Maintaining supply chains amid economic uncertainty
by Maureen Perroni, on January 15, 2016
After a year of relatively strong economic growth — especially in the U.S. — there are signs beginning to suggest that 2016 may bring some serious tumbling blocks. Though high oil production and low energy prices have been a boon to business investment, a potential downturn in China could have serious ripple effects, causing growth rates to slide around the world and consumer demand to fall.
Times like these demonstrate the importance of accurate forecasting among businesses managing global supply chains. It is crucial to be able to predict the number of orders your customers are going to be making, as well as your ability as a company to fulfill that demand. Whether orders come in higher or lower than expected, it is crucial to make quick adjustments to avoid costly production bottlenecks. This requires a deep understanding of your capacity and how you track goods throughout the supply chain.
One of the keys to maintaining an efficient supply chain — especially during times of economic uncertainty — is with the help of an Enterprise Labeling Solution. Every component or finished product that passes along the supply chain is marked with a unique label that contains all the information necessary to keep it moving down the path in a manner than can be easily tracked. If any changes need to be made, a centralized labeling solution makes it easy to quickly adjust labels without disruption. The end result is a shorter lead times that helps your business be more responsive to the needs of supply chains that your forecasts have predicted.