Best Practices Prove Beneficial For Supply-Chain Management

Jan. 13, 2005
By Deborah Austin Companies thriving in today's economy use deep supplier relationships and pooled buying power to generate huge savings and grasp competitive advantage, says a new report "Best Practices in Supply Chain Management and Partnerships" by ...
ByDeborah Austin Companies thriving in today's economy use deep supplier relationships and pooled buying power to generate huge savings and grasp competitive advantage, says a new report "Best Practices in Supply Chain Management and Partnerships" by benchmarking firm Best Practices LLC, Chapel Hill, N.C. Through best supply-chain practices, firms reported cutting lead time and inventory by 50%-plus, and eliminating processing errors. Key effective practices identified:
  • Align supply-chain-management systems with strategic initiatives and goals.
  • Forge partnerships with suppliers, pooling talents and resources.
  • Certify supplier partners, establishing a common language.
  • Use technology -- such as extranets and common CAD/CAM platforms -- to improve supplier relationships.
  • Refine/enhance manufacturing processes, identifying which organizations can provide highest quality/lowest cost.
  • Foster communication between partner organizations.
  • Emphasize mutual benefits of partnership.
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