Today, efficiency has become a must for supply chains because it helps organizations in reducing costs and speeds the time-to-market process. However, that’s not the only reason why we’re bringing attention to the tips that streamline your supply chain.
20 years into the new millennium, it’s certainly clear that advances in technology, increased globalization and the rising customer expectations have made streamlining supply chains more important than ever before. It’s the only way that companies are responding more quickly to the fast pace of business operations today while simultaneously boosting operational efficiency.
And without much ado, let’s take you through the 5 tips to help you streamline your supply chain, before we tell you more about the benefits…
1. Focus on Your Current Supply Chain Shortfalls
Reviewing your current supply chain methods and operations is a good start to streamlining your supply chain. It helps you in documenting the current state of your supply chain and highlights the main focus areas that actually need your attention. Similarly, this analysis helps you in determining the baseline for return on investment analysis after you make new supply chain investments. That’s right, you’ll be able to graph your growth conveniently.
This practice of focusing on your current supply chain shortfalls enables manufacturers to offer shorter lead times and lower inventory costs by making stocks available just in time. That said, it’s also suggested that you’ll be able to maintain optimal stock levels, eliminate unnecessary handling and storage costs, and reduce the possibility of human error and inter-process gaps once you keep track of your shortfalls.
2. Integrate all Information
Whether it is efficiency, transparency or flexibility, all things rely on the level of integration your supply chain implements. This is why it’s said that companies need to integrate information from all variety of sources because every transaction typically touches several systems, including the organization’s CRM, ERP, manufacturing resource planning systems or financial systems.
This tip becomes all the more important in cases where information needs to be shared with parallel systems owned by customers, partners and suppliers. So, what you is an efficient way to get rid of traditional data integration through file uploads, batch updates, manual updates or spreadsheet uploads because these activities are time-consuming and prone to errors.
3. Duplicate Data Stops You From Achieving More
What’s more efficient than cutting down duplicate tasks? The output is certainly positive. It helps you reduce costs and efforts throughout the whole supply chain process because let’s agree manual entry of duplicate data into multiple systems is a needless time waster and an energy drainer. If the same data is entered and stored in different places, it’s best to eliminate duplicate data through automation and leverage it to save crucial labor hours with systems like Supplymint that are far more accurate.
4. Leverage Your Existing System
It’s true that over time, a lot of in-house used systems become inflexible, complex, hard to use, and difficult to integrate with newer technologies and innovations. But hey! They can still contain important and useful data. That’s what you’ve got to leverage from those orthodox systems – your critical data. This helps you in all your planning, analysis and other operations of supply chain.
5. For All that Lies Beyond
What is your end goal? Don’t you want a better understanding of your customer’s needs to curate customized products and services? Well, if that’s not what you aim for, you certainly need to. Time is changing and the way customers shop is changing with it. Your organization needs to differentiate between your offerings and what helps you in increasing your profits and that’s where you need to bring in attention to advanced analytics. This is what will help you optimize your operations.
Streamlining the global supply chain through integration and mobilization provides increased efficiencies throughout the entire product lifecycle, improves accuracy of demand forecasts and optimizes production lines.
Conclusion: The results from following the above-mentioned 5 tips to streamline your supply chain are efficiency, profitability, and flexibility. For more simple solutions, you can explore Supplymint.
Recommended Read: Is Real-Time Connectivity In Supply Chain a Growing Expectation?