5 Telltale Signs That Fear Is Stunting Your Supply Chain Business Growth

Posted by Peter Nilsson on Oct 7, 2019 4:46:39 PM

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The idea of innovation might sound enticing, but few are willing to take the associated risks in changing course. Treading lightly has its advantages, but the line between ‘careful’ and ‘cripplingly cautious’ can be thin, especially in such a highly competitive world.

Here are a few signs you might be letting fear get the best of you.

1. You view the word “disruption” as business-kryptonite.

The word “disruption” has essentially come to mean the end of ‘business as usual.’ I’m not here to tell you that’s untrue or even harmless. I’m here to tell you that it’s inevitable and ultimately not a bad thing. Fear of disruption boils down to mindset.

No one technology is light-years ahead of everything else, so the best way to buffer against extreme disruption is to continuously reassess and upgrade your systems and business processes as needed. Rather than bury your head in the sand, expand your innovation team and use trailblazers as inspiration for transforming your own business to achieve personal milestones. A lot of game-changing technology is more affordable and accessible than ever before.

2. You’re waiting for the “right time” to upgrade.

supply-chain-growth-mpo-upgradeThere’s no “right time” to upgrade. In today’s highly evolving and competitive climate, simply good isn’t good enough. Whether you have the bandwidth to take a slow approach or are rushing to make transformative within months, it’s not only possible but necessary.

Today’s supply chain is constantly evolving, so putting off crucial upgrades may likely set you back. Businesses are often, understandably preoccupied with managing inefficiencies, ineffectual partnerships, and uncertainties to deal with such a time-consuming project. But, in these situations especially, switching to a more dynamic and agile platform or adding a robust Control Tower solution sooner than later will relieve you of much of that burden. Set aside the resources and put together a cross-functional team to handle the legwork. The market has highly effective solutions that can be quickly implemented at a compelling total cost of ownership.

3. You tend toward a “patch-and-play” approach.

A notable difference between those who disrupt and those who are disrupted is the willingness to make daring, transformative, and comprehensive changes across the supply chain. Fear drives many businesses to focus solely on incremental improvements, purchasing various quick-fix middleware to patch pain points.

By doing so, not only do you miss opportunities for innovation, but you also create more silos with each new and disparate solution you introduce. Opt for orchestration platforms that take a more holistic approach to supply chain management. While many software providers offer solution suites, most of these are cobbled together via mergers and acquisitions. To limit organizational silos, look for platforms that are natively built to handle multi-modes, regions, business partnerships, and multi-flow integration.

4. You’ve been working with the same network of partners for years.

There’s nothing necessarily wrong with working with the same suppliers and carriers. If you have a relatively small business and aren’t looking to scale, that might be sufficient. Unfortunately, many simply stay with those they know because they’re “good enough,” and changing or growing their network is simply too complex and inconvenient a task to spontaneously undertake.

Investing in a system that enables dynamic partnering is incredibly worthwhile for anyone involved in international trade where uncertainty interferes with smooth and cost-effective operations. Optimizing the selection process ensures you never have to settle for anything less than the best under any conditions.

5. You’ve resigned to changing only when absolutely necessary.

supply-chain-growth-mpo-waitingThe problem with this mindset is that technological progress is incremental. If you don’t work to digitize now, you risk being left behind with each new advancement.

Having the courage to adopt new systems and practices when most other companies are playing it safe will make you more competitive and prepared for current and future market demands and challenges.

 

To help you simplify the buying process and choose powerful, long-lasting solutions, dig into these buyer’s guide toolkits for Control Towers and TMS solutions!

Control Tower Buyer’s Toolkit   TMS Buyer’s Toolkit

 

Topics: Supply Chain Transformation, Supply Chain Management, Business Advice

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