09 Feb 2023 -

5 strategies to level up your supply chain – Forbes

supply chain

What are the five critical strategies for supply chains to stay nimble in the year ahead?

According to Forbes, the first to consider is near-shoring. “Nearshoring works because it’s about getting closer to your suppliers, manufacturers, and customers. Being strategically located in countries near your partners makes nearshoring a viable option today. Even our current administration is talking about near-shoring with Mexico firms.”

Alongside this, companies should look at how the Manufacturer-Supplier collaborations can improve especially with the use of AI-enabled systems.

“Using AI systems can help manufacturers collaborate more effectively with suppliers, says Forbes. “Using AI’s predictive analytics and data evaluation, organizations will find new ways to analyze data on sales, production, and supplier lead times to determine the optimal quantity of materials and products to hold in stock. We call this the ‘Material Truth,’ which is an organization’s ability to manage inventory in order to ‘always have the right part, in the right place, at the right time.”

Read the entire article

To avoid electronics supply-chain disruptions, you may also wish to consult an expert in electronics component supply. With more than three decades of supply-chain expertise, Astute Electronics is ideally placed to work with you on your daily component requirements.

For more help with looking at supply chain options, contact Astute Electronics

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