Technology Powering the Supply Chain of Tomorrow

Technology Powering the Supply Chain of Tomorrow

As we near the end of 2017, what seems to have changed for most companies out there? Well nothing much, except for the fact that the market has become tougher, competition has increased manifold and customers have become even more demanding than ever before. The current economic climate indeed presents a difficult task for companies seeking to expand their market share. Cost reduction and process improvement are two prime aspects that can go a long way in improving revenue prospects.

It’s not an easy task to try to enhance revenue making prospects. Just by banking on sales and taking on pricing measures can only lead to depletion in customer base. Haggling with suppliers isn’t much an option because as it is, they will have enough clients and to have a sustainable set-up, a supplier relationship is absolutely essential.
The point is, trying to capture higher revenues is not an easy task. Companies should understand that the market condition will not change any time soon to suit their needs. The market will not all of a sudden be kind and favorable. So, the best option to stay relevant and competitive in the market is to bank on innovation; innovation of processes and products. They need to bring a change in how they think, process, and produce.  
To be able to remain a relevant entity in the market for whatever industry that a company is operating in, it becomes essential to think differently and continuously bring in newness to the table. Innovate processes, bring out new products, and be creative in your selling. The supply chain is the corner stone of any business so start your journey of innovation from there.  The evolution of the supply chain is integral to continued success. Once, companies start incorporating new and improved workflows in their supply chain network, they notice that on an average their processes across the business improve, that they are in a position to maintain optimum inventory, manufacturing costs go down, logistics scales and customers are served better and quicker. In short, what innovation in supply chain brings to table are satisfied customers and higher revenues. Sustainability comes hand in hand.
Innovation as we see is integral to business-success. It is technology that drives innovation. Incorporating the right set of tools and platforms across business functions can help companies achieve what they are looking for- a competitive edge and unmatched revenues.
Let’s look at how technology can help in demand planning. Effective demand planning is indispensable to supply chain services and solutions as well as overall business success. How well, the organization is able to optimally produce items to make sure it’s able to cater to demand and at the same time not over-produce, becomes a strong success factor. By incorporating a demand-driven focus, the organization becomes more customers focused.
Organizations can leverage analytical tools that can provide them with valuable insights on predicting the optimum number of products for the coming quarters. By taking into account a number of data points, say historical demand, new products, competition, market condition, prices; predictive analytics tools, through a series of complex calculations, can a high degree of accuracy predict the optimum demand quantity. This number can really give companies an immensely valuable piece of information and can kick-start their demand planning process. Armed with information on optimum demand, companies can set into motion their supply chain operations and can ensure high operational consistency and of course good savings and high revenues.
Another great way how technology gives way to a more effective and agile supply chain is by inducing collaboration between internal and external stakeholders. In any business, it is imperative to work in tandem and ensure all groups, be it internal or external agents are kept in the loop. Visibility is key and collaboration is critical. By making the network more visible and transparent, company ensures that all work processes are ‘unsiloed’. This ensures greater co-ordination, superior quality of work, seamless communication and quick decision-making. By implementing tools like, companies can ensure that their data is safe secure and that communication is seamless. All this adds up to a leaner and more streamlined supply chain model.
Innovation is possible through banking on advanced technologies. Incorporating a culture of novelty, creativity and invention can help companies to take their supply chain operations to the next level. Technology can help in building a supply chain of the future.

Technology Powering the Supply Chain of Tomorrow Technology Powering the Supply Chain of Tomorrow Reviewed by ravish kumar on January 14, 2018 Rating: 5

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