Supply Chain
Article | May 26, 2023
Introduction
From warehouse robots to delivery drones, the supply chain is experiencing a tremendous upheaval. AI promises a totally autonomous and self-organized future supply chain. A fleet of vehicles utilizing a swarm algorithm can enhance cargo yard throughput; a trusted peer-to-peer ledger on blockchain architecture could change compliance in the sector; and wearables, mobile robotics, and machine learning technologies could speed up order fulfilment. IOT e-brokerage solutions can link shops to couriers and transporters with a click. Tomorrow's supply chain will be leaner, quicker, and self-organized. A few innovative technologies will fuel this unparalleled rate of change over the next 15 years. Here are the major technologies that are shaping the future of the logistics industry.
Logistics Technologies for the Future
Shipment Tracking Systems
Previously, customers ordered shipments, had an anticipated arrival date, and then were kept in the dark until they chose to call. Customers can now access shipping and tracking systems around-the-clock due to developments in the internet and software. This not only enhances the customer experience (cx), but it also saves the business time and money.
Internet of Things (IoT)
The IoT reduces costs and delays by minimizing hazards in the supply chain. Cabs, cargo ships, trains, etc., have sensors that link to an alarm system or dispatcher. These sensors analyze and communicate information to the crew, who learns about hidden threats. IoT isn't a new technology, but it continues to influence logistics by improving in-transit visibility and delivery.
Radio Frequency Identification (RFID)
RFID technology has been used for a few years to monitor inventories labor-efficiently. A product tag or sensor produces radio waves. The company processes the data. RFID tags are similar to barcodes, but their faster information transport and data processing appeal to companies and the direction of technology. Many organizations use RFID tags to track containers in warehouses.
Enhanced GPS Accuracy
Almost everyone utilizes GPS on their vehicles or smartphones. These devices' accuracy has improved over time, assisting lost drivers and enhancing the supply chain. By monitoring truck locations and boosting hauls with current traffic data, GPS increases efficiency and customer satisfaction.
Closing Lines
Unprecedented times have produced unprecedented transformations that will last for generations. Changing demographics, technology improvements, and COVID-19 impacts are altering global supply networks. We must understand the driving factors and act on what we learn to adapt and rise to the situation. For the sake of our current workforce and future generations.
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Warehousing and Distribution
Article | July 11, 2023
Risk management has been a problem for as long as supply chains have existed. Because of the interdependence of all its connections, even a minor issue in one isolated region has the potential to jeopardize a whole global supply chain. As a result, when major global trends and events occur, the potential for widespread supply chain disruption is enormous.
Global supply chain risks and market disruptions have reached an all-time high. The most notable of them is the COVID-19 pandemic. In a 2020 survey, the Institute for Supply Management discovered that 95% of companies faced operational issues due to the pandemic. As a result, business executives all around the globe believe that if they want to be more resilient and competitive in the present market, they need to modernize and make significant changes to their supply chain strategy.
Other recent factors that have had a significant impact on traditional supply chain practices include the fast pace of change in consumer behaviors and a pretty unstable trade and political environment.
In the last ten years, e-commerce spending has tripled, and internet shopping had increased by 149% in 2020 compared to the previous year. With the growth of e-commerce, there has been a rise in customer demand for faster delivery and more personalized shopping experiences. The Amazon Effect refers to the growing expectation for same-day delivery and its effect on businesses and logistical networks. To be resilient enough to react to these rising demands, supply chain managers have had to make fast and significant modifications to their logistics and warehousing networks, as well as discover new ways to collaborate with third-party fulfillment partners.
Even before the impact of COVID-19, American businesses were attempting to reduce their dependence on foreign manufacturers and suppliers. Foreign tariffs and trade policies had become more unpredictable by 2019, and businesses were seeking technological solutions to make the supply chains more self-sufficient and resilient. As a result, integrating digital transformation and Industry 4.0 technology into supply chain operations is quickly becoming a top concern for global business leaders.
How does Supply Chain Resilience Work?
A flexible contingency plan and the ability to react swiftly to operational disruptions are important characteristics of effective supply chain management. However, to be truly resilient, a supply chain must be able to predict and anticipate disruptions and, in many cases, avoid them entirely.
