Be advocates of good supply chain management practices: CISCM members urged
The Vice-President of the Chartered Institute of Supply Chain Management (CISCM), Justice Awuku-Sao, has advised members of the institute to be advocates of good supply chain management practices in their respective organisations.
He said as a result of the increase in global trading and advances in technology, members of the institute needed to remain true to the profession by leading their respective organisations to adapt to the constant changes in the business environment in order to maintain a competitive edge over their rivals.
Mr Awuku-Sao gave the advice at the induction and investiture ceremony of the institute last Friday.
A total of 21 individuals were inducted as full members, associates and affiliates and eminent (fellow and subject matter experts) members of the institute.
The ceremony was on the theme: “Remaining resilient in the face of global supply chain catastrophes”.
In a presentation, the Deputy Chief Executive in charge of Finance at the Volta River Authority (VRA), Dr Ebenezer Tagoe, said the impact of the COVID-19 pandemic on global supply chains had been more disruptive, compared to localised natural disasters such as the 2011 tsunami in Japan or sector-specific events such as the financial crises that occurred in 2008.
Speaking on the topic: "Supply Chain Financing (SCF)”, he said the situation had particularly affected supply chains in general as a result of the disruption to transportation links, the closing of manufacturing plants due to the scarcity of materials and impediments to personnel movement.
"One of the greatest fallouts on supply chain management is the general lack of access to finance by the various players in the supply chain system," he said.
He, therefore, expressed the need for supply chain financing for companies to remain resilient in the face of the global economic crisis.
Dr Tagoe explained that supply chain was gaining prominence in recent times due to people accepting and adapting to it.
That, he said, was due to factors such as an increase in data analysis, continuous need to optimise working capital and widening finance options.
Others included gaining pace in supply chain, focus on sustainability and the intervention of the trio — Internet of Things (IoT), Machine Learning (ML) and Artificial Intelligence (AI), he said.
Dr Tagoe urged firms to adopt the right technology to ensure smooth and expedient transactions.
"In these emerging markets, the right technology is key to ensuring simple and smooth transactions, especially as many local manufacturing and development sites are in locations with stringent regulatory compliance requirements that may exclude offshore financing solutions.
“But to realise the benefits of SCF, it is important for corporates to look very closely at the technology platforms available,” he added.