According to the
National Retail Federation, consumers are expected to spend a record-high $22.9 billion to celebrate Father’s Day this year. And why not? Fathers play a critical role in our lives guiding us through the various obstacles thrown our way. As we honor all the special dads out there, let’s also spend some time recognizing their (mostly) valuable wisdom and how it can be applied to nearly any situation—even something as complicated as the global supply chain. Check out my dad-friendly lessons learned below.
#1 Dad’s are risk-resilient: “I got you!”
Have you seen viral videos when a father snaps into seemingly superhuman action to save his kid from falling down the chair or table? Although dads may tend to put their kids in more dangerous situations in the first place, unlike mums who are better at preventing, they have lightning-faster reaction times and respond to fight or flight situations. Dads are risk-resilient!
Similar to dads' reflexes, most resilient and agile supply chains are designed to do more than simply resist and recover, but are built to forecast, anticipate, and respond quickly to whatever risks or opportunities the future brings. Also utilizing technologies such as
artificial intelligence (AI) and
machine learning to curate disparate data sets from across the business, using
connected devices to enable real-time data and modern databases enables supply chains to respond quickly to disruptions and unexpected events.
#2 Dads are great collaborators: “Go ask mom”
In the book of fatherhood, there's dads’ favorite three-word phrase that they often use in situations that are beyond their knowledge and control: "Go ask mom."
Similarly in the business world, improving trading partner collaboration across supply chain, manufacturing, and logistics partners helps companies to break data silos and enable real-time visibility. Enabling this collaboration via
connecting people, processes, and systems under a single source of truth is the key to making informed and agile decisions.
Especially in a world where customer demands have become increasingly complex, leading businesses to focus on their core competencies and leverage
collaboration across suppliers, contract manufacturers, logistics experts, and other strategic partners.
#3 Dads encourage sustainability: “This could come in handy!”
There is a dad sentence more powerful than any of the government regulations to incentivise sustainable practices and improve recycling measures:
This could come in handy.
This is no different in the business world where companies want to minimize waste generation by considering the entire lifecycle of materials and products. This includes not only sustainable sourcing but also
responsible design, production, and end-cycle of the product. And leveraging
supply chain technologies provides intelligence that allows companies to monitor, measure, and act, and enables them to optimize material choices.
By keeping materials in use and circulating materials, businesses can innovate business models and regenerate natural systems. Apple for
example allows customers to return used products and earns trade-in credit by refurbishing and reselling them. They use 100% recycled aluminum from their own manufacturing scrap and post-consumer waste for newer products; also keeps the waste out of landfills.
Also, sharing this information with the consumer and letting them know their old electronic device doesn’t end up in a landfill but re-purposed is also an important move for companies to create a sustainable brand reputation and long-term customer relationships.
This year, three
quarters of consumers intend to celebrate Father’s Day and have projected to spend a record-breaking average of
$196. If you want to make this day even more memorable for your father, choose eco-friendly and sustainable gifts that won’t harm mother nature.
And let’s not forget the most valuable gift... spending time with your dad and your loved ones.
Happy Father’s Day to all the fathers out there.
To learn how businesses can better be prepared for Father’s Day, check the Oxford Economics research report: “Five Supply Chain Strategies to Achieve Resiliency and Avoid Risk”
