Is your Supply Chain Globally Competitive?

06-10-20 10:19 PM Comment(s) By Randall Mauldin

The supply chain industry is ever-changing, fast-paced, and is a very tough world. Supply chain professionals usually carry on a tremendous amount of workload which includes making sure that their company’s supply chain is globally competitive.

According to Stank et al, supply chain managers are the ones that are always pushed to their limits because global businesses can only be a “hit or miss” propositions. He also added that the challenge that supply chain managers need to overcome is to understand the particulars of the supply chain environment of a specific place using a particular framework that can properly help them assess and measure issues such as the supply chain design and supply chain impediments that enable them to have better decision-making.

The EPIC Framework

A special type of framework was developed by global supply chain researchers from the University of Tennessee, Knoxville, and ESSEC Business School, Paris and Singapore. Supply chain leaders are said to benefit from the EPIC Framework methodology because it will help them assess their stand in the global arena. It helps them identify the strengths, weaknesses, opportunities, and threats of different regions all over the world.

Here is the EPIC Framework as discussed by Theodore Stank, Ph.D.; Mandyam Srinivasan, Ph.D.; Kenneth Petersen, Ph.D.; and Philippe-Pierre Dornier, Ph.D.:

• Economy (E) – this refers to the economic output of the country, its potential for future growth

• Politics (P) – it pertains to the political landscape with respect to how well it nurtures supply chain activity

• Infrastructure (I) - it refers to the state of transportation, utility, and telecommunications infrastructure to support supply chain activities

• Competence (C) – it points out to the skill levels of both the workforce and support industries available to perform supply chain activities.

A number of variables were used to evaluate all of the above-mentioned variables to arrive at a weighted score. The scores of each dimension are used to rate the performance of a particular country in terms of how globally competitive it is.

Due to the competitive aspect of the supply chain industry, supply chain managers must be thoroughly equipped. Good background on the basic principles of supply chain will surely come in handy especially in assessing the economy, politics, infrastructure, and competence of a particular country. They must always become abreast of the latest trend and news with regard to the supply chain industry, their competitors and especially with their own company.

Being a supply manager is a difficult job. One must have strong sense of understanding of the globalization, customer needs and finances of the company. Thus, it is always important to attend pieces of training and seminars pertaining to the supply chain. Dr. Randall Mauldin, CPSM, PMP conducts several online classes and supply chain boot camp that will help professionals become a Certified Professional in Supply Management. To know more you may visit www.cpsmtraining.com

Source:

Stank, T. (2014, March 19). Assessing Global Supply Chain Operational Readiness: Part I. Retrieved from https://www.scmr.com/article/assessing_global_supply_chain_operational_readiness.

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