Industry leaders are meeting to discuss best practices and ways to boost the efficiency of supply chain management
EFFICIENT SUPPLY CHAIN management has almost become a catchphrase these days. Companies in all industries are convinced that it will work like magic - ensuring timely delivery, reducing inventory, saving costs and increasing productivity.
Intensifying competition and growing demand from customers have forced those in the industry to be highly responsive to changing market needs and client expectations. Those who can serve customers better, faster and at less cost will be the winners.
At the 8th Efficient Consumer Response (ECR) Asia Conference, which opened at the Hong Kong Convention and Exhibition Centre yesterday and runs until Thursday, more than 800 industry leaders from the fast moving consumer goods (FMCG), supply, manufacturing, retail, IT, finance, distribution and services sectors across the region have come together to discuss best practices in supply chain and prospects.
This year's conference theme is 'Adding Magic to the Supply Chain' and focuses on the application of evolving technologies with the support of global standards to make the underlying business process more efficient.
A spokeswoman for GS1 Hong Kong, one of the event's organisers, said it had always been an issue for Asian industries, especially the retail business, to get efficient consumer response to cope with market globalisation trends and be responsive to customers' expectations. The key was efficient supply chain management which ensured all players had adequate stocks, timely deliveries, and reduced inventories, she said.