STUDENTS' CORNER - 130
The strength of a chain is decided by its weakest link, so goes a
saying. And it is true of the so-called Supply Chain also. Your success in your
business depends on the supply chain you have crafted with intelligence and
insight. Your suppliers must have chosen their suppliers in turn with the same
caution and care. Business is actually a
complex series of activities which are closely interlinked and which record
functional progress at successive stages.
Choosing an effective supply chain is a primary necessity for a
business that means to stand all challenges. But the responsibility of a
successful business goes beyond the selection of a good supply chain. To remain
in the market with the same market share if not more in the midst of merciless
competition is the ultimate end of any business house. It involves focus
without wavering and commitment undaunted by any challenge.
As an integral part of the total efforts towards achieving market
leadership, innovation occupies a very important demanding slot. Innovation
covers almost all the facets of business, from designing a product anew to
upgrading service to the delight of the customers. Indeed, the innovation is
demanded and decided by the dynamic market.
To all these dimensions, and to make all these tasks a smooth
navigation, a very closely monitoring of all the processes is a must. Any
defect at any level of business promotion will have some negative impact on the
entire business governance.
So, the next crucial strategy to have a successful supply chain, a
very efficient expert management of all business tasks that relate to all
suppliers of raw materials and other necessary products depending on the
product manufactured and marketed by the company and efficient distribution
channels that take your product to the end-user, to your customer in the right
time in the right shape.
Remember, innovativeness is the central spirit of a sustained and
sustainable business enterprise. Lack of innovativeness in the end will push
the business to the back of the market in the sense that the market share will
tend to shrink away into almost a non-entity.
We will move on to next
strategy in our next session.