Supply chain management is a dynamic and demanding responsibility that presents continuous challenges for businesses. Any hold-ups can have a significant impact on the entire business, causing stock outages, missed sale opportunities, or delays in customers receiving the orders.
There are various tools available which can help your business overcome slow inventory, optimising the supply chain process to take the pressure off and streamline the way things are managed.
In this article, we delve into four of our favorite tools which can help transform your supply chain.
1. ShipBob
With multiple fulfilment centres across the US, ShipBob is a third-party logistics supplier that manages order fulfilment and inventory distribution.
For businesses that are struggling to stay on top of inventory management, handing over the responsibility to ShipBob can significantly improve the supply chain process. The initial process consists of syncing up product data with the ShipBob platform and then sending existing inventory to their hub. From there, ShipBob will receive all orders and will manage the picking, packing, and shipping process.
The ShipBob platform can also be used to automate order fulfilment, speeding up the shipping process to provide a seamless delivery that maximizes the customer experience. Leaving inventory management to the experts means you can focus your efforts on other areas of the business, freeing up both time and space
2. Epos Now
Epos Now is a POS (point of sale) system that centrally manages retail operations to help a business manage its inventory. Perfect for small retailers as well as larger businesses with multiple locations, the real-time inventory tracking capabilities mean you can have an accurate picture of how your inventory is stocked at all times.
With this POS system, inventory updates can be automated so orders are automatically placed when stocks reach a predetermined level. Without having to worry about manual stock checks and replenishing low stock levels, there is less likelihood of problematic holdups within the supply chain as optimal stock levels can be maintained.
One of the other key benefits of Epos Now is the ability to analyze the performance of each product within an inventory. The platform can provide detailed breakdowns of the sales data to highlight any best sellers and any products which are performing poorly, helping you decide which are best to promote and which are not worth continuing with.
3. Logility
For businesses that are growing in size, the complexity of the supply chain can become challenging to manage. Logility is a fully integrated supply chain management system that uses AI (artificial intelligence) and machine learning to optimize the logistics within your supply chain. It uses demand forecasting to help maintain accurate stock levels and align finance, sales, production, and marketing information in one place.
The Logility platform provides real-time insights using a combination of historical data and market trends. This can help your business make informed decisions when it comes to supplier management and the scheduling of production, reducing the risk of stock outages or overstocking.
For supply chain managers, the tool is a powerful one that can speed up everyday operations through the use of advanced AI algorithms which improve prediction capabilities. By streamlining processes and helping you prepare ahead of time, there is a lowered risk of bottlenecks in the supply chain as lead times are reduced.
4. Tradeshift
To help streamline the procurement process and build better relationships among suppliers, Tradeshift is a compliance platform that automates invoice processing on a global scale. They ensure invoicing compliance to ensure trade between a buyer and supplier runs as smoothly as possible.
The Tradeshift platform centrally manages business interactions to help you find partners, trade, and make and receive payments. By linking companies and automating business interactions, Tradeshift facilitates seamless digital transactions so the supply chain process becomes simplified.
Streamlining Your Supply Chain
Many businesses face ongoing issues from slow inventory, which holds up the supply chain and results in issues for customers.
By introducing the right tools into your business, operations can be streamlined to provide a more efficient supply chain, lower operational costs, and build better customer experiences.
The four companies listed above all offer advanced solutions that can help your business overcome daily challenges, taking the weight off your shoulders so you can focus your efforts elsewhere in the business.
