Growth was the number one business priority for the majority of CEOs in 2017, according to a recent survey by Gartner Inc. Since supply chain costs are typically the biggest portion of a company’s profit & loss (P&L) statement, it might come as no surprise that CFOs are taking a more hands-on, strategic approach to supply chain management to drive growth.
In his recent webinar, Joshua Nelson, associate principal in the Supply Chain Strategy and Transformation Practice of the Hackett Group, offers three different ways CFOs can make sure their supply chain supports their growth strategy.
- Innovative New Product Launches
Make sure you have a supplier that can deliver you the latest versions of your product in a timely manner. Having flexibility in your manufacturing assets during a new product or service launch is just one supply chain strategy that enables you to be first to market and achieve dominance on a product line.
- Achieve High Availability
If you have the capacity and local supply chain resources, whether it be suppliers or manufacturing sites, you can get things to market quickly. This enables you to have the highest level of product availability, so you can respond and scale up as your business grows.
- Deliver a High-Quality Product
A commitment to quality extends beyond the making of a product. Investing in supply chain sets you up in the long run for better pricing capabilities, better brand perception, and enables you to do more when launching new products—whether it be launching to new geographies or new business segments.
Want to learn more about how to rethink your supply chain management strategy? Check out our webinar.
The CFO playbook on supply chain management: Looking beyond cost when evaluating efficiency
Supply chain management has always been the CFO’s responsibility, but historically finance chiefs have focused on supply chain either through the lens of cost control or performance risk. But new thinking and processes provide a more strategic view of supply chain—growth support—and new ways to evaluate efficiency.