In many ways, global supply chains have been able to get back on track following a tumultuous 2020 and 2021 as companies strive to keep projects going and revenue flowing. However, volatility and uncertainty remain challenging realities of doing business today.
Issues like global political unrest, worldwide inflation and the rising costs of everything, customer unpredictability with increased expectations, labor shortages, extreme weather, increased technology demands and more are complicating the question designers are asking, "Where's my stuff?"
While the COVID crisis certainly tested supply chain resiliency, it also revealed kinks in the system that needed to be addressed. Now, 60 percent of supply chain leaders are investing in customer experience metrics and data analytics to handle the enhanced speed, complexity and demand they’re facing. The differentiator in how companies can thrive—and not just survive—with product supply issues is how they maximize these three critical factors:
Product Access
When a typical project requires dozens of components—any of which could derail the entire system—the first step in optimizing your supply chain is securing a proven and reliable distributor with a broad and deep inventory of fully authorized parts—free of defects and counterfeits. Superior parts come first.
Quality distributors will have application programming interface technology that allows customers a real-time look at what's in stock to make it possible to access inventory and pricing information as well as place orders without delay. In addition, bill of materials management analytics provides instant inventory assessment on current component availability. Effective supply chain management isn’t just about product availability but also the effective use of component information, industry know-how and design and integration expertise that a distributor can provide.
Process Optimization
Digitization, inventory optimization and control tower utilization (an integrated, personalized dashboard of key supply chain data, people, processes and technology for greater visibility, control and decision making) are becoming more useful operational tools in this age of immediate and immense data. Concepts like end-to-end visibility and system agility and flexibility are legitimate goals, and the new objective isn't just securing parts but also optimizing inventory levels.
Top distributors will have advanced inventory management tools, which are tailored to ordering and delivery requirements that result in reduced procurement, logistics and shipping costs, thus lowering total cost of ownership. Other forecasting and performance management tools are available to help make visibility, flexibility and adaptability force multipliers for higher performance.
Progress Innovation
What will separate the survivors from the thrivers in supply chain management in the future will be how companies use technology and innovation, areas we’re just starting to explore. With performance accelerators like the Internet of Things, predictive analytics and artificial intelligence/machine learning and forecasting, companies will greatly improve overall supply chain visibility and effectiveness.
At TTI, we’ve mastered these product, process and progress necessities. Managed by our team of Specialists, our deep and wide inventory is second to none and our quality and reliability standards are exceptional (we shipped over 27 billion units last year with an industry-leading delivery rate). That's how we can offer tailored, flexible and dependable supply chain solutions for greater efficiency and performance with reduced costs and downtime regardless of whatever challenges our industry faces.
