A lean and streamlined supply chain is the holy grail to any successful eCommerce business. Getting one product from A to B in the most efficient amount of time not only has a positive impact on the image of your business but it also directly impact profits. The rise in technology has provided businesses with innumerable ways to make their supply chain more granular, forcing firms to adapt and be more responsive to these technological innovations. Below are a few ideas on how you can take your supply chain to the next level.
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(Top 4) Ways to Transform your Supply Chain
Invest Digitally –
Businesses in every industry have become more dependent on digital devices and strategies to maintain or exceed the competition. The supply chain is no different, with firms now investing heavily in software to improve on their logistics. Collaborating with SAP and customer experience specialists can be an effective way of strengthening certain aspects of the supply chain. Investing in the right firm will save time, effort, and money by using a reliable specialist, such as Weaveability. You can discover more about their services by clicking on weaveability.com.
Track your Inventory –
The best way of tracking your inventory is by investing in up-to-date software since spreadsheets are always prone to human error. This will let you know how much stock you have stored, how much more you need, as well as if anything has happened to it. Part of inventory management is effectively training all of your staff to a level where they fully know all of the inventory processes and how to log information properly.
Monitor Cash Flow –
Reliable and consistent cash flow is the bedrock to any efficient supply chain, and choosing to monitor its progress is crucial to do in order to take it to the next level. Unnecessary inventory will be a detriment to cash flow. Effective cash flow management includes closely monitoring payment terms and conditions with parties within the supply chain, as well as understanding the software used for monetary transfers.
Essential Questions that you should Ask Yourself include:
- What is my ROI?
- What products are most stifling cash flow?
- What products and services cost the most time, energy, and capital without yielding a satisfactory ROI?
To get more of an insight on how cash flow can directly impact your supply chain, click here.
Improve your Distribution Network –
From delivery tracking to sales strategy, distribution affects every part of the supply chain in business. The ultimate goal for any firm is to improve its distribution network, which can be achieved via a holistic approach or a cluster view.
A holistic approach requires you to review the essential components of your distribution network and discover which parts work harmoniously together. An example can be seeing how your purchasing software works with your delivery system and analyzing how effectively your production foreman and warehouse communicate amongst each other.
A cluster view categorizes graphs, charts, and other details together to provide you with a more crystallized view on the process for a certain function in the company.