SINGAPORE
TMX cites three ways to improve businesses' supply chain strategies.
Whilst Singapore has fared better than its counterparts in Asia during the pandemic, it was not exempt from the effects of supply chain disruptions.
In fact, supply chain disruptions have set Singapore’s economy back by a staggering $2.6b annually, according to business transformation consultancy TMX.
“Singapore had a GDP of US$423.6b ($555.8b) last year, and with supply chain disruptions impacting an average of 0.47% of business revenue around the world, businesses in Singapore are forfeiting an estimate of $2.6 billion a year in sales,” TMX's Country Manager of Malaysia and Singapore, Greg O’Shea, said.
Whilst the Singapore government has set in motion numerous initiatives to enable the building of resilient supply chains, O’Shea said these are only “enabling tools that go so far if businesses know how to leverage them strategically.”
The onus lies on business leaders to ensure their supply chains are future-proof.
O’Shea said businesses must look into three key areas to improve their supply chain strategy: process, technology, and people.
In terms of processes, O’Shea said businesses must ensure that their operations are optimised and geared towards fast-changing customer preferences.
To enable these transformations, businesses must also leverage digitalisation and emerging innovations.
Lastly, businesses must upskill and transform their workforce to serve a reinvented supply chain.
This article was originally published by Singapore Business Review on February 17, 2023.