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How can Supply Chain Management Benefit from Modern Technology Tools
Supply chain industry needs a major revamp as the old and manual processes are holding back the business growth of companies. The digital transformation can provide the necessary impetus with technologies likecloud computing and advanced analytics. It can help businesses to make the processes transparent and streamlined with the help of efficient tools. Here are the three areas of supply chain management, which can be most benefitted by technology tools:
Maximize the Value of Data Using Advanced Analytics: Supply chain companies have huge pipelines of data, and the cornerstone of effective supply change management is efficient data management. Advanced data analytics tools can leverage this data to unlock the innumerous amount of benefits for enterprises. According to research by Hackett Group, 66 percent of supply chain leaders believe advanced analytics will be critically important to the supply chain operations in the coming years. However, businesses need to consider data standardization before implementing advanced analytics into their systems.
Increased Visibility: Visibility is the thorn in the flesh for supply chain companies. There is a growing demand among customers to track their products right from the provenance to the destination. Research from Deloitte shows that 65 percent of procurement executives lack visibility past their direct suppliers. Cloud-based technology tools can provide real-time and accurate visibility across the entire supply chain by consolidating all the aspects in one platform. It also allows enterprises to cut the time and resources on shipping, receiving, and compiling order data. Cloud-based platforms can also help to solve the dispute between shippers and carriers about the condition of the goods.
Improved Payment Methods: Late payments can create a reputational risk for a business. Small supply chain companies have to suffer the most as they have to wait for the longest duration to get paid. According to data by AgOS, the supply chain finance cost can reach up to 20 percent of the final product cost. Modern ERP platforms enable companies to pay their suppliers on the receipt of invoice in a low-risk, automated and profitable way. Faster payments also open the doors for better deals.