Building a Resilient Supply Chain During High Market Volatility

Building a Resilient Supply Chain During High Market Volatility

From the Russia-Ukraine war to the global fluctuation in raw material prices, heads of supply chain are navigating multiple challenges in the next 12 months. In recent years, there has been a need to transform the supply chain to increase resiliency during times of global and economic upheaval. Discover what key trends for will be covered at LogiChem this year, download the agenda.

Heads of supply chain are investing more in digitalisation. Top of the list are data management tools which can consolidate existing siloes and provide real-time insights across the E2E supply chain. Other software, such as Track and Trace and SAP, are enabling heads of supply chain to integrate advanced data management and avoid delays to increase visibility.

Digitising the supply chain is also helping to reduce waste and unnecessary trips, whilst saving money. By achieving greater supply chain visibility in a volatile market, heads of supply chain can assess any corelations, and respond sooner to supply chain shocks, delays, and raw material shortages.

Chemical manufacturers are also turning to 3PLs such as Kemira to improve supply chain efficiency. Kemira’s TCM knowledge is optimising production processes through increased on-site service and reporting, and advanced troubleshooting support. By implementing Kemira’s smart process management systems, chemical manufacturers are seeing a reduction in their total chemical spending and are maximising their supply chain efficiency.

Increasing supplier collaboration enables heads of supply chain to improve resiliency during a volatile economic environment. Partnering with sophisticated networks to provide end-to-end collaboration provides the opportunity to predict and tackle challenges more accurately. Other benefits of supplier collaboration include improving quality, quantity, and efficiency during shock events. Heads of supply chain can also increase business growth by aligning closely with key stakeholders and third parties.

By diversifying suppliers, chemicals manufacturing companies can work to tackle increased market volatility. Since the Covid pandemic, heads of supply chain have learned the importance of diversifying their supplier base. Increasing the number of suppliers and 3PLs to work with, helps to plug gaps and increase flexibility during periods of high volatility and surges in demand.

By having a digital and resilient supply chain in place, chemical manufacturers can overcome challenges during economic uncertainty and market volatility. This will enable heads of supply chain to tackle future problems, safe in the knowledge that their supply chain can withstand them.

Uncover what’s trending in the chemical supply chain industry by downloading the LogiChem event agenda.