Staying Ahead of COVID-19 Supply Chain Disruption
Remember the days when supply chain remained behind the scenes, operating mostly without the public’s awareness? Since the disruption COVID-19 has brought to supply chains in both large and small retail organizations, consumers have increased their demands out of necessity including fast shipping, advanced e-commerce options, curbside pickup — not to mention a seamless user experience. If a retail organization has fallen behind in supply chain technology and operations, the consumer knows.
In a recent article from Supply Chain Dive, Bed Bath & Beyond works to catch up to decades of supply chain modernization in 3 years, we see a true example of this. Bed Bath & Beyond is working to catch up on what was described as a “primitive” supply chain. The company has new CEO, Mark Tritton and plans to invest $250 Million over the next three years to completely transform thier supply chain operations.
“There’s a lot of low-hanging fruit and fruit on the ground,” the CEO said. Cleaning up inventory management, changing the nature of supplier relationships and integrating an omnichannel mindset is some of the low-hanging fruit, but with an extensive tech upgrade yet to come — success will be contingent on careful execution.
The retailer launched buy online, in store pickup and curbside pickup in May as well as same-day delivery. It’s also now shipping e-commerce orders from 40% of it’s stores which will decrease fulfillment cost and increase speed. This supply chain transformation is a massive undertaking, but for many retailers like Bed Bath & Beyond, it’s a necessity for the business to survive in today’s world.
MHI has recently announced plans for ProMatDX, a state-of-the-art digital expo designed to help power manufacturing and supply chain innovation and help retailers in every industry stay future proof. The event will combine unparalleled connections and solution-sourcing in a five-day event (April 12-16, 2021) that will be the most important week of 2021 for the manufacturing and supply chain industry.
Learn more by visiting promatshow.com and experience the latest solutions from over 500 of the leading solution providers in product showcases including live chat and digital product demos of the latest technologies and innovations.
