- This topic has 3 replies, 4 voices, and was last updated 1 year, 2 months ago by John Dugan.
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February 5, 2023 at 8:29 am #1212Sabrina L WilliamsParticipant
How can small and medium-sized businesses (MSMEs) build strong supply chains and financial strategies which are less likely to be affected by the delisting of tech stocks and other market changes?
February 7, 2023 at 8:32 am #1215Kevin AmolschParticipantThere is no doubt that digitization of supply chains can lead to improvements in the processes and cost reduction for micro, small and medium enterprises (MSMEs) as well as large customers, and can enhance the overall supply chain. However, inadequate infrastructure, particularly in remote areas of India, remains a key challenge. There is a need for a logistics-friendly mapping of the country and a hub-and-spoke arrangement for MSMEs to adopt digitization. While the government can help with a centralised database, an awareness programs for MSME promoters to explain how modern digitised supply chains can change the face of their organizations. Other challenges affecting MSME supply chains include high freight rates, lack of containers at ports, and a shortage of 22 lakh drivers in India. The Production-Linked Incentive (PLI) scheme and the yet-to-be-announced National Logistics Policy are expected to help the industry understand what needs to be done to improve logistics.
February 8, 2023 at 9:36 am #1217Alfred ArdisParticipantIn my opinion,there is no doubt that digitization of supply chains can lead to improvements in the processes and cost reduction for micro, small and medium enterprises (MSMEs) as well as large customers, and can enhance the overall supply chain. However, inadequate infrastructure, particularly in remote areas of India, remains a key challenge. There is a need for a logistics-friendly mapping of the country and a hub-and-spoke arrangement for MSMEs to adopt digitization. While the government can help with a centralised database, an awareness programs for MSME promoters to explain how modern digitised supply chains can change the face of their organizations. Other challenges affecting MSME supply chains include high freight rates, lack of containers at ports, tech stock delisting and a shortage of 22 lakh drivers in India. The Production-Linked Incentive (PLI) scheme and the yet-to-be-announced National Logistics Policy are expected to help the industry understand what needs to be done to improve logistics.
February 10, 2023 at 9:54 am #1219John DuganParticipantThere are likely multiple potential solutions to consider.
-MSMEs should identify and engage multiple suppliers for critical inputs and components to reduce their dependence on a single supplier and minimize the impact of global events on their operations.
-Localization of supply chain can reduce lead times, transportation costs, and risks associated with global supply chain disruptions.
-Risk assessment and contingency plans should be conducted to identify potential vulnerabilities and develop contingency plans.
-Financial planning and management practices should be followed to withstand market fluctuations.
-Collaboration and networking with other businesses, industry associations, and government agencies can help MSMEs build a stronger support network, gain access to new opportunities, and navigate challenges more effectively. -
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