The constant evolving environment in terms of economic volatility and political uncertainty are the most pressing
issues faced by the UK today. The challenges are significant and present risks to large corporations and to the economy. There has been uncertainty over how Brexit will impact companies across the European Union — and especially in Britain since the UK voted to leave the European Union on June 23 2016. Firms are already reconsidering their capabilities and developing different options in the wake of Brexit. The Deloitte CFO SURVEY 2016 indicates that the chief financial officers (CFOs) at Britain’s biggest companies are more worried than their European counterparts about how Brexit will affect their firms’ bottom lines. 65% of British CFOs say Brexit negotiations will be “bad for business,” compared with just 37% of European CFOs surveyed.
Challenges facing the UK market include free trade between UK and EU. It’s not yet known what the impact on the costs of supplies will be. Another issue is the impact on sales: the European Union has been the UK’s biggest trading market, meaning that the potential impact on sales could be considerable. Although the UK is increasingly trading with developing nations in other parts of the world, eight of the UK’s top 20 export destinations in 2014 were within the EU. Other big impacts relate to immigration and trade — According to the Deloitte report CFOs are also concerned about “restrictions in workforce mobility and decreased export opportunities due to non-tariff barriers.”
Facing these challenges may well be tough but not impossible. Supply chain agility has emerged as a leading competitive aspect for organizations operating in ever-changing business environments. Organizations need to embrace the concept of agility in their quest for a sustainable source of competitive advantage. How agile your supply chain is a major factor in securing the success of your business despite the challenges.
So what does an agile supply chain need?
It requires an appropriate blending of coordination, communication and speed in procurement, inventory, assembly and delivery of products and services. It is also increasingly recognized that successful agile supply chains depend on a number of management issues such as organizational resistance to change, inter-functional conflicts, joint production planning, profit sharing, team oriented performance measures, shifts in channel power, information sharing, real time communication, and technical compatibility.
In fact, companies who place an emphasis on having supply managers and teams develop creative solutions to these challenges, prove to be more effective and ready to deal with the changes. By training employees to be more responsive to the evolving market conditions, they are better equipped to work flexibly and creatively and perform well in their respective jobs. This type of proactive approach leads to better analytical and decision-making skills. It ensures continuous growth, development and adaptability to meet the challenges caused by the changing market conditions.
How does an organization implement effective, agile corporate training across their supply chain personnel?
Digital learning has gained traction over more traditional methods over the last few years. Increasing numbers of large corporations have opted for online training as a strategic move to empower their employees and make them a source of competitive advantage. Some training courses from Supply Chain Academy which can bring numerous benefits to organizations and help them face challenges in the most effective ways are:
With the pressing challenges in the UK market, organizations may well need to look for partners outside EU. In this context, negotiation skills are critical for any leader. Negotiation courses will lead to effective negotiation skills which are more likely to result in the best deals. Another field which needs attention while adapting to the changing business parameters is: improving the forecasting process. In the advanced level course, training is given about how to diagnose and solve problems in the process of demand forecasting. Employees learn how to use Big Data and the Internet of Things to improve forecasting accuracy.
Inventory control is another important part of the supply chain which needs to be taken into consideration, especially during crisis times caused by uncertainties as a result of several external factors. Through such training and development programs, organizations are more likely to understand the essence of inventory control and therefore adopt the most efficient strategies through best practices for optimal outcomes. Besides, organizations have to ensure that they have effective sales and operations planning to be able to cope with the rapid changes in the market. Training in this field will ensure that organizations are able to deliver products on time to customers and in the right quantity, while managing the financial metrics of the business.
Find more courses on our Supply Chain course catalogue.
With uncertainty and complexity ruling over the corporate world, it is essential for organizations to strengthen their positions and be able to adapt to changes. Supply chain agility is a crucial factor to ensure business continuity through sustainable effectiveness and competitive advantage. Training comes as an essential element to amplify supply chain agility as it prepares the employees to not only cope with the changes more effectively but also cultivate the ability to see the opportunities that lies within uncertainties.