A new generation of shopping options through m Commerce and eCommerce has made supply chain management an important area of concern for many businesses. Basically, it is critical for manufacturing companies, to deliver their products they are totally dependent on the supply chain partners. Also, they have a mutual feeling that they and their participants will have a better off from this collaboration.
Slowly the power is shifting to retailers from manufacturers. With the rise of technology, retailers have a different presence and they are really getting the benefits of inter-system for the supply chain and some of them are –
1. Improvement market strategies − in some past years there is a huge growth in the technologies and market itself. Latest strategies are made to allure customers and new ideas are being experimented for improving the product.
2. Productivity − Because of the invention of new software and tools, the growth of information technology has improved productivity and this makes productivity less time-consuming and much easier.
3. Cost reduction − Invention of new technologies in the market has further led to the ready availability of all the products with different discounts and offers. This helped a lot in the reduction in the costs of products.
Effective Order Delivery and Tracking-
The most important factor in ensuring customer satisfaction is the timely delivery of the product. Higher customer satisfaction helps in getting higher chances of customer retention and repeated business.
Technology solutions playing an important role in increasing the speed of delivery. Also, it helps in keeping providing the continuous update about the product delivery schedule.
Collaboration between supply chain partners –
With the help of real-time information sharing, IT-enabled, manufacturers can increase collaboration with their key partners. Manufacturers have also access to track activities through the whole supply chain, with visibility into distributor processes and supplier end.
This type of information can help the manufacturers in making decisions and better forecast future demand. This type of information helps in manufacturing and controlling the process and leads to lower costs through effective decisions in contract management and procurement.
Superior Inventory Management –
Almost all manufacturers are facing problems in managing optimal levels of inventory.
Though, excess inventory leads to risk of waste and too low of inventory can lead to stoppages in the production cycle. Also, losing business through stock outs. Technological use for manufacturers can create adaptable business strategies. The analytics will help you achieve financial goals with predictable success by managing your inventory and sales orders effectively
Know more about the “Technology Solutions in Supply Chain“.