Strategic supply chain planning is an important step in achieving resilience because it synchronizes all supply chain components and increases visibility and agility. Supply and demand needs are better understood, and production is synchronized due to supply chain planning. This integrated, forward-thinking approach assists businesses in better anticipating problems, reducing the impact of supply chain disruptions, and improving overall operations.
When a business has the digital systems to analyze and make sense of Big Data, it significantly improves supply chain resilience. Artificial intelligence-enabled systems can curate disparate data sets from across the business and the globe. To discover trends and opportunities, news, competitor activity, sales reports, and even customer feedback can be examined together. The system's connected devices are constantly monitored, providing real-time insights about where and how processes can be automated and improved. For instance, AI, machine learning, and modern databases acquire and handle Big Data and analyze and learn from it in an almost infinite number of ways. This enables intelligent automation across the network and provides supply chain managers with the real-time insights they require to respond quickly to disruption and unexpected events.
Supply chain managers have traditionally sought to limit the number of partners and suppliers in their network to minimize operational and logistical complexity. This approach is based on the stability of the social, environmental, and political systems. Unexpected disruptions in one region can slow or even stop network operations across the board. Supply chain resilience technologies, such as blockchain, sensors, and advanced analytics, enable supply chain managers to monitor complex partnerships and supplier contracts even in the most remote parts of their network.
Profitability in the supply chain has always been dependent on minimizing excess and keeping inventories as lean as possible. Capacity and inventory buffers are expensive, and supply chain managers have often bet against disruptions to keep prices low. When the pandemic struck, many businesses discovered the real cost of the gamble. Supply chain operations can involve on-demand manufacturing, virtual inventories, and predictive demand forecasting using digital supply chain technologies to remain resilient, even in times of unexpected disruption.
Benefits of a Resilient Supply Chain
Finding a successful balance between supply and demand is a significant issue for any supply chain manager in an increasingly competitive market. Many businesses that have cut costs on diversification, supply chain technology, and other resilience measures have lately discovered the true cost of those choices. However, when businesses engage in diversification, supply chain technologies, and other resilience measures, they can achieve a variety of business benefits, including:
More efficient operations: Better resilience often results in less risk and a greater capacity to invest in innovation and growth. For example, according to a 2020 global business analysis conducted by Bain and Company, businesses that prioritized their investment in supply chain resilience had up to 60% quicker product development cycles and were able to increase production capacity by up to 25%.
Enhanced productivity: Resilient supply chain solutions lead to the overall system increased productivity. According to a McKinsey 2020 survey, supply chain leaders from across the world report increased productivity due to resilient supply chain systems, and 93% of those surveyed plan to prioritize resilient supply chain strategies for investment in the next year.
Risk reduction: Supply chain activities are often the most vulnerable to risk and loss in many businesses. Supply chains, by nature, are geographically distributed and functionally complex. As a result, supply chains are particularly vulnerable to risk. Resilient supply chain technologies minimize risk by providing insight into all network operations and enabling companies to improve and adjust their processes and logistics in real-time.
Technologies for an Agile Supply Chain
Digital transformation and modern supply chain technology provide businesses with the resilience and competitive advantage they need to react swiftly to disruptions and opportunities.
Artificial intelligence (AI): AI-powered supply chain systems can offer deep procedural and operational insights by gathering and analyzing data from many sources. Predictive analytics and Big Data analysis can assist in predicting risk and demand and recommending measures and reactions in the company.
Machine learning: Machine learning enables the discovery of patterns in supply chain data and the identification of these influential factors - all while constantly learning. This enables supply chain managers to react fast with the finest workflows and operational strategies available.
Industrial Internet of Things (IIoT): The IIoT network in a supply chain comprises connected devices and objects with sensors and unique IDs that allow them to transmit and receive digital data. They collect information and communicate with the central system. AI can analyze and understand this data to enable quick decisions and intelligent automation of supply chain operations and procedures.
Additive (3D) printing: Smart factories can quickly reprogram 3D printers to produce specific products on-demand without disrupting regular business operations in the long run. The accessibility of potential virtual inventories enables supply chains to defend themselves against disruption.
