{"id":10850,"date":"2022-06-22T15:47:24","date_gmt":"2022-06-22T22:47:24","guid":{"rendered":"https:\/\/www.qad.com\/blog\/?p=10850"},"modified":"2023-01-18T15:50:53","modified_gmt":"2023-01-18T23:50:53","slug":"look-ahead-and-fortify-your-supply-chain","status":"publish","type":"post","link":"https:\/\/www.qad.com\/blog\/2022\/06\/look-ahead-and-fortify-your-supply-chain","title":{"rendered":"Look Ahead and Fortify Your Supply Chain"},"content":{"rendered":"<p>[vc_row][vc_column][vc_single_image image=&#8221;10852&#8243; img_size=&#8221;full&#8221;][vc_column_text]<span style=\"font-weight: 400;\">Supply chain disruption is set to continue for the foreseeable future. In this QAD Precision Report we examine business strategies companies can consider to fortify the supply chain.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We are almost already a quarter of the way done with the 21st century. These last few years have really weighed heavily on supply chain managers across the globe. Sickness, detrimental weather, fewer coworkers, new logistics rules and increasing customer demands are just some of the unwelcomed factors that have upturned the global supply chain.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Yes, <\/span><i><span style=\"font-weight: 400;\">time <\/span><\/i><span style=\"font-weight: 400;\">will pass and <\/span><i><span style=\"font-weight: 400;\">change <\/span><\/i><span style=\"font-weight: 400;\">is inevitable. Businesses that prepare for both are the ones best place to face the next challenge. Now is the time to rethink your supply chain strategy. You can strengthen the supply chain by taking the right precautions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can make the following moves to fortify your supply chain:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Welcome the digital transformation<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Turn to the cloud<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Keep it local<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Prioritize compliance<\/span><\/li>\n<\/ol>\n<h2><span style=\"font-weight: 400;\">Digitize Now and Scale<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Modern supply chains should be digital. Get rid of the spreadsheets, bulletin boards, and even the sticky notes. Technology can do all that and faster.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Digital supply chain management (SCM):<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Automates key processes<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Grants access to a global trade network<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mitigates risks<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Provides actionable real-time data<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Adapts to changing regulations and market conditions<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Digitization gives significant advantages end-to-end across the supply chain. It is possible to automate processes from <\/span><a target=\"_blank\" href=\"https:\/\/www.qad.com\/solutions\/qad-digital-supply-chain-planningen-GB\/supply-chain-planning\/supply-planning\/\/\" rel=\"noopener\"><span style=\"font-weight: 400;\">supply<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a target=\"_blank\" href=\"https:\/\/www.qad.com\/solutions\/qad-digital-supply-chain-planningen-GB\/supply-chain-planning\/demand-planning-process\/\/\" rel=\"noopener\"><span style=\"font-weight: 400;\">demand planning<\/span><\/a><span style=\"font-weight: 400;\"> to finding the fastest\u2014 or cheapest \u2014 carrier for <\/span><a target=\"_blank\" href=\"https:\/\/www.qad.com\/solutions\/multi-carrier-shipping\" rel=\"noopener\"><span style=\"font-weight: 400;\">final mile delivery<\/span><\/a><span style=\"font-weight: 400;\">. As a result, you free up logistic staff from repetitive manual processes. Instead, they can concentrate on more value-added work, leading to an increase in productivity.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Unify On the Cloud<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In a similar vein, you can\u2019t think of instant information without thinking of the cloud. The cloud gives us the ability to easily connect with more customers and companies, no matter where they are in the world.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The cloud allows you to mature your logistics model, breaking down silos both within your organization and across your network of suppliers, customers and carriers. Technology can provide real-time visibility of supply chain conditions. The cloud provides quick visibility for accurate forecasts and accurate information for quick decisions. \u201cCollaboration\u201d isn\u2019t just a buzzword, it\u2019s possible.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Stay Close<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It is possible to communicate and collaborate instantly to anyone around the world. Unfortunately, we have not yet reached a point where we can instantly materialize goods like in science fiction.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For a long time, many supply chain models included strategies such as Just-in-Time inventory. Parts and raw materials arrived from far flung suppliers around the world as they were needed. This allowed companies to reduce inventory costs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In response to supply chain challenges brought about by ongoing disruption many companies are reassessing offshoring strategies. The inability to get goods just-in-time interrupted production cycles \u2014 in some cases, closing down resulting in temporary factory closures.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nearshoring or reshoring is a huge undertaking, both logistically and financially. Having said that, it can be profitable to have some of the supply closer to where the demand is to fortify your supply chain.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">FTZs, or <\/span><a target=\"_blank\" href=\"https:\/\/www.qad.com\/solutions\/foreign-trade-zone\" rel=\"noopener\"><span style=\"font-weight: 400;\">Foreign-Trade Zones<\/span><\/a><span style=\"font-weight: 400;\">, are great investments in terms of supply and agility. An FTZ is an area where raw materials or goods can be landed, stored, manufactured or reconfigured without paying duties.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By placing inventory in an FTZ, you avoid paying tariffs, until such time as finished products are made available in the local market. If goods are re-exported no duties are ever paid. FTZs that are close to the demand can help strike a balance between local, regional, and global strategies.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Follow the Rules<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Finally, the easiest move to make is one that simply takes diligence: make sure you\u2019re knowledgeable and compliant. Companies are increasingly engaging in cross-border trade, but a regulation violation can set your company back dramatically with fees, reputational damage, and other consequences. To make matters worse, these regulations and other factors like the restricted parties list are quite fluid.<\/span><\/p>\n<p><a target=\"_blank\" href=\"https:\/\/www.qad.com\/solutions\/global-trade\" rel=\"noopener\"><span style=\"font-weight: 400;\">Global trade management software<\/span><\/a><span style=\"font-weight: 400;\"> helps to effectively avoid any issues \u2014 and trade more profitably. Your global trade strategy could include duty reduction strategies, such as leveraging a free trade agreement. In addition, important compliance checks when importing or exporting goods can also be automated.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Global trade management is not simply about avoiding fines and compliance missteps. Done properly, it offers a distinct competitive advantage, helping reduce supply chain costs from procurement to the delivery of the final product.<\/span>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_single_image image=&#8221;10852&#8243; img_size=&#8221;full&#8221;][vc_column_text]Supply chain disruption is set to continue for the foreseeable future. In this QAD Precision Report we examine business strategies companies can consider to fortify the supply chain. We are almost already a quarter of the way done with the 21st century. These last few years have really weighed heavily on supply chain [&hellip;]<\/p>\n","protected":false},"author":53,"featured_media":10852,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2045],"tags":[2564,516,118,406],"class_list":["post-10850","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-supply-chain-trends","tag-global-logistics","tag-global-trade-management","tag-supply-chain-management","tag-trade-compliance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Look Ahead and Fortify Your Supply Chain | QAD Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.qad.com\/blog\/2022\/06\/look-ahead-and-fortify-your-supply-chain\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Look Ahead and Fortify Your Supply Chain | QAD Blog\" \/>\n<meta property=\"og:description\" content=\"[vc_row][vc_column][vc_single_image image=&#8221;10852&#8243; img_size=&#8221;full&#8221;][vc_column_text]Supply chain disruption is set to continue for the foreseeable future. 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