Businesses need to start adapting their supply chains to new technology trends with consumers, according to Fowler Welch’s Supply Chain of the Future. CEO Nick Hay feels that manufacturers need to be more innovative in the ways that they operate to stay up on the demand of consumers who have high technological expectations of retailers. The retailers then fall back on manufacturers to adapt to the trends in order to collaborate successfully.
Members of supply chains need to ensure a good relationship with their partners as a way of taking advantage of each other’s expertise. Fowler Welch warns that traditional supply chain models will soon be obsolete, so they must maintain an open mind and welcome new innovation. Hay stated that, “For a successful supply chain, my number one tip would be to be open to collaboration. The changes in retail are affecting every element of the supply chain, so it is key that greater communication and collaboration across all operations is seen.”