There is no surprise that cost reductions top the high-tech supply chain executives ranking of the three biggest issues or projects for 2014, according to the Annual North American Hi-Tech & Electronics Report from eyefortransport. The survey of supply chain executives also reveals that the most effective strategies for reducing costs include improving internal efficiencies, improving forecasting, and better sourcing of materials and new suppliers.
In addition to cost reduction challenges this year, the survey also looks at some of the pressures on supply chain executives, as well as how they deal with supply chain risk and key challenges working with new suppliers and start-up companies. The survey also indicates that big data is a priority for many supply chain executives.
Here are several of the top findings.
There is no doubt that cost has been a continued concern of supply chain executives. Although strategies vary to control costs, the survey finds improving internal efficiencies (76 percent) has been the most effective measure for cutting supply chain costs over the past 12 months, followed by improved forecasting (48 percent) and cheaper or better sourcing of materials and new suppliers (48 percent). Other top cost cutters include re-negotiation of existing transportation contracts or investing in technologies that cut costs.
