The Key to Efficient Global Supply Chain Management

1. The Key to Efficient Global Supply Chain Management During this time of global economic instability, companies that once conducted business domestically have found numerous opportunities when extending their operations to foreign land. Some of these opportunities may be financial by tapping into foreign economies that have not been affected by the overall struggling financial climate, or countries that offer services and/or products at a significant savings. However, this globalization also brings its risks, especially when it comes to a company's supply chain. The number of variables in the way business is conducted overseas may be incredibly difficult to efficiently plan ahead for. Samer El Bizri says that communication is key between the supply chain management team at home and the team based overseas. Differences in time zones need to be considered and conference calls scheduled outside of normal business hours on an ongoing basis. This scheduling assures all parties that notable occurrences within the company as well as external events that may affect the overall operation of the company are brought to light and appropriately addressed. Though most external and/or local events may be predicted - say political uproar and inclement weather - others are not so easily foreseen. Remember the volcanic ash over Iceland that halted European travel last year? Then there are more localized events, such as flooding, health epidemics, land slides...events that affect a country's infrastructure may, and in most cases will, affect companies with operations in said country. An experienced supply chain management team is essential in spearheading all global efforts, both at home and abroad. The lack of

2. communication and knowledge may halt operations, costing millions of dollars and hours upon hours of precious time. A supply chain contingency plan must be implemented and tested before the transfer of information and merchandise ever takes place. Unplanned circumstances are unavoidable in all aspects of business. Why not be well prepared for (almost) anything? Train your team, implement the proper protocol and constantly and consistently monitor the processes in place to continuously improve upon them. Basic steps that are required in supply chain risk management are: 1) Notification -Global events have to be distributed on a timely basis depending on your locations near a crisis 2) Management -A process and centralized application should be used to manage all steps taken during a crisis 3) Reporting -Each responsible member on supply chain risk management team have to have clear reporting requirements and tasks 4) Learning -After the supply chain crisis is over, what lessons were learned? Upgrade your processes from these lessons Samer El Bizri is CEO of the Zeconomy, Inc. Zeconomy Provides business-to-business online payment services designed to access liquidity from anywhere in supply chain. The company's business-to- business online payment services are automated and secured, enabling businesses to trade liquidity for price discounts far beyond their direct customers and suppliers without increasing credit risk. Want to learn more, then visit here: https://www.zeconomy.com/