know the basics<\/a> of how all the pieces come together to produce and distribute a product. Every entity involved is part of the supply chain, from mining raw materials to when the customer receives the product on their front doorstep. These supply chain activities are critical for running a successful business.<\/p>\n\n\n\nThe entities in your supply network that are linked together in the chain fit into one or more of the following categories:<\/strong><\/p>\n\n\n\n\nSuppliers<\/li>\n\n\n\n Vendors, consultants, and internal teams<\/li>\n\n\n\n Warehousing<\/li>\n\n\n\n Logistics<\/li>\n\n\n\n Fulfillment<\/li>\n<\/ul>\n\n\n\nThe part of the supply chain people think about the most is purchasing and shipping, but every aspect of product development is a part of the chain. If a step provides resources or adds value, they are part of the chain. The most common functions in the supply chain are product development, marketing, operations, distribution, finance, procurement, and customer service.<\/p>\n\n\n\n
Sometimes, these entities are companies or consultants you hire<\/em>.<\/p>\n\n\n\nSometimes, they are people or teams within your own company<\/em>.<\/p>\n\n\n\nThe important thing to remember is each of these links comes together to get your product produced and sold. Supply chain planning involves finding the proper entities, setting priorities for procurement, tracking their progress, monitoring supplier performance and making improvements along the way.<\/p>\n\n\n\n
<\/span>How to Choose the Right Supply Chain Strategy<\/strong><\/span><\/h2>\n\n\n\nThere are many different supply chain management strategies out there, and each expert will have their take on which is the best.<\/p>\n\n\n\n
So many strategies exist because every industry has different challenges, and every company has unique priorities. With a high-level understanding of your challenges and priorities, you can help your supply chain experts better pick the right one for your product.<\/p>\n\n\n\n
<\/span>Industry Challenges<\/strong><\/span><\/h3>\n\n\n\nStart by understanding the unique supply chain challenges in your industry.<\/p>\n\n\n\n
Research into the industry will tell you what your competitors are dealing with and what historical problems others have faced. Some questions you should ask are about your industry are:<\/p>\n\n\n\n
\nHow quickly does technology change?<\/li>\n\n\n\n How robust is the supplier network for materials and components?<\/li>\n\n\n\n What is the capacity of the supplier network?<\/li>\n\n\n\n What technology challenges does the industry face?<\/li>\n\n\n\n Are there shipping and storage safety issues?<\/li>\n\n\n\n How volatile is the demand?<\/li>\n\n\n\n How important is implementing new technologies?<\/li>\n\n\n\n What are external factors that you have no control over?<\/li>\n\n\n\n What are customer expectations?<\/li>\n\n\n\n How well can you forecast customer demand in the short and long term?<\/li>\n<\/ul>\n\n\n\n<\/span>Your Priorities<\/strong><\/span><\/h3>\n\n\n\nCombining those industry challenges with your business goals and strategy gives you priorities. Effective supply chain management ultimately depends on your broader business strategies and priorities.<\/p>\n\n\n\n
When it comes to producing and selling your product, you have to make tradeoffs between four supply chain factors:<\/strong><\/p>\n\n\n\n\nCost<\/li>\n\n\n\n Schedule<\/li>\n\n\n\n Robustness<\/li>\n\n\n\n Customer value<\/li>\n<\/ol>\n\n\n\r\n
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