Information is to the supply chain is what blood is to the cardiovascular system. Timely and efficient circulation of information is a sign of a healthy supply chain whereas, clogging at any point can prove to be fatal for the entire system. Supply chain managers have to be proactive and informed to help them make decisions that can impact the company’s bottom line, whereas an uninformed manager can do more harm than good to your businesses. From finding the right suppliers to tracking the goods throughout logistics to custom clearance at borders and beyond, real-time insight into the supply pipeline can be the saving grace for planners and managers in leveraging efficiency and productivity.The rapid advancements in automation, enterprise risk management programs, sophisticated communication networks, and single-sourcing have allowed organizations to increase efficiency and streamline their supply chains. Data analytics and predictive analysis can help you forecast potential hazards so that you are always prepared to tackle any disruptions. The value and importance of real-time monitoring in today’s globally-connected supply chain cannot be understated. At BlinkGlobal, we have experts that have a deep understanding of global supply chains. In this article, we are sharing 4 tips to effectively monitor your supply chain.
Supply Chain Management Planning:
The importance of creating a comprehensive and long-term supply chain strategy is understood by small and large companies alike. However, many companies struggle with the complex patterns of shipping, transportation, production, warehousing, inventory management, and other key elements of the supply chain. For startups and companies with low revenue, putting up a supply chain infrastructure may mean comprising on other areas such as marketing, or packaging, etc.At the heart of every supply chain plan, there are four main factors – integration, operations, purchasing, and distribution. Create a proper plan that includes a detailed schedule of purchasing, production, cargo volume, delivery, and warehousing at both ends.
Real-Time Inventory Counts:
Many companies often overlook the importance of real-time inventory counts. This can help you track your manufacturing and sales in real-time, and spot potential losses and leakages. This can also help you prepare for the future and predict if your current stock is optimized for future needs.Having real-time information at hand, you’ll be able to produce and deliver the right quantity of products that can easily cater to your customer base rather than overproduction or underproduction that can cause your troubles.
Use Technologies To Your Advantage:
There is no debate in saying that the new cutting-edge technologies have made it easy to monitor metrics and maintain transparency in the supply chain. Modern supply chain software and solutions can help you automate the processes and properly organize the flow of goods.
Use the Power of Data:
Data has revolutionized almost all fields of business, and supply chain is one of them. Businesses can use the power of data to optimize routing, streamline factory operations, and ensure transparency across the entire supply chain. Data is the most valuable asset and in order to leverage the maximum power of data, make sure you have it organized in a single, centralized, and well-organized repository.
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