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5 Focus Areas for Navigating the Supply Chain – a roundtable recap

Sikich

Aug 2 2022

2 min read

Supply chain, as we know, continues to face numerous challenges that first appeared during the onset of the pandemic, forcing executives to adjust their business strategies and management styles. Our recent Industry Pulse Survey revealed that executives’ top supply chain concerns over the next six months are material shortages, project lead time and material costs.

At our latest executive roundtable, our friends at RIM Logistics, leaders in transportation services, joined us to discuss the best methods for improving a business’ supply chain management. These methods have been brought to their attention directly by their customers.

Below, we highlight the five areas executives at RIM Logistics have seen their more innovative clients focus on to increase their company’s success.

#1: Order to Cash

Start by revisiting your Order to Cash flow. Many business leaders overlook the individual steps of the supply chain and focus too much on factors such as providing the best unit price. Instead, focus should be spent on understanding how to keep your business running long-term and getting money quickly.

#2: Order Management

Mistakes are most often made within order management due to miscommunications between the ordering and logistics departments. As a result, there are incomplete or difficult to understand purchase orders, which lead to missed shipment dates, partial orders and missing customer deliverables. With increased internal communication, these mistakes are far less likely to occur.

#3: Sourcing

American companies attempting to shift their sourcing could potentially encounter supply disruptions. RIM Logistics has seen some of their leading clients implement, and find success utilizing, a hybrid model of sourcing from near and far.

#4: Transport

The use of air and ocean charters has become more prevalent in recent years. In some scenarios, RIM Logistics has seen tremendous success using smaller ships, allowing them to bypass congestion at the pier. Overall transit times have been drastically reduced for their customers.

#5: Data

Analyzing component transit values, such as pier dwell time, can be more meaningful than static milestones. By looking at this data, you can find ways to improve supply chain processes and reduce delivery time.

By focusing on these five key areas, your business can work to navigate supply chain challenges. RIM Logistics’ full presentation is available on request. Please contact us to obtain or to sign up for our next executive roundtable.

This publication contains general information only and Sikich is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or any other professional advice or services. This publication is not a substitute for such professional advice or services, nor should you use it as a basis for any decision, action or omission that may affect you or your business. Before making any decision, taking any action or omitting an action that may affect you or your business, you should consult a qualified professional advisor. In addition, this publication may contain certain content generated by an artificial intelligence (AI) language model. You acknowledge that Sikich shall not be responsible for any loss sustained by you or any person who relies on this publication.

About the Author

Sikich

Sikich is a global company specializing in technology-enabled professional services. With more than 1,900 employees, Sikich draws on a diverse portfolio of technology solutions to deliver transformative digital strategies and is comprised of one of the largest CPA firms in the United States. From corporations and not-for-profits to state and local governments and federal agencies, Sikich clients utilize a broad spectrum of services* and products to help them improve performance and achieve long-term, strategic goals. *Securities offered through Sikich Corporate Finance LLC, member FINRA/SIPC. Investment advisory services offered through Sikich Financial, an SEC Registered Investment Advisor. 