Published August 30, 2016
MINNEAPOLIS, MN – Two hundred supply chain experts have taken their seats to listen to Dr. James A. Tompkins begin his keynote speech at the 2016 Tompkins International Supply Chain Leadership Forum. Dr. James A. Tompkins, CEO, Tompkins International, is addressing the digital transformation and reinvention occurring today in his presentation: Digital Disruptions – Requires Simultaneous Transformation and Reinvention.
The Digital economy is rapidly changing the way business is done. Today, the business world is more complex than it has ever been. Adaptation to the marketplace is required in order to be successful. Therefore, companies cannot be successful in the digital world with yesterday’s practices and technology.
Dr. Tompkins suggests a company’s survival hinges on moving from a physical to a digital supply chain. Being Digital is the ability to market, sell, and serve through digital means. Digital encompasses the entire product and service lifecycle, and impacts all trading partners of global supply chains.
Pew Research Center recently shared information on the new digital economy stating, “72% of Americans have used some type of shared or on-demand online service. A number of new commercial online services have emerged in recent years, each promising to reshape some aspect of the way Americans go about their lives. Some of these services offer on-demand access to goods or services with the click of a mouse or swipe of a smartphone app.”
A business strategy for the digital age requires understanding the impacts the supply chain has on a costumer’s journey and interaction. To make sure costumers have a good digital experience the following must be available, real-time inventory, personalized search results, personalized product recommendations, and product reviews. Customers should have a seamless brand experience.
When advancing from physical supply chains to digital supply chains, companies need to not focus on a digital strategy, but rather on a business strategy for the digital age. A business strategy for the digital age requires that both a customer’s journey and their interactions with a company are understood.
Stated by Dr. Tompkins, “to perform well in the digital supply chain, companies must offer uni-channel inventory deployment along with quick and low cost delivery to all customers. Supply chains now require simultaneous transformation and reinvention to respond to today’s disruptions.” Steps must be taken right away or companies risk falling behind their competition.