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CIPS: Flexible supply chain offers various benefits
UK businesses have been reminded of the need to improve the flexibility and agility of their supply chains in order to guard against risk.
This is the advice of Emma Scott, representation manager at the Chartered Institute of Purchasing and Supply (CIPS), who observed that company performance is subject to all manner of external factors that can be "incredibly difficult" to predict.
She highlighted bad weather or changing consumer trends and fashions as examples of the type of variable that can sometimes leave companies in possession of large quantities of stock they are unable to sell.
As such, businesses must be sure to maintain strong relationships with suppliers and work closely with them when managing demand and long-term forecasts.
Ms Scott explained: "Based on that win-win situation, they can help you out and you can make sure there's shared risks and rewards when everything goes fine."
Last month, software provider Basware published a report showing that corporate finance executives believe the growing complexity of global supply chain networks is increasing levels of commercial risk.
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