NewStream Blog

With the advancement of digital technologies that enable real-time management of supply chains, coordinating global supply lines across a wide range of industries—from food and beverage to pharmaceuticals and healthcare—is now possible. This is especially helpful because, as we’ve learned with COVID-19, supply chain ecosystems can be impacted by catastrophic events such as trade issues, natural disasters, pandemics and others. To maintain supply chain effectiveness and serve customer needs, procurement and compliance strategies must include better planning, decision-making and execution. 

The COVID-19 pandemic is not only a health crisis; it has become an economic crisis as well. Entire supply chains have been disrupted and the logistics industry has been put under the microscope as communities have experienced empty shelves and long waits for medical supplies and essentials such as food, cleaning supplies and toilet paper. 

In recent years, managers have become more adept at managing supply chains and mitigating recurring risks in the supply chain through improved planning and execution. However, supply chains are still (and will always be) vulnerable to unforeseen events from disruptive forces such as pandemics, natural disasters and economic downturns. 

Meeting consumer demand for products or services continues to be a challenge as technology affects buying trends. For businesses, adjusting to this reality requires updated supply chain management strategies and efficiency improvements. 

Product managers, purchasing managers and VP’s are concerned with keeping their costs contained and reducing friction points, thus, proficient and well-planned logistics and supply chain management procedures will always be key. Whether outsourced to a 3rd party logistics provider (3PL) or done in-house, companies can increase cash flow and reduce costs with custom-designed logistics capabilities. Are you looking to better understand why you need to be making this a priority in your organization or considering looking for ways to improve your current operation? We have constructed an overview of logistics & supply chain management concepts to help you gain more perspective on this important topic.