homebusiness NewsCharting the New Growth Trajectories for Supply Chain Industry

Charting the New Growth Trajectories for Supply Chain Industry

Charting the New Growth Trajectories for Supply Chain Industry
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By CNBC-TV18 Jun 20, 2022 4:56:14 PM IST (Updated)

The recent Supply Chain and Logistics Conclave in the national capital brought towering leaders and experts from the industry to outline the changing growth imperatives and the path ahead

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If the last few years have proven anything, it is that change is inevitable, and that it must be embraced, lest more fleet-footed competitors leap ahead. In today’s dynamic age, historic growth measures, such as minimising costs, rationalising inventories, and driving up asset utilization, are no longer enough.
A new world order calls for new perspectives, and the Supply Chain and Logistics Conclave brought together an array of experts to broaden our understanding of how to build upon traditional linear supply chains. CNBCTV18.com and Team Marksmen Present Supply Chain & Logistics Conclave 2022 that highlighted the latest trends, showcased industry leading mindsets and behaviours, and helped develop an understanding of how to deploy traditional excellence levers in a modern context.
Creating flexible and agile supply chains is now an industry imperative, and Nilesh Mashru, Regional Head - Marketing and Leasing, Ascendas Firstspace, elucidated the need for this, saying, “A lot of supply chains are not elastic, making them difficult to adapt to the changing dynamism with respect to consumer behavior and the way supply side is linked. Board rooms will increasingly consider to ensure that supply chains can be toned up and toned down depending on business ask. To create and sustain such elasticity, it will be imperative for manufacturers and sellers to work towards developing a robust vendor ecosystem who are more of strategic growth partners.”
There are many takeaways from the manner in which industry titans dealt with the systemic shocks faced by all, and Atul Gupta, Executive Director, Indian Oil Corporation, shed some light on the manner in which Indian Oil Corporation has adapted, stating, “The field assessments of the changing demand patterns, during disruptions, helped Indian Oil to calibrate the processes for producing product mix as per market requirements. AI based demand forecasting models well supported by ground level inputs are the need of the hour.”
Technology is no longer an option left on the table, as multiple industry speakers attested to during the day-long deliberations. Ashutosh Dhar, Director Supply Chain, BD, highlighted the key role played by technology in demand forecasting, when pointing out that, “It is important for organisations to first understand what problem the business is trying to solve and then leverage technology accordingly.” He further added that quality, availability, and accuracy of data are of paramount importance.
This perspective resonated with Avinash Dhagat, Vice President Supply Chain, Honasa Consumer (Mamaearth), who expounded on this topic further, “D2C/ e-commerce companies have a decent amount of data on consumer buying. This along with the right technology enables predictability which can be used to streamline planning and flows. This is the direction where markets are evolving and technology is playing an important role in it.”
Needless to say, seasoned industry veterans have had to adapt to the evolving nature of and best practices in procurement, and Sukhwinder Singh, Regional Head - North, Blue Dart, summed this up best when reflecting on this evolution, saying “Procurement is more than just purchasing. You have to always have a plan A, B, and C in place to meet commitments. That is the nature and role of procurement. Procurement was different earlier; now it is about business intelligence, data analytics, and we need new talent and skills like this to create resilient supply chains.”
The pandemic has caused many a strategic and tactical pivot to play out, and Rajasekhara Reddy, Vice President - Global Demand Planning & Logistics, Glenmark Pharmaceuticals is no stranger to this phenomenon. When asked to opine on the transition that has taken place, he said, “With the amount of disruption happening in the world outside, you don’t know what is going to hit you tomorrow. You don’t know what to anticipate, or how to prepare for that. So we pivoted to small point solutions, which enabled us to anticipate and be proactive. E.g. monitor transport data in real time using data loggers to take corrective actions at the right time”.
On the sidelines of the event, Sharad Gupta, Chief Operating Officer, Team Marksmen Network, summed up the day’s proceedings and professed optimism, saying, “The Supply Chain and Logistics Conclave was home to diverse expert opinions outlining the skills, mindsets, and pathways needed to drive growth. It was a delight and honour to create this one-of-a-kind platform, and we hope it shows the way forward for industry practitioners and onlookers.”
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