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It is normal for businesses to face a supply chain management crisis at some point or the other. To keep the business going and growing, handling supply chain mismanagement in a graceful and strategic way is important. Poor supply chain management can lead to outcomes like loss of business and even bankruptcy, and who wants that, right?
With time, supply chain management best practices are also changing. As consumer expectations have drastically changed in recent times, the need for a more streamlined supply chain management has arisen. Today, logistics and other supply chain aspects are no longer the same, and with the rise in the number of small and medium-sized enterprises, the demand for flexible supply chain solutions is also steadily increasing.
There are certain aspects of supply chain management that organizations should put emphasis on to ensure their survival and growth. And we have simplified the most important of those aspects as the 3 V’s of effective supply chain management below -
Your inventory must be visible in real-time. What this means is that you must be aware of the status of the products involved in your business at all times. Nowadays, customers demand tracking and monitoring services from companies. Think of food services like Zomato or Swiggy, which let the customer view the real-time status of their order. Then there are also e-commerce businesses like Amazon or Myntra, which allow customers to track their orders, and determine the estimated time of arrival. End-to-end visibility of the supply chain instills a sense of trust in the customer. But customer satisfaction is not the only reason why you should take supply chain management seriously. The use of technology and data analytics is obviously required to track stock visibility and monitor orders. While implementing this can require some investment, it will certainly bring good results.
By monitoring your supply chain at all times, you will be able to predict future demands to gain a competitive advantage. For complete supply chain visibility, a logistics company will require the backup of technology. AWL India relies on reliable technical support to ensure tracking and monitoring of the supply chain, which benefits both the customer and the supplier. With complete order monitoring, you will be able to stay up to date with the status of the orders at all times.
Volatility is inevitable for businesses of all sizes that rely on logistics services for order fulfillment. Some of the factors that add to this volatility include consumer demand, supply, price fluctuation, etc. Even competition can lead to volatility in business. When you’re competing with well-established businesses, Dealing with volatility is a part of every business and to tackle it, they rely on professionals who make supply chain operation management more efficient. A professional can help figure out the points of leakage in the supply chain system and implement effective measures of fixing it. Tackling volatility in business is a collective effort that takes a lot of strategizing. Every business requires the help of a professional who can measure the status of the business and then build effective strategies.
Velocity or the pace of your supply chain operations matter when your sales are live in the market. In the current times, the customer demands instantaneous delivery of any product or service. Amazon was among the first companies to make same-day shipping possible and how it has changed the way consumers expect order deliveries! Today, if you want to stay relevant as a brand, you will have to fulfill the consumer demand for fast-paced deliveries.
To ensure the pace of your supply chain operations, make sure you measure your risks and team up with a reliable logistics provider for order fulfillment. AWL India is a leading logistics service provider that manages end-to-end order fulfillment with a team of trained professionals. Carrying out the supply chain and order fulfillment operations with precision and maximum efficiency is important to ensure that the end customer is satisfied.
Will resolving the above mentioned problem points help you resolve the supply chain management crisis? Mostly, yes. However, it also matters what strategies you choose to resolve them and how you implement those strategies in your supply chain management system. A foolproof way to optimize your supply chain operations is by choosing a trusted logistics service provider like AWL India. Remember to take supply chain management seriously to maintain efficiency in your business operations. It will always bring good results.
