Scenario planning helps a company prepare well for possible outcomes by keeping a keen eye on variables and uncertainties. It infuses adaptability and scalability for an organization's growth.
Running a business is a prospect filled with epic proportions of outcomes. Some go the way the leaders anticipated, and some go south, leaving a trail of coverup jobs that stakeholders have to look after later. This is true for every industry. The higher the scale of operations, the higher the stakes. The supply chain sector is indeed guided by the same principles, too. With other sectors workflow co-dependent on its smooth functioning, the challenges on the way do make the streamlining outcome a delayed prospect.
This is where scenario planning comes to fore, helping enterprise with the smarts to tackle any potential disruptions and see continuity that keeps organization become a more valuable prospect.
Sustainability in business can make an organization stand out in terms of scalability and, most essentially, brand standing from a customer point of view. If done right, it can prove to be a boon.
Every decade has an undercurrent of many events highlighting a tidal shift in how we as global citizens work. From embracing wireless technology in communication to entering the world of virtual reality and gauging the what-if scenarios for maximum impact in real-time, technology has given shape to our decision-making with much more authority. But as they say, with great power comes great responsibility. A quote from pop culture which spills over to the ethos of how our choices influence the very world we live in. From checking the carbon footprint of the commodities we use to the consumables we prefer, to the products we buy, to the cars we drive, consumers are now very much aware of the direct emissions they are contributing to the planet. The same awareness has now transpired in the planning and execution of enterprises’ functioning. With their role much more prominent for the wrong reasons (read: biggest GHG emissions contributor abetting global temperature rise), it indeed has been an absolute catch-up duty for organizations, especially MNCs, to be much more cognizant of their actions that effect the environment. For SCM, each process, from procurement to final delivery of the finished product, has to be under the sustainability guidelines outlined by the authority or governing body.
Businesses are now actively investing in strategies that align with their SDG goals (sustainable development goals) to ensure that their value chain is based on sustainable practices. Let’s explore how the concept has evolved in the workings of organizations across the globe.
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