20 October 2022 12:00 am
In fact, supply chain management has become the key driving factor in today’s businesses and the economy. Globalization explored opportunities through the technological platform providing an exponential development and some of the countries have started capitalizing on the potential for their economic growth.
Institutions are to bridge the knowledge gap between globalization and localization. Therefore, as an institution of providing a total solution to supply chain management related issues, Institute of Supply and Material Management (ISMM) supports by providing resources through a platform for the nation.
Supply chain functions are scattered to a broader area of the business operations, hence the varieties of opportunity are much more. Therefore, the business leaders are compelled to have their great attention on supply chain in relation to sustainable business development.
Businesses always focus on sustainable development that reflects finally in the economic development of the country. Businesses sought an operational excellence focusing on the two factors cost leadership and differentiation as a competitive strategy.
Innovative supply chain processes make a high impact on sustainable businesses within the highly competitive business environment which is influenced basically by technological factors.
Green supply chain management, agile supply chain management, digital supply chain management are some of the booming concepts that thrive in business success nowadays. Technology made an imperative revolution to supply chain management in the recent past and the digital business is one of the creations that everyone knows.
Technological contribution influenced exponential growth in supply chain management creating new business concepts through innovative business models. Business sustainability is relying on the business model and how it is accepted by the customer. However, it is important that a customer-centered business model is created based on responsible and ethical etiquettes.
Supply chain management from a life cycle perspective is also explained as the cradle, that gives effects of sustainability to the process. Sustainable supply chain process consists of procurement, inventory, manufacturing, distribution, and reverse logistics as the main functions.
The adaptation to strategic directives by organizations in supply chain management is another pillar of success in business performance. Envisioning the strategic directions and its incorporation to the corporate strategic plan is commonly practiced by many large-scale organizations in their supply chain management process through knowledge updates. Supply chain institutes disseminate theoretical and practical knowledge exploiting the strategic path of the supply chain for business organizations. The knowledge shared by the institutions contribute a gigantic service to the business society and that enables the business organizations to implement strategic direction in their supply chain management process in effect of economic revival.
(The writer is the President of Institute of Supply and Materials)