Digital transformation has disrupted the traditional business processes with new and innovative digital products. Several industries are leveraging digital tools to transform their services and application. Cloud-based platforms increase the transparency in the supply chain management as it allows enterprises to share inventory, shipping information, and invoices.
Digital platforms can enable supply chain companies to streamline their operations and increase productivity. Some of the ways in which the implementation of platforms can help to improve business efficiency:
Total Visibility: Modern customers demand to know the history of their product from the provenance until it reaches in their hands. The traditional supply chain processes lack visibility, which can reduce customer satisfaction. The use of platforms will enable companies to receive automatic updates from suppliers, stockists, logistics partners and financial service providers all within a single environment. It also allows companies to manage their inventories efficiently.
Uniformity of data: In recent years, data has become the key to success for organizations. Many supply chain companies store their data in various formats, which can create inefficiencies in communication, leading to errors and malfunctions. The platform can provide a single environment for the incoming data where can be converted into a compatible format at source.
Better invoicing and credit: Platforms can offer huge advantages in sending invoices and improving credit ratings. It allows lenders to view the financial status of credit applicants more quickly. Platforms also allow companies to see the inventory pipelines, allowing companies to have a better understanding of their product.
Less bureaucracy: Traditional supply chain companies rely significantly on manual processes for their day-to-day operations. Digital platforms can eliminate reliance on manual processes by automating repetitive and redundant tasks. These platforms can generate customs invoices and supplier payments automatically from a single data prompt.
AI and forecasting: AI tools can use supply chain data for analysis. The analysis can help companies to manage supply partners’ inventory, traffic conditions, weather, port congestion, and many others.