STUDENTS' CORNER - 130

The strength of a chain is decided by its weakest link, so goes a saying. And it is true of the so-called Supply Chain also. Your success in your business depends on the supply chain you have crafted with intelligence and insight. Your suppliers must have chosen their suppliers in turn with the same caution and care.  Business is actually a complex series of activities which are closely interlinked and which record functional progress at successive stages.
Choosing an effective supply chain is a primary necessity for a business that means to stand all challenges. But the responsibility of a successful business goes beyond the selection of a good supply chain. To remain in the market with the same market share if not more in the midst of merciless competition is the ultimate end of any business house. It involves focus without wavering and commitment undaunted by any challenge.
As an integral part of the total efforts towards achieving market leadership, innovation occupies a very important demanding slot. Innovation covers almost all the facets of business, from designing a product anew to upgrading service to the delight of the customers. Indeed, the innovation is demanded and decided by the dynamic market.  To all these dimensions, and to make all these tasks a smooth navigation, a very closely monitoring of all the processes is a must. Any defect at any level of business promotion will have some negative impact on the entire business governance.
So, the next crucial strategy to have a successful supply chain, a very efficient expert management of all business tasks that relate to all suppliers of raw materials and other necessary products depending on the product manufactured and marketed by the company and efficient distribution channels that take your product to the end-user, to your customer in the right time in the right shape.
Remember, innovativeness is the central spirit of a sustained and sustainable business enterprise. Lack of innovativeness in the end will push the business to the back of the market in the sense that the market share will tend to shrink away into almost a non-entity.
We will move on to next strategy in our next session.