Harold Nwariaku: Sharing Insights into Trends Shaping Supply Chain in 2023
In this interview with THISDAY, the Managing Partner of Harold & Co Consulting, Mr Harold Nwariaku, extensively shared insights into trends that would shape the procurement and supply chain industry in 2023.
What processes can the sector embark on to curb mismanagement and crisis?
Procurement consultants can help businesses to develop and implement clear and effective procurement policies and procedures to ensure that procurement activities are conducted in a transparent and accountable manner. We can provide training and education programs to help procurement staff gain the skills and knowledge they need to effectively manage the procurement process, help businesses to identify and manage risks in the procurement process by conducting regular risk assessments and implementing risk management strategies, conduct audits and monitoring activities to ensure that procurement activities are being conducted in compliance with policies and procedures and to identify any potential issues or problems, and help businesses to foster collaboration and open communication with suppliers and other partners in the supply chain to identify and address potential issues or problems.
What options are available with technology that the industry can leverage?
There are several options available such as supply chain visibility technologies that help businesses track the movement of goods and materials in real-time, which can improve the ability to identify and respond to potential disruptions.
Another is predictive analytics tools that forecast demand and identify potential disruptions before they occur. Collaboration and communication technologies, such as cloud-based project management platforms, can help businesses to coordinate with suppliers and other partners in the supply chain and respond quickly to disruptions.
Automation technologies, such as robotic process automation, can help businesses to improve the efficiency and reliability of their operations, and risk management technologies such as blockchain are all available.
What are the greatest lessons you have learnt being on the field?
The importance of understanding the client’s business and its needs to provide effective advice and support. The value of strong communication and collaboration skills cannot be over-emphasised.
The importance of staying updated with industry developments due to the dynamics obtainable in the procurement field. Strong problem-solving skills and ethical behaviour are additional necessary lessons.
How have you been able to apply lessons from previous challenges encountered running the business?
Our approach is to review the successes and challenges of our projects and consider what contributed to each. This helps us identify areas that are working well and areas that need improvement. We use the lessons learned to inform changes to business processes and systems. For example, if a particular service delivery method was successful, we incorporate it into the business’s standard operating procedures. We document and share the lessons learned with team members and relevant stakeholders to ensure that others in the organization are aware of the business’s experiences and can apply them to their work. The lessons learned are used to inform decision-making, both in the short and long term. This ensures that the business is making informed, data-driven decisions that are based on real-world experiences.
We recognise that operating a service business is an ongoing learning process and we strive to continually learn and improve. We seek out new training opportunities, stay current on industry trends, and seek feedback from clients and team members. We analyze the procurement processes and identify any issue or challenge that may be impacting business performance and help them to improve the efficiency and effectiveness of these processes. We have helped businesses to identify and manage risks in the procurement process by developing and implementing strategies to mitigate those risks, finding alternative sources of goods or services, and developing contingency plans to respond to potential disruptions. We have supported businesses to adopt best practices in procurement by guiding processes, tools, and technologies that can improve efficiency and effectiveness, and we have fostered open and effective communication and collaboration with suppliers and other partners in the supply chain to identify and address any issues or challenges that arise.
What practices have you employed to improve the services you render to your clients?
We have improved services to clients by developing a deep understanding of the client’s business and their specific needs to provide timely and responsive support. We provide a variety of consulting and advisory services, as well as tools and technologies that can help clients to improve their procurement operations. We have improved services to clients by maintaining high standards of professionalism and ethical behaviour. We set clear expectations with clients from the start of a project, including the scope of the work, deliverables, timeline, and any other relevant details. This helps prevent misunderstandings and ensures that our clients are satisfied with the result. We stay organized and manage projects effectively using project plans, setting milestones, and keeping clients informed of progress. Through regular communication, providing timely responses to client inquiries and going above and beyond to meet their needs, we have built trust with our clients.
Being abreast of industry trends and staying current on the latest tools and techniques has helped our consulting business deliver the most value to our clients. Regularly soliciting and acting on client feedback has helped identify areas for improvement and ensured that clients are satisfied with the services provided.
How can companies identify and fund projects that enhance internal capabilities and build external relationships?
The first step is to identify the priorities of the business. Once priorities have been identified, companies can develop a pipeline of potential development needs that align with those priorities. This may involve conducting market research to identify potential opportunities or identifying potential partners or suppliers that can help to build the necessary capabilities or relationships. After that, companies can evaluate potential projects to determine which ones are the most viable and have the highest potential return on investment (ROI). This may involve conducting financial analysis or conducting market research to assess the potential benefits of the training. Companies can then work to secure the necessary funding to support those projects. Then include implementation and monitoring of the project
How does your company leverage information flow to improve services?
We use data and analytics to identify trends and patterns in procurement activities and to identify areas for improvement. This data is collected from a variety of sources, such as purchase orders, invoices, and supplier performance data, and we use analytics tools to analyze the data. We use the insights to inform our recommendations to clients. We share knowledge and best practices with clients and other stakeholders from case studies, research, or other resources that can help clients improve their procurement operations.
We seek to improve communication with suppliers and other partners in the supply chain using collaboration and communication tools, such as cloud-based project management platforms, to facilitate open and effective communication.
How would becoming a producing nation help Nigeria curb some of the challenges faced in your industry?
By producing a wide range of goods and materials locally, Nigeria may be able to reduce its reliance on imports and improve its ability to meet the needs of its domestic market. This could help reduce the risk of supply chain disruptions caused by factors such as trade disputes or transport disruptions. Additionally, being a producing nation would help to create jobs and stimulate economic growth in Nigeria. This could in turn lead to an improvement in infrastructure and other factors that can impact the ease of conducting business in the country. However, it is important to note that being a producing nation does not guarantee that all supply chain challenges will be eliminated.
Is there a place for personal development in resultant national development?
Personal development can play a role in national development. By focusing on personal development, individuals can gain the skills and knowledge needed to contribute to the growth and development of the country. For example, by pursuing education and training, individuals can develop the skills and expertise needed to participate in the workforce and contribute to the economy. Personal development can also help individuals to become more engaged and active citizens. By developing their leadership skills and their ability to think critically and solve problems, individuals can be better equipped to participate in the political and civic life of their country and contribute to decision-making processes that shape the direction of national development.
What is your opinion on the outlook for 2023 in your sector?
The future of the supply chain is likely to be shaped by several trends and developments. Some of the key trends that are expected to impact the supply chain in the future include digital transformation: the increasing adoption of digital technologies, such as artificial intelligence, the Internet of Things (IoT), and blockchain, is expected to drive significant changes in the supply chain. These technologies are expected to enable greater visibility, automation, and efficiency in supply chain operations, as well as enable new business models and enable the creation of new value for customers.
The increasing focus on sustainability and social responsibility is expected to drive changes in the supply chain. Companies are expected to increasingly prioritize the environmental and social impacts of their supply chain activities and adopt more sustainable and responsible practices.
The globalisation of the supply chain is expected to continue, with companies looking to tap into new markets and sources of supply. However, trade tensions and protectionist policies are also expected to continue to be a factor, which could impact the ease of conducting business and the flow of goods and services across borders.
Resilience and risk management: The supply chain is expected to become more resilient in the face of disruptions, with companies focusing on risk management and developing contingency plans to respond to potential disruptions. This may involve adopting technologies such as IoT and predictive analytics to help identify and respond to potential disruptions.
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