Robots and autonomous things: Robots and drones, which are intelligently automated for speed, efficiency, and accuracy, can adapt their operations on the go to meet quickly changing requirements. They also reduce the risk of harm by eliminating overly repetitive or dangerous tasks from human workers.
Modern databases: The resilient supply chain solutions rely on Big Data, advanced analytics, and real-time insights from modern databases. Supply chain technology can be improved to operate faster and most resilient when equipped with a modern ERP system and an in-memory database.
Resilience means more than just surviving a disruption in operations. A fully resilient supply chain and businesses survive hardship and use it to innovate and improve their business. Building a resilient supply chain is very important in this modern era because disruptions like a pandemic, wars, climate change, etc., are occurring a lot these days. A resilient supply chain helps businesses to survive and thrive even during tough times. To read more about ways to boost supply chain performance, click here.
FAQ
What is supply chain resilience?
Supply chain resilience refers to the supply chain's capacity to be prepared for unexpected risk events, react and recover swiftly to potential disruptions, and grow by shifting to a new, more desirable state in order to improve customer service, market share, and financial performance.
How is supply chain resilience measured?
A supply chain's resilience index is calculated by aggregating its company's resilience index. Given that supply chain company's performance influences overall supply chain performance, supply chain resilience should be measured using the companies' resilience index.
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Supply Chain
Article | August 17, 2023
Enhance operational efficiency by implementing industry-approved methods for multi-channel inventory management. Taking a holistic approach to control inventory helps multiple sales channels grow.
Multi-channel inventory management is a crucial aspect of the supply chain process that ensures the goods are available to customers through different sales channels. However, with growing penetration of ecommerce technologies and the increasing complexity of supply chain networks, managing inventory across multiple channels has become daunting for businesses. The ability to accurately track inventory levels, ensure stock availability across channels, and optimize fulfillment processes has become critical to achieve success in today's competitive business landscape.
Managing inventory across multiple channels require real-time visibility and tracking of inventory levels which further streamlines the complex process. Inaccurate inventory data can lead to stockouts, overstocking, and lost sales, negatively impacting the business's bottom line. To combat these challenges, businesses must implement a robust multi-channel inventory management system to track inventory across all channels, synchronize stock levels, and automate order fulfillment processes.
An inventory management system can offer businesses a consolidated view of inventory at various locations, such as warehouses, stores, and even online channels. An organized approach is crucial while managing multi-channel inventory or keeping track of moving inventory. Implementing an effective inventory management procedure, managing multi-channel inventory becomes more streamlined and simplified, as well as provides a comprehensive overview.
In addition, as businesses continue to expand their sales channels, multi-channel inventory management has become a vital component of supply chain management. By adopting best practices in multi-channel inventory management, businesses can ensure on-demand access, accurate inventory data, and seamless order fulfilment processes. Additionally, implementing the right procedures will allow organizations to observe an increase in customer satisfaction and experience significant business growth.
The article takes an in-depth look at key benefits, potential challenges, procedural considerations, and the significance of multi-channel inventory management. It delves into the impact of this approach on supply chain performance while providing valuable insights into best practices.
1. Centralize Inventory Management Process
Centralizing multi-channel inventory helps manage supply chain businesses across various channels and locations. Businesses can gain better visibility and control over their inventory processes by consolidating inventory data. However, centralizing inventory management is not without its challenges. One of the major obstacles faced by organizations is ensuring the accuracy and consistency of data across different locations and channels.
Another barrier is integrating various inventory management tools and technologies into a single system. Despite these challenges, centralizing inventory management offers significant benefits, including improved efficiency and reduced costs. In addition, businesses can leverage cloud-based inventory management software and standard operating procedures to centralize and optimize inventory management processes effectively.
2. Adopt Lean Inventory Management Approach
The lean inventory management approach is adequate for managing multi-channel inventory in supply chain businesses. This approach involves reducing excess inventory and only stocking items in demand. While implementation of the approach is complex due to the need for accurate demand forecasting and inventory tracking, it offers multiple advantages, such as reduced inventory carrying costs, improved cash flow, and increased customer satisfaction. To implement a lean inventory management approach in the supply chain business, follow these steps:
Conduct inventory analysis
Categorize items based on value and demand
Implement just-in-time (JIT) replenishment
Leverage forecasting tools
Establish cycle counting and monitoring procedures
Strive for continuous process improvement
This approach helps businesses achieve better inventory accuracy, increase operational agility, and meet customer demands across multiple channels.
