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Supply Chain Management: 6 Vital Tips For New Managers

Supply chain management is a crucial part of many businesses. Several moving parts need management and potential issues to mitigate. Excellent communication and organisation skills are essential for success when managing a supply chain.

You will also need to be agile and proactive, able to react to changing situations as they occur.

If this is your first supply chain management role, it is important to start strong. Here are six of the most important tips to help you thrive in your new position.

1. Keep An Eye On Supply Chain Trends

You should stay up to date on the latest supply chain trends. This means watching the news and following publications relevant to your industry. Try to identify how different trends may affect your supply chain and develop solutions to mitigate any possible issues.

Staying updated on trends can also alert you to the latest developments and best practices to keep your skills sharp.

2. Understand The Importance Of Sustainability

Sustainability is critical for businesses in all industries. Supply chains can be responsible for a lot of a company’s carbon emissions, so you should look for ways to mitigate this. Consider the suppliers and other partners you use and see what their sustainability practices are.

When looking for new business partners, ensure you choose companies with a focus on sustainable practices.

3. Choose Dependable Suppliers

A supply chain is only as strong as its weakest link, meaning that you will need to choose new suppliers and other companies with care. In addition to sustainability, ensure the suppliers you use have a good reputation for delivering on their promises.

Check reviews and word of mouth recommendations to ensure you make the right choice in business partners.

4. Take Some Additional Training

Any good manager is constantly learning. This is no different for a supply chain manager. There is always something new to learn to help you give the very best to your role. The better you are at your job, the more your company will benefit, and the more secure the business’s future will be. You should consider training that builds on your existing supply chain knowledge.

Look for a supply chain and logistics management course online to build on your knowledge and make you a better leader.

5. Build Strong Working Relationships

You will need good working relationships with every company in your supply chain. You should start on the right foot and get in touch with your point of contact in each business when you start your new role. Also, get to know your team within your company.

Supply chain management requires excellent interpersonal skills, so it is essential to hone and develop these throughout your career.

6. Bring In Automation

Automation can have an incredible impact on the efficiency of a supply chain. Implementing new processes and technology into an existing supply chain can often be challenging, so you should approach the task with care. Ensure that automation will be worth the risk and investment.

Research the types of automation that may benefit your business and bring in the changes incrementally to avoid disrupting the business operations too seriously all at once.

Advisory Excellence in Asia

Asia is Earth’s largest and most populous continent, located primarily in the Eastern and Northern Hemispheres. It shares the continental landmass of Eurasia with the continent of Europe, and the continental landmass of Afro-Eurasia with Africa and Europe.

In an increasingly knowledgeable client market providing sophisticated, high-quality advice allows providers of wealth management services to differentiate themselves.

Typically, most private banks aim to achieve “excellence” using a structured advisory process: assessing a client over a number of elements, including risk profile, and developing a customised solution.

In Asia, however, client advisers rarely follow this process for two reasons: it is a young industry and the current incentive structures for the front-line staff.

Although the last financial crisis was an exceptional situation, it has brought into focus the need for a comprehensive client analysis as a cornerstone of high-quality advice.

In order to deliver suitable services a constant learning process is required, driven by both providers of financial services and the clients.

High-quality advice in rising demand

The demand for high-quality advice is made more acute as Asian clients are usually highly hands-on in making investment decisions compared to their European counterparts.

They are also generally more willing to take risks and are more receptive to innovative products.

Despite Asian clients continuing to taking their own decisions, the need for advice still increases, especially for the initial risk assessment.

The Asian market has several notable features that differentiate it from more mature ones.

Firstly, the largest proportion of assets generally remain with the first generation, and for private banks that means the demand for wealth planning services will increase.

Secondly, there is generally little distinction between business and personal assets, therefore an adviser who can offer solutions in both areas adds more value to their clients and can obtain a larger share of their assets.

These factors place high demands on client advisers and other wealth management specialists.

Correct, timely decision making

The opportunities for growth in Asia remain enormous.

To take advantage of this, major adaptations to systems, processes, and change management approaches are necessary in order to successfully develop a business in a sustainable manner.

The correct use of expert knowledge will play a central role in the quick development and sustained implementation of solutions in Asia.

Many private banks still work with the “everything for everyone” approach, with no clear differentiation for client segments.

Advisers often have too many clients to be able to really focus. Inadequate processes and a lack of suitable systems compound this.

Furthermore, advisers require continuous support in the provision of advice to their clients, especially for cross-border activities, where the requirements change constantly.

In addition to the necessary and continuous advanced training, advisers must also be able to rely on an efficient infrastructure to assess their client’s needs and to develop robust solutions.

This can be an important factor, especially in Asia, for companies who wish to retain existing and attract new advisers.