In a highly competitive marketplace of this century, it has become imperative for the businesses to innovate new strategies to optimize their productivity and streamline their supply chain. You can create transparency in your supply chain with the help of modern technologies. Technology will help in simplifying the management of supply chain by enabling your business to function more efficiently, giving you more control over the inventory and helping to reduce the operational costs. Furthermore, a more efficient and stable supply chain will significantly enhance the customer retention and satisfaction.
Here you will find some ways in which technology plays a part in successful supply chain management.
Computerized tracking and shipping
With the help of internet based software and modern technology, you can greatly reduce the shipping errors and the process for supply of goods. Some softwares allow the tech-savvy company owners to combine all aspects of their supply chain in one place. This allows them to virtually organize the inventory data, manage and monitor the shipping and tracking data and easily creating the digital invoices. By using the technology for your business, you can noticeably reduce the time spent in shipping, tacking, compiling, and receiving the information.
Not only does the correct usage of technology improve operational efficiency of a supply chain but it also enhances the customer experience by providing them the opportunity to track the status of their order continuously. The shipping errors are significantly reduced and you can rapidly respond to the errors even if they do occur through digitized tracking system. In this age, it is vital to use technology for running a thriving business that is beneficial and consumer friendly.
Radio Frequency Identification (RFID)
Radio Frequency Identification (RFID) is a fundamental part of technology that can provide numerous benefits to the supply chain owner. The owners are able to easily track their inventory when RFID chips are placed on every product they are shipping. RFID chips substantially improve the supply chain efficiency by enabling the employees to correct any mistakes and by efficiently detecting the order anomalies as they occur due to the enhanced visibility these chips provide. Additionally, it allows the business owners to have maximum control over their products all the time and enables more consistent and easier tracking of the products. RFID chips eliminate the potential for errors, reduce the operating costs and simplify the supply chain since they provide computerized product management.
Role of Social Media
Social media is a powerful tool for businesses and it has taken the world by storm. With over 1.23 billion users of Facebook and 288 million users of twitter, it’s not a surprise that many businesses have turned to social media to get coverage. As a matter of fact, seventy percent of the major companies rely on social media as a part of supply chain management and their marketing strategy. By using social media you can increase the presence of your company, communicate openly with the customers, utilize time-efficient and cost effective strategies, improve the demand of your products, decrease the operational costs and enhance the overall productivity of the company. Social media can be used to keep the customers updated about the policies and rules of the company as well as to interact with customers, answer their queries and report any hurdles or accidents that may cause the delay in delivery of the products. Finally, you can also create updates about the inventory but the list does not end here. There are numerous creative ways to use social media to boost your business and make it successful.
Keep it simple
The more unnecessary links in your supply chain, the more complex and convoluted it may become. By disposing off the irrelevant links and simplifying the supply chain, the efficiency of a business is enhanced and the expenditures are reduced. Instead of purchasing the goods through intermediary sources, try to work directly with the manufacturers. By working directly with the manufacturers, expenditure costs are greatly reduced and an efficient and simpler supply chain is created. Reduction of links in the supply chain also lower the risks associated with shipping while importing or exporting the goods. Global trade is dependent on various factors such as international border security, weather conditions, economic collapse and natural disasters, that is why simplifying the supply chain and reducing the suppliers to as few manufacturers as possible will enhance the reliability and efficiency of your business and make it less prone to the possible damage caused by unforeseen circumstances.
This term is used to describe the extensive range of tools and techniques that are used to conduct business in a paperless atmosphere. Therefore, it includes e-mails, electronic data interchange, and electronic publishing, electronic fund transfers, electronic publishing, electronic bulletin boards, image processing, magnetic or optical data captures and shared data bases. You can also automate the process of moving the data electronically between the suppliers and customers.
Electronic Data Interchange:
Electronic Data Interchange (EDI) refers to the exchange of official documents by digital means instead of courier, mail or fax. There are numerous benefits of using EDI for exchanging the data with manufacturers and other supply chain management workers. The information is quickly processed, customer services are enhanced, the paper work is reduced and the productivity is increased.
With a specific end goal to improve as a business, it's very important to constantly adjust to the advancements keeping in mind the end goal to stay ahead in the competition. By incorporating the current advancements in your business plan, you can greatly improve your efficiency as an organization, while reducing the operating cost and enhancing consumer loyalty and customer retention. Clients will probably be disappointed in a business that routinely has shipping delays, shipping mistakes, or items that are out of stock. Improving your inventory network can enhance your reputation and minimize the risk of damage. So, start using technology for a competitive advantage and better performance of your company.