3. Utilize ABC Inventory Analysis
ABC inventory analysis is a widely used best practice for multi-channel inventory management in the supply chain. This method categorizes inventory based on its level of importance to the business. ABC inventory analysis categorizes goods into A, B, and C categories based on their impact on overall inventory cost. Category A consists of the most valuable products, category B includes items that fall in between, and category C covers small transactions that are vital for overall profit but have less individual impact. Supply chain businesses can prioritize their resources and make informed decisions by focusing on high-value inventory.
However, implementing this method can be challenging, especially when dealing with extensive inventory data. To successfully address challenges associated with implementing ABC inventory analysis for multi-channel inventory management, businesses must focus on accurate data classification, utilization of advanced analytics tools, and fostering effective team collaboration.
4. Optimize Order Management Process
Optimizing order management involves automating and streamlining order fulfilment for efficient and accurate processing across sales channels. The process ensures optimal inventory control, minimizes fulfilment time, and enhances customer satisfaction, providing a competitive advantage. Aligning inventory levels with actual demand prevents overstocking and reduces holding costs. Additionally, businesses can efficiently allocate inventory from various sources to fulfil orders, reducing the need for excess storage and transportation. The optimization is achieved by adopting automation, system integration, and data analysis. In addition, comprehensive multi-channel order management system offers multiple benefits, including native e-commerce integrations, flexible order fulfilment options, multi-location inventory management, integrated POS capabilities, data-driven inventory planning, and workflow automation, among others.
5. Integrate Sales Channels
Integrating sales channels provides businesses with a unified view of inventory, sales, and customer data, enabling informed decision-making based on real-time information. It helps accurately track products across channels as well as adjust inventory levels based on individual selling rates. The process involves synchronizing channels through a centralized system, ensuring seamless data flow and consistent product information. It includes setting up API integrations, mapping inventory, and conducting thorough testing for smooth order processing. To implement the integration, businesses must utilize technology solutions like inventory management software and enterprise resource planning (ERP) systems. Additionally, it establishes clear communication channels among teams managing different sales channels.
6. Set Cross-Channel Metrics
Cross-channel metrics measure and analyze each sales channel's performance, including online & offline sales, and identify areas for improvement. To set cross-channel metrics for multi-channel inventory, businesses must identify relevant metrics, establish benchmarks, and regularly monitor and evaluate performance. Implementing cross-channel metrics allows businesses to make data-driven decisions based on actual performance rather than relying on assumptions or incomplete data. In addition, supply chain businesses can leverage technology solutions, such as cloud-based inventory management software, to manage and consolidate their data sources effectively. Enforcing cross-channel metrics in multi-channel inventory management helps overcome several challenges, such as lack of visibility across sales channels, difficulty in identifying slow-moving products, and inefficiencies in resource allocation.
7. Automate Supply chain
Automating the supply chain and implementing advanced software systems helps businesses to optimize supply chain processes. Automation reduces manual errors, enhances efficiency, and improves overall productivity. It enables real-time inventory tracking, seamless order processing, and accurate demand forecasting. Businesses can easily overcome manual inefficiencies, bottlenecks, and data discrepancies by automating the supply chain process. The process includes integration of automation tools like inventory management software, order management systems, and warehouse management systems. The systems integrate with sales channels, suppliers, and logistics partners to automate order processing, inventory tracking, and shipment management tasks. Ultimately, businesses achieve better inventory control, faster order fulfilment, and increased customer satisfaction by automating supply chain operations.
Final Thoughts
As the supply chain market evolves, businesses must adopt innovative approaches for multi-channel inventory management. Incorporating additional sales channels into conventional brick-and-mortar operations presents a valuable opportunity to expand customer reach, boost sales, and enhance the overall customer experience. To effectively implement multi-channel sales and inventory management within a retail organization, acquiring a robust retail management system capable of efficiently monitoring inventory levels and facilitating business growth becomes essential. The adoption of an effective system can assist businesses to ensure seamless inventory control and propel sustained success in the competitive market.
