What is Supply chain agility in Procurement?
What is meant by supply chain agility?
Supply chain agility is the ability of a company to respond quickly and efficiently to changes in demand. It can be achieved through several means, such as having many suppliers, maintaining high inventory levels, or using just-in-time manufacturing techniques.
Supply chain agility backs you up with information on immediate changes in the requirement or demand, and you stay prepared beforehand for faster execution. Many businesses during the COVID-19 pandemic have realized the need to have supply chain agility the hard way.
How can supply chain agility help a company?
There are a number of benefits to having a more agile supply chain:
First, it can help a company avoid stockouts and lost sales.
It can reduce the cost of inventory and warehousing.
It can also improve customer satisfaction by ensuring that products are available when needed.
Overall, by responding quickly and efficiently to changes in demand, a company can avoid many of the problems that can occur when demand suddenly changes.
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