The current supply chain crunch, generated by instability caused by ongoing events like the COVID-19 pandemic and the crisis in Ukraine, are keeping supply chain challenges top of mind now and into the near future.
However, retailers can still thrive by adapting to current conditions and hardening their supply chains against potential disruptions. The current situation calls for new approaches to inventory management as best practices shift from efficiency to resilience. Some top tips for adjusting operations include:
- Find new sources of intent data: Historical data isn’t as useful at predicting demand during times of turmoil, but retailers can use AI-powered technology to measure demand in new channels and dig deep for granular insights;
- Data sharing must span entire supply chain: Retailers must break down silos not just internally but in their communication with suppliers to keep every stakeholder along the supply chain informed and prepared;
- Seek new sources for important products: Practices such as nearshoring and building out private label brands can help retailers keep shelves full and offer alternatives when the global supply chain is disrupted; and
- Form partnerships even in unlikely places: The current challenges are hitting every retailer, and they can better overcome them by pooling their resources and expertise — even direct competitors can become strong partners under the right circumstances.
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