In the last few months, nearly every phase of the supply chain as we knew it has been impacted. New challenges have emerged as factors like social distancing, sanitization, and public health become increasingly more important.
Businesses are being forced to adapt and change on the fly like never before. The ways of doing business are changing rapidly while, at the same time, we see more and more limitations to how business must be conducted as we work to control the global COVID-19 pandemic.
In an increasingly customer-centric economy, differentiating your business in a crowded marketplace is no simple feat. To gain a competitive advantage, businesses have traditionally looked to gain market share by either, offering a basic product at the lowest price or by differentiation – creating a product which is unique and desirable (Porter,1985). Because of this, often overlooked or not even considered is the positive results that a well-managed supply chain management system can bestow – especially to those with global operations.
We call a digital transformation a journey for a reason – it’s a multi-step process with stops and adjustments along the way. It need not be a rocky journey; with the right solution in place and the right team along for the ride, it can be smooth(er) sailing.
The COVID-19 outbreak has been a tragedy for humanity. Amongst its many impacts is the global economy and the global supply chain. The impact of the pandemic will extend to companies’ supply chain operations and their ability to service their customers for years to come.
If your organization is looking to make big improvements to your bottom line, a new inventory management system could be the solution to a problem you weren’t actually aware is impacting company success–especially for organizations using paper-based processes or multiple disconnected ERP and inventory systems. Systems, or a lack thereof, could be limiting profits and holding back improving customer satisfaction. Optimizing inventory movement is key to improving success.
In the advanced warehouse, it isn’t enough to settle for old technology and hardware investments. Whatever industry you’re in, all markets are full of competitors constantly looking for ways to update technology investments. You must ensure you are saving time, resources and–most important–money.
To achieve an optimized supply chain, many factors have to come together to reach the inventory “perfect storm” and achieve organizational efficiency. One of the most important factors is inventory accuracy, or the ability to know exactly where inventory is at all times, whether it’s in the warehouse, in the field or at remote locations.