We live in an era where everything is transforming with galloping pace, especially, the way we do business. The means are changing. Well, the most vul
We live in an era where everything is transforming with galloping pace, especially, the way we do business. The means are changing. Well, the most vulnerable domain which is getting affected is technology. It goes without saying that it makes our life a piece of cake and our businesses easier. Even our government is leaving no stone unturned. Digital is the ‘buzz’ word in everyone’s mind. Businesses are getting digitalized in order to get more effective and efficient.
When organizations are investing exorbitantly in digital technology for marketing, sales or finance, however, they often overlook the supply chain. The backbone of any organization is supply chain. Organizations cannot survive until and unless they have an efficient supply chain in place. Therefore, bringing all the partners aboard through digitalization emboldens a healthy collaboration among them. The imperative aspect in supply chain is relationship building with the partners of the whole supply chain and this can very well be achieved by bringing everything and everyone online. CPFR model, E-procurement, e-invoice, e-replenishment, reverse logistics etc. are a few examples. This will allow transparency, accountability, and reliability throughout the supply chain partners. At the same time, it will save quantum of time, money, and effort for the organization. Poor security and payment procedures are considered to be impediments; therefore, digitalization eliminates these bottlenecks as well.
When climate change is another concern, our mandate should be such that we should try to enable a circular economy through supply chain and digital supply chain plays a crucial role in it. Thus, digitalization is one of the keys to have a responsible supply chain.