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Supply Chain
Article | March 23, 2023
Efficiency is crucial for B2B supply chain success. Effective supply chain management techniques can streamline operations, reduce costs, and enhance customer satisfaction from planning to delivery.
Contents
1. Strategic Planning to Enhance Supply Chain Optimization
1.1 Roadmap for Developing Supply Chain Optimization
1.2 Integrating Supply Chain Strategy with Business Strategy for ROI Growth
2. Effective Procurement Strategies to Maximise ROI in Supply Chain
2.1 Supplier Relationship Management
2.2 Cost-effective Procurement Processes
2.3 Continuous Improvement and Innovation
2.4 Risk Management and Mitigation
3. Optimizing Supply Chain with Effective Demand Forecasting Techniques
3.1 Anticipate Future Demand
3.2 Overstocking and Understocking Risk Management
3.3 Integrated Forecasting approach between Supply Chain Stakeholders
4. Emerging Technologies for Supply Chain Optimization Leveraged by Enterprises
4.1 AI and ML
4.2 Blockchain Technology
4.3 IoT
4.4 Augmented Reality and Virtual Reality
5. Leading Solution Providers for B2B
6. Conclusion
Optimizing the B2B logistics and supply chain management has become a crucial business strategy to increase efficiency, cut costs, and boost customer satisfaction in the fiercely competitive business environment. With the increasing customer demand, supply chain managers now emphasize on faster, more precise, and unique ways to fulfill orders with enhanced logistics management techniques.
“Companies that optimize their supply chain operations experience a 2.3 times greater EBITDA (earnings before interest, taxes, depreciation, and amortization) than their competitors.”
(Source - A survey by Deloitte in 2020)
Despite the significance of supply chain optimization, it is challenging to keep up with the latest industry trends and best practices due to the dynamic nature of the logistics industry. Learning the value of optimizing the B2B supply chain and how it can assist businesses in keeping up with the ever-growing demands of their customers through planning, strategizing and leveraging technologies helps businesses maintain a competitive advantage and achieve sustainable growth.
1. Strategic Planning to Enhance Supply Chain Optimization
To achieve optimal results, businesses must develop a comprehensive plan outlining their supply chain improvement goals, objectives, and strategies.
1.1 Roadmap for Developing Supply Chain Optimization
Developing a roadmap for supply chain optimization includes reviewing current operations that help in identifying the strengths and weakness of the supply chain management and assist in recognizing the opportunities for improvement, establishing SMART goals and objectives, defining strategies to meet these goals, involve streamlining processes, investing in technology, improving supplier relationships, and engaging customers and actions, as well as ensuring market adaptability to accommodate changing market conditions and evolving customer needs through assessment and adjusting the roadmap.
1.2 Integrating Supply Chain Strategy with Business Strategy for ROI Growth
Integration of the supply chain involves aligning the supply chain objectives with the overall business goals, such as revenue growth, cost reduction, and customer satisfaction. The integration ensures the supply chain operations support the business goals, like cost reduction, customer satisfaction and revenue growth.
"Companies that successfully integrate their supply chain and business strategies can reduce operating costs by 10-15% and increase efficiency by 20-30%.”
(Source - A study by Accenture in 2020)
The alignment further helps track KPIs and data-driven decision-making and continuously improves the supply chain operations to achieve objectives. Furthermore, it assists in better planning, coordination, and execution of supply chain activities, resulting in faster and more accurate fulfillment of customer orders.
2. Effective Procurement Strategies to Maximize ROI in Supply Chain
Procurement strategies can raise productivity in the fast-paced logistics management and supply chain industry by optimizing the supply chain, boosting efficiency, and giving a competitive edge.
2.1 Supplier Relationship Management
Effective supplier relationship management (SRM) can result in more competitive pricing, enhanced product quality, and increased dependability. To accomplish SRM, businesses must identify key suppliers, develop partnerships, communicate effectively to ensure clear expectations and mutual understanding, share information and collaborate to foster innovation and continuous improvement.
