Contribution of Supply Chain to Economic Growth

Contribution of Supply Chain to Economic Growth - Dec 20,2021

Delivering the right product at the right time, at the right place, at the right cost, in the right quantity, of the right quality – this is the precise role of supply chain management.

Reliable supply chains are one of the key drivers of economic growth. The supply chain ecosystem constitutes several other industries and sectors. 

From the economic standpoint, for developing countries, supply chains create opportunities, augment productivity, improve technology and skills, increase employment, and diversify exports. Long-terms business relations ensure more income and uninterrupted revenue. 

Developed countries, on the other hand, have advantages in the form of skilled labour at cost-effective rates. Moreover, with supply chains now becoming more competitive and resilient, they assure better transparency in their operations.   

The Bottom Line

Supply chains of today are different from the ones that functioned earlier. They have an important role to play, especially in the post-covid world. From resource optimization to seamless and sustainable procurement of raw materials, effective inventory control to demand-supply harmony, efficient delivery to customer satisfaction – supply chain performance is now dependable on each of these components.  

A critical element is technology that is reshaping the functioning of this industry, making it more transparent, visible and traceable. With the advent of digital supply chains, the performance of the industry as a whole is improving, thereby, making greater contributions to the world economy.

Warp & Weft International is a forward-looking supply chain management company, following a holistic strategy, embracing digitization and making way for more transparency, better collaborations and enhanced customer satisfaction.