Why supply chain is the next digital transformation
While digital transformation has been rapidly adopted across marketing, sales and customer experience, supply chain continues to lag.
Supplier relationship management (SRM) is a growing focus for business leaders worldwide. SRM is a set of digital tools that enables management and optimisation of supplier partnerships in the same way that a CRM system supports relationships with future and potential customers. Key advantages include:
- Improved collaboration: When all stakeholders can see the same real-time data and interact on one platform, quick, well-informed decisions can be made without running into bottlenecks.
- Full visibility: Full visibility into production aligns teams and helps solve problems before they start.
- Predictable automation: Digital supply chain management automates repetitive tasks and eliminates inefficiencies, driving better overall team performance, reducing costs, and boosting employee satisfaction.
- Scalable, repeatable processes: SRM provides a clear, repeatable set of processes and a comprehensive view of all of the moving parts of supplier relationships.
This article considers how technology leaders can help their organisations thrive well past the immediate crisis and be better equipped for the next one.
While agility often superseded elegance in the early stages of response, effective recovery efforts will likely hinge on making thoughtful adjustments to hastily established virtual work environments and balancing resilience efforts with long-term strategic investments that position organisations for future success.
Interview: Bernhard Maier, Škoda Auto CEO
Bernhard Maier discusses Škoda’s recent success, key challenges for the future, plans for electric vehicles and digitalisation strategy.
He also outlines his leadership philosophy: “Transparency, consistency and straightforwardness. For me as an entrepreneur, transparency means having as complete an overview of my business as possible. This is a fundamental prerequisite for making the right business decisions that are verifiable, valid and sustainable. Consistency describes the implementation of these decisions. And straightforwardness, for me, means standing behind the decisions we make and taking responsibility for them.”
Innovation in a crisis: Why it is more critical than ever
McKinsey & Company
A survey of business leaders by McKinsey & Company suggests that many companies are deprioritising innovation to concentrate on four things: shoring up their core business, pursuing known opportunity spaces, conserving cash and minimising risk. This article argues that, particularly in times of crisis more urgent actions to take include:
- Adapting the core to meet shifting customer needs
- Identifying and quickly addressing new opportunities being created by the changing landscape
- Revaluating the innovation initiative portfolio and ensuring resources are allocated appropriately
- Building the foundation for post-crisis growth in order to remain competitive in the recovery period