Leverage the Modern Solutions to Manage Your Inventory
The companies that supply high-quality products and deliver quick responses are renowned in the market for their incredible dynamic competencies. However, many businesses face challenges in an array of processes that leads to customer dissatisfaction and loss of revenue.
The efforts where the flourishing businesses have been investing is into digital transformation in the supply chain. They have successfully unlocked the potential of digital technologies. Not only has it cut out the gaps involved in the entire supply chain but has also made the entire process efficient.
Factcheck: In a recent study by McKinsey, the digitization level of 43 percent is recorded for the average supply chain. It was the lowest for the five crore areas that were considered in the examination.
To clear the importance of digital technologies in your supply chain, we have penned down some reasons to justify it. Read on.
What Can Go Wrong Without a Digital Transformation in the Supply Chain?
To paint a clear picture, here are some of the common issues that companies face with the manual practice of the inventory processes.
1. Time-consuming processes
Manual methods waste time and space in your warehouse. You must take care of bundles of paper files, orders, and sales manually followed by searching for the products in the warehouse. It decreases the productivity of the workers in the long run and gets less work done in a particular amount of time as compared to Oracle fusion mobile applications.
2. Frequent human errors
Manual tracking is prone to human errors. You may order products more or less than required and in either case, you may have to pay fees for extra or rush delivery, production delays, or missed shipments.
Incorrect data entries, adding the same product twice, and errors in manual updates are some other common issues with manual inventory management.
3. Misinformation in tracking
In the absence of real-time tracking, you are unable to find and trace the assets and tracking information of the transactions. In such cases, you may lose the end-to-end asset capturing and tracking in the organization. This is a bygone case with the Oracle cloud mobile app.
What Is the Impact of Digitization on Supply Chain Management?
To get you acquainted with everything you are missing out on without digitization in your supply chain, here’s a list.
1. Demand forecasting
Predicting the future demands for production is one of the most challenging aspects of a supply chain. In such a case, machine learning comes as an effective answer that takes into account crucial factors to forecast the future demands of the market. It utilizes relevant data and saves the companies from the wastage of inventory. This technology has been greatly useful in optimizing the inventory cost and driving new sales overall.
2. Real-time reporting and analytics
The modern solutions provided by supply chain consulting firms offer visual reports on inventory levels and performance. It helps in identifying the weak and strong points within the inventory and helps in measuring several metrics to give you real-time insight of your business performance.
3. Automated replenishment and low inventory alerts
When your stock goes low, your digital solution warns you about it. If you switch to an automated system, it will automatically create and send purchase orders for frequent recurring orders.
4. Accuracy in supply chain
Internet of things and machine learning are used by companies to extend the life of key supply chain assets like transportation components, warehouse equipment & machinery, and others. The data derived from machine learning is further used to determine the factors that affect the overall equipment effectiveness.
5. Multi-location tracking
Businesses that run across different locations can maintain one central repository for tracking items and inventory information with labels like serial numbers, barcodes, stock-keeping units, and others. It enhances the efficiency of the workers dealing with inventory management on an everyday basis by enabling them to find products easily, tracing item transitions, monitor locations, view over-stocks & stock-out, and others.
With a specialized digital system for inventory management, you can achieve great heights in your business. you can manage your inventory in real-time, track and trace your products, and get relevant information about your inventory within seconds. Moreover, you save on different kinds of costs, increase your revenue and lead to sustainable growth. So why not switch to digitization to manage inventory! Here’s one of the best top supply chain companies waiting for you.