5 Ways to Improve Supply Chain in 2023

coracle News, Resources

TEC Canada featured a great interview with Schulich School of Business professor M. Johnny Rungtusanatham, who offers some practical advice on improving your supply chain in 2023.

His key points were:

  • Get your product to the right customer, in the right quantity, with the right quality, at the right time, in the right location, at the right price
  • Improve visibility into your supply chain
  • Prioritize your purchases by categorizing them into these 4 categories: Leverage goods, Strategic goods, Non-Critical goods, and Bottleneck goods
  • Reduce supply management risk by diversifying (don’t buy all your supplies from one country)
  • Invest in “Addapt” capabilities – which Rungtusanatham breaks down as Anticipate, Diagnose, Detect, Track, and Protect

There is a lot of good content in this article, and we encourage you to read it in its entirety here: https://tec-canada.com/insights/5-tips-to-improve-management-of-supply-chains