September 28, 2023
The Art and Science of Demand Forecasting in Logistics: Strategies for Accuracy
In the fast-paced world of logistics, accurate demand forecasting is a critical element that can make or break the...
The ongoing supply chain crisis has caused supply chain professionals to reassess their logistics solutions. While there are many factors that contribute to a company’s logistics costs, there are certain measures that can be taken to reduce them. The supply chain crisis has created a ripple effect across the global economy. The pandemic has caused a shortage of raw materials, labor, and shipping containers, which has led to a surge in logistics costs. In addition, the ongoing trade disputes and geopolitical tension have added to the challenges faced by businesses.
The Indian supply chain industry has experienced its fair share of challenges in recent years. The COVID-19 pandemic disrupted global trade and exposed vulnerabilities in supply chain networks. Lockdown measures, labor shortages, and transportation constraints all contributed to increased costs and delays.
Additionally, the Indian supply chain industry faces specific challenges due to its size and complexity. The country’s vast geographical spread, varying infrastructure quality, regulatory bottlenecks, and low technology adoption can hinder the smooth flow of goods and materials. These factors, combined with the ongoing crisis, have put significant pressure on logistics and increased costs for businesses across various sectors.
The Indian supply chain industry plays a significant role in the global market, serving as a major hub for manufacturing, exports, and imports. Analyzing the industry’s current state is essential to identify to overcome the challenges faced by the industry and to reduce logistics costs during the supply chain crisis, Indian sup[ply chain industry can adopt the following strategies:
Despite the challenges, the Indian supply chain industry has demonstrated resilience and adaptability. It also presents an opportunity for businesses to reimagine their supply chain operations and build more resilient and efficient systems. By adopting these strategies and staying adaptable, the Indian businesses and supply chain industry can emerge stronger and better prepared for future disruptions.
The ongoing supply chain crisis has forced businesses to reevaluate their strategies and seek ways to decrease logistics costs. While the current supply chain crisis presents challenges, it also offers an opportunity for businesses to innovate and transform their supply chain processes. Companies can also reduce their supply chain costs and attain long-term success by partnering with reputable 3PL providers that possess extensive experience and capabilities, thereby optimizing the effectiveness of their operational strategies. TVS Supply chain solutions is a leading 3PL company that aims to be a proactive supply chain partner backed by technology enhancers, which aid in the process. We have vast experience and capabilities in managing complex supply chains as a 3PL/4PL player.
TVS SCS offers bespoke solutions to meet the specific needs of our clients. We manage a complete supply chain from a single platform to fast-forward client business. We offer a full range of services and can support customer needs on a global basis, whilst delivering benefits such as improved product cost and process efficiency. TVS SCS creates value in the supply chain by applying best-in-class planning, inventory management, and procurement services.
Our approach to purchasing reduces unnecessary stockholding and purchasing of goods through intelligent inventory management, driven by historical and forecasted usage data and known event planning as well as just-in-time deliveries. Improved availability of goods, accurate inventory planning, and effective expediting activity ensure that the required amounts of goods are available when they are needed to meet the KPI time based on the order type.