaders for adopting their ‘best practices’. Most leaders have hardly adapted to the new reality and their practices are no longer the best practices.
The business reality has changed significantly in terms of consumer choices, product life cycle, supply reliability, data availability, and data processing capability. Have we adapted our planning and execution processes to benefit from the new reality?
Let’s focus on leveraging the new reality to make our supply chains more effective and robust.