A supply chain strategy is a procedure that manages the connection between a company and its suppliers. Usually, supply chain managers create this strategy to maximize value in all the production cycle stages. Planning the supply chain involves balancing efficiency, resilience, and adjustment with the overall business strategy. Companies leverage a supply chain strategy to ensure their products reach customers as seamlessly as possible. This strategy optimizes all phases of the supply chain, like material sourcing, manufacturing, logistics, and delivery. Factors that influence a company’s supply chain approach are:

• Internal decision-making procedures
• The industry
• Business objectives
• Company value proposition

With the global market becoming overly complex, developing s supply chain strategy for businesses in the manufacturing, construction, retail, distribution, and wholesale sectors is fast becoming critical. What can supply chain managers do to strengthen their supply chains? Here are four methods to consider. 

Position Buffers Across the Supply Chain

Positioning buffers strategically down the supply chain can help companies absorb the effect of unpredicted delays. Managers can deploy the following buffers across the supply chain.

Inventory: keep buffer or safety stock to prevent demand surges or delays. The demand surge buffer is the most common. It facilitates easy and real-time tracking and control of the inventory using inventory management software. 
Capacity buffer: utilize less used spaces like production and warehouse facilities.
Time buffer: ensure materials are available before a demand surge to prevent a downstream or upstream delivery point or process. 

Expand Your Sourcing Network and Manufacturing
Supply chains have experienced numerous disruptions in recent years. Due to this, procurement managers now realize the dangers of relying on one product source. Multi-sourcing begins with classifying partners depending on financial impact and current cost. Procurement managers should also form relationships with suppliers with capabilities in different locations. 

Leverage Demand Prediction
[url=https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwj_j6yXvs76AhV6Q_EDHQzOAQUQFnoECDEQAQ&url=https%3A%2F%2Fwww.thefulfillmentlab.com%2Fblog%2Fdemand-forecasting&usg=AOvVaw0eznG2wFlIzSqmbI2ALl-I]Demand prediction[/url] involves using data to determine product demand to prevent an under-supply when customers need the most goods. Accurate demand prediction reduces costs, boosts lead times, and enhances customer satisfaction. There are different ways of predicting demand, such as monitoring social media, surveying customers, seeking advice from consultants, or reviewing historical trends and data. 

Standardize Your Procedures
Maintaining consistent operations makes the supply chain dependable, especially for companies working with different manufacturers and suppliers around the globe. Different templates based on your processes facilitate a smooth production process and compliance with set regulations. For instance, companies in the automotive sector leverage common vehicle channels to coordinate their supply chain approach. 

Strengthening the supply chain is an investment. Predicting the next significant threat is not easy. This explains why supply chain experts are abandoning the traditional lean supply chain approach used for decades. Resilience is critical and can distinguish supply chains from emerging more robust than before or surviving challenges.


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