Companies with extended or complex supply chains have been increasingly
targeted for fraud and theft, according to recent research.
Business in South Korea, home to some of the most forward-thinking and
exemplary business practices in the world, has been particularly
vulnerable to supply chain targeted crime.
LG is now leading the way in cutting down its exposure to such crime, by
adopting streamlining processes which also lead to operating costs being
cut, creating a perfect harmony of incentives.
"3Ps - Best Process, Best People and Best Partners are LG's
distinguished features which are different from other companies," Didier
Chenneveau, LG Electronics chief supply chain officer told the Korea
Times.
"Supply-chain management emerges as a top concern for our company as we
need to intensify such a system to face off increasing financial damage
triggered by poor supply chain management in our overseas markets," he
added.
Mr Chenneveau also spoke about the possibility of teaming up with other
companies to share the resources involved in forming a supply chain,
although such an operation might be better conducted by a third party.
As such, any company hoping to redesign their supply chain may wish to
outsource some of the responsibility to a supply chain management firm.
Best Practice:
Is your supply chain following best practice? Check it out here.