2.2 Cost-effective Procurement Processes
Implementing cost-effective procurement procedures can help businesses reduce expenses and enhance productivity. To achieve cost-effectiveness, businesses should streamline operations to save time and money, leverage technology to automate processes and improve accuracy and negotiate with suppliers for better pricing and terms.
2.3 Continuous Improvement and Innovation
Continuous improvement and innovation are necessary for logistics and the supply chain to remain competitive. This involves regularly reviewing and updating procurement processes, supporting supplier innovation, and keeping up with procurement and supply chain management technology trends and developments.
2.4 Risk Management and Mitigation
Effective risk management and mitigation strategies are essential to prevent disruptions in the supply chain. To achieve this, businesses should focus on identifying potential risks and developing mitigation strategies, incorporating redundancy into the supply chain to minimize the impact of disruptions, and establishing transparent emergency communication and escalation procedures.
3. Optimizing Supply Chain with Effective Demand Forecasting Techniques
3.1 Anticipate Future Demand
Accurate demand forecasting is crucial for supply chain optimizing done by analyzing real-time supply chain data to identify trends. For demand forecasting, businesses can utilize historical sales data, market trends, and customer feedback. To make accurate forecasts, companies must consider various factors influencing demand, such as seasonality, economic conditions, and shifting customer preferences.
3.2 Overstocking and Understocking Risk Management
Demand forecasting errors can lead to overstocking and understocking in supply chain management. Using demand forecasting rightly can determine the optimal inventory level at any given time to avoid overstocking and understocking. Businesses can predict demand and adjust inventory by analyzing sales data, market trends, and other factors.
3.3 Integrated Forecasting approach between Supply Chain Stakeholders
The integrated forecasting approach entails coordinating data sharing and communication between all supply chain stakeholders, from suppliers to customers. Stakeholder participation in demand forecasting improves accuracy. In addition, each stakeholder has unique knowledge and perspective that can help identify trends and patterns.
4. Emerging Technologies for Supply Chain Optimization Leveraged by Enterprises
4.1 AI and ML
Leading SCM providers do offer regression modeling and causal analysis for demand forecasting. Using AI and ML, the functionality is embedded within the DP module. If a more rigorous and sophisticated approach is desired, it is possible to forecast demand numbers outside the SCM system using sophisticated modeling and then upload them back into the SCM system.
4.2 Blockchain Technology
Blockchain enables secure, transparent, and decentralized transactions. It can be utilized in the supply chain to track the movement of goods, reduce the risk of fraud, and increase supply chain visibility by maintaining an immutable record of every transaction.
4.3 IoT
To monitor humidity, temperature control, and other environmental factors that affect the quality of products while in transit. IoT helps businesses enhance supply chain visibility, reduce product spoilage risk, and enhance customer satisfaction using modern temperature control technology.
4.4 Augmented Reality and Virtual Reality
AR and VR technologies are transforming the supply chain by improving the accuracy of inventory management, reducing errors, and enhancing the training of employees. In addition, its tools can be used to create digital representations of warehouses, products, and equipment, allowing employees to visualize the supply chain and identify areas for improvement.
5. Leading Solution Providers for B2B
Several leading B2B companies have been identified based on research for supply chain optimization. To optimize supply chains, these companies have demonstrated a commitment to strategic planning, effective procurement strategies, and demand forecasting techniques. The solution providers also recognize the significance of managing risks associated with overstocking and understocking and have implemented integrated forecasting approaches with their supply chain partners and customers. In addition, these companies use emerging technologies such as augmented reality, virtual reality, cloud technology, machine learning and AI, blockchain technology, and the IoT to improve their supply chain operations. By prioritizing supply chain optimization, the following B2B companies gain a competitive advantage within logistics and supply chain industries and provide exceptional customer experiences.
Coupa Software
The supply management solutions offered by Coupa Software are hosted in the cloud and make use of machine learning and artificial intelligence to provide businesses with insights that can be used for data-driven decision-making.It assists businesses in tracking the performance of their supply chains compared to key performance indicators, identifying areas in which advancements can be made, and taking action to optimize their supply chain operations.
