Bangladesh should focus on improving infrastructure to ensure an uninterrupted supply chain capable of smoothly delivering goods to customers at reduced prices and of cutting business costs, speakers told an award launching yesterday.
“If there is any missing link in the supply chain, productivity and sales are lost. As a result, companies as well as consumers suffer,” said Naquib Khan, president of the Bangladesh Supply Chain Management Society (BSCMS).
IPDC Finance Ltd, the first private financial institution of Bangladesh, and the BSCMS jointly announced launching “Bangladesh Supply Chain Excellence Award (BSCEA) 2018” with The Daily Star as a partner at The Daily Star Centre in Dhaka.
A supply chain is a network between a company and its suppliers to produce and distribute a specific product or service so that it easily reaches customers.
“Roads, highways and ports are essentials to facilitate smooth movement of goods across the country,” said Khan, also the director for corporate affairs of Nestle Bangladesh Ltd.
He said lack of infrastructure such as a deep sea port, congestion in the Chittagong port and the bad shape of the Dhaka-Chittagong highway obstruct the flow of goods and services, creating mismanagement in the supply chain system.
Mominul Islam, CEO of IPDC Finance, said following the emergence of e-commerce, supply chain management has become the most important component of business.
“If you do not deliver goods and services to customers in the shortest possible time as per their demand, you will lose the entire business,” he said.
He said Bangladesh is on its way to become a developing nation, for which low cost labour would no longer be available. “We should focus on supply chain management to cut business costs,” he added.
Shahedul Anam Khan, associate editor of The Daily Star, said supply chains played an immensely important role in a country's economic development. Ejazur Rahman, CEO of the International Supply Chain Education Alliance Asia (ISCEA), said supply chains account for 60 to 70 percent of a manufacturing entity's costs. “That means the risk is very high. So, we need an effective supply chain,” he said.
The award will be given in seven different categories. They are collaborative supply chain, supply chain talent development, manufacturing excellence, supply chain finance management, excellence in logistics, distribution, transportation & warehouse management; young supply chain talent of the year and supply chain professional of the year.
A jury panel will select 15 best cases: five individuals, five local and five multinational corporations. The award ceremony will take place on July 21.
Awardees will receive crests and certificates. Besides, young awardees will also receive an ISCEA certification.