Stord
Stord a platform provider, offers a suite of software solutions that improve supply chain management for businesses. Its warehousing, transport, and inventory management solutions are integrated into a single platform. As a result, Stord offers companies greater visibility and control over their supply chains, allowing them to make more informed decisions and optimize operations by combining these functions into a single platform.
Roambee
Roambee is an artificial intelligence (AI)-powered platform that provides improved supply chain and visibility solutions for real-time, on-demand, and end-to-end data. Using cloud data analytics and automation, it assists in monitoring shipments, inventories, and returnable assets to provide dependable and responsive monitoring solutions. The result is a return on investment (ROI) of 4X or more on the supply chain assets by optimizing inventory levels and utilization.
FlowSpace
FlowSpace offers cloud-based supply chain solutions. With an internet connection, businesses can access real-time inventory, orders, and shipments from anywhere. Its solutions optimize inventory and demand fulfillment with machine learning and predictive analytics. In addition, IoT sensors and beacons provide accurate warehouse operations data for the company. FlowSpace uses cutting-edge technology to provide efficient and effective supply chain solutions.
OPTEL Group
OPTEL Group's cutting-edge traceability solutions help businesses optimize their supply chain. These solutions permit businesses to track their products and materials throughout the supply chain, from production to distribution. It's traceability solutions provide businesses with real-time visibility into their supply chain operations by utilizing advanced data capture technologies such as barcode scanning, RFID, and serialization. This allows them to identify potential bottlenecks, optimize workflows, and decrease waste and inefficiency.
Blue Ridge
Blue Ridge,a provider of cloud-based supply chain solutions, has developed a suite of solutions that make use of machine learning and artificial intelligence to improve the accuracy of forecasts, reduce the costs associated with inventory, and increase company's profitability. It does this by providing businesses with flexible and scalable solutions, as well as ones that can be adapted to meet the particular requirements of each business.
GMDH Streamline
GMDH Streamline makes use of complex algorithms to perform data analysis and provide insights that, when implemented in B2B logistics operations, can lead to increased efficiency and a reduction in costs. This software can analyze past sales data and make predictions about future demand patterns, which helps to ensure that the right products are always available for purchase. Because of this, there will be less of a need for excessive stockpiling, which can prevent the free flow of capital and raise the risk of stock obsolescence.
Netstock
Netstock's cloud-based solutions provide businesses the agility and responsiveness they need to stay competitive in the ever-changing business landscape. With its seamless integration with industry-leading ERPs, Netstock unlocks valuable ERP data and enables businesses to make informed decisions based on enhanced analytics. In addition, by leveraging Netstock's solutions, businesses can respond swiftly to supply and demand fluctuations, resulting in optimized logistics and efficient supply chain management.
Solvoyo
With Solvoyo's platform, businesses can optimize their supply chain performance, reduce inefficiencies, and achieve cost savings. In addition, the platform offers advanced scenario modeling and real-time analytics to help companies to make informed decisions and quickly adapt to changing market conditions. By leveraging Solvoyo's capabilities, businesses can achieve a competitive advantage and drive growth in the dynamic world of supply chain management.
American Software, Inc.
American Software provides logistics and supply chain companies with supply chain management software solutions. Its solutions including supply chain planning, warehouse management, transportation management, global trade management, and vendor inventory management are intended to assist businesses in optimizing their B2B logistics operations, increasing their efficiency, and lowering their expenses. In addition, it provides modern temperature control technology to ensure safe and efficient transport of temperature-sensitive goods in the supply chain.
6. Conclusion
“The global supply chain management market size is expected to reach USD 37.4 billion at a CAGR of 11.3% by 2027."
(Source - Grand View Research)
The anticipated growth of the global supply chain management market presents businesses with opportunities to enhance their supply chain operations by implementing innovative technologies and strategies. The increase in market size indicates a growing demand for efficient supply chain management solutions that reduce costs, optimize efficiency, and improve customer satisfaction. Businesses can use AI, blockchain, and augmented reality to analyze real-time data, forecast demand, and streamline procurement. These technologies and strategies can give logistics and supply chain management businesses an edge in the increasingly competitive marketplace.
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