XtractEdge 02 (1)

Introduction 

In this contemporary market climate, businesses need to up their game to survive or remain competitive (not to mention afloat) and thrive when global supply chain management solutions enter the arena (given that all brands selling some products rely upon this), the entire scope changes. Puzzled? So, let us find out more information on the supply chain and the metrics involved. 

What is supply chain management software? 

Supply Chain Management Software is an integral part of operations management for businesses’ supply of goods. It offers a seamless overview & intervention of inventory, track orders & the respective supply’s whereabouts, as well as the fulfillment progress. A supply chain entails the flow of goods, their end-to-end journey from start to finish & the entire plot from raw material procurement to manufacturing, ending with consumers. Now, Supply Chain Management Software is simply an electronic solution to unify the processing of all these metrics in a precise yet ergonomic manner. This is where Supply Chain Management Solutions becomes a point of difference & interest for business leaders. 

What do supply chain risk management solutions offer to businesses? 

Supply chain management solution providers drive efficient workflows for businesses to ensure that their stock & supply align with consumer demand. As this involves various parameters and can be affected by several factors (including economic woes, shortages, geopolitical turmoil, etc.), the supply tends to fluctuate. These fluctuations need to be minimized or eliminated where possible. If not, then at least mitigate them by sourcing a suitable alternative or deploying predictive analytics to forecast using statistical extrapolated data to foresee upcoming trends. 

With this anticipation, many potential pitfalls can be dodged or at least cushioned to reduce the impact it exerts on businesses. By doing so, at least a specific sales volume level can still be met during adversity. The loss of revenue, unnecessary additional costs, uncertainty & environmental issues can all be curbed. 

Furthermore, efficiency is boosted, serving all facets of risk management, including: 

– Externally (demand & supply): often resource hungry & beyond the control

– Internally (trackable via analytics & integrated IoT): can be controlled

– Manufacturing risks: disruption caused by a shortfall of parts, etc.

– Commercial risks: misreporting or mismanagement of imperative processes

– Misplanning leads to control risks by improper trend projection

– Lack of contingency to protect against various industry perils 

Insights can be drawn from various sources, including APIs, which extract data and provide status updates from outside agencies. These propel live data streaming for optimal data monitoring. The PPRR model also reinforces these concepts: 

– Prevention of problems by implementing cautionary measures, such as alternative sourcing

– Preparedness to create contingency plans in case of urgency

– Response: action these plans to minimize the impact of such disruption

– Recovery: recovery as early as feasibly possible, reducing downtime  

Operations and supply chain management solutions promote increased visibility & versatility to deep dive into problem areas, identifying the root cause. Other resolving strategies include: 

– Multisource to filter what is important & seek alternative solutions or suppliers if the need arises

– Nearshore: seek suppliers & distributors within the vicinity of your central or endpoint, lowering product development cycle times & delivery. Regional suppliers may be dearer and curb transit times, mitigating potential risks. 

Here are some further considerations: 

Perform regular stress tests to map your supply chain network & discover vulnerabilities. 

Create inventory buffers & capacity buffers (albeit at an additional expense), yet thoughtful planning makes it worthwhile. New product ranges & extensions are apt opportunities to create buffers, while seasonal variations enable hoarding in case of natural disasters or drought. Investing in product & plant harmonization, which applies similar technology for various components, allows greater flexibility during disruption. Aligning this software across your network, specifically cloud-based architecture, opens siloed data, boosting intersystem communication. 

Cybersecurity is imperative for global supply chain management solutions, as IoT & other digital technologies are used, exposing businesses to malware attacks, etc. 

Set compliance standards for all external personnel – distributors, manufacturers, or suppliers. Create user access points with stringent security control to limit system entry. Following data security & promoting its significance via training is always advisable with flagging features to detect, identify & quash spurious activity. Collaborate with network vendors to unify a disaster recovery plan for commercial continuity. Data backups should always be protected from any interference. Reinforce your firewalls & internet security protocol too. 

Checking the financial stability of your suppliers/vendors & their operational status will help safeguard your business from supply gaps or missed payments. 


TradeEdge – a prime step forward for supply chain management

Edge Verve’s TradeEdge solution offers the following features & benefits: 

– Demand signals & responsiveness assists stock order replenishment and connectivity and fills supply & demand gaps in real-time. This yields better fulfillment & resilience with a strategic shifting of goods via alternative sources when original channels face blockages.

– Make informed decisions via comprehensive data presentation dashboard summaries, promoting brand loyalty with enriched channel partnering & stellar customer experience.

– Inventory deployment, which is always available, connected & agile for fierce competition

– Demand sensing: live & traceable granular visibility across channels

– Execution Analytics: optimize performance to promote commercial success

– Procurement intelligence: lifecycle management, spending, insights & supplier risks

– Intelligent Order Routing: spanning locations, selecting efficient paths, saves time & resources

– Discovers new channels for greater resilience & creates autonomous data 

Conclusion 

If you are wondering what makes businesses successfully handle Supply Chain Management, then take a step back and evaluate what is involved in this process. The main aim here is to unify various metrics, enhance efficiency & accountability, as well as create alternative options should anything untoward occur. You end up with a product or service that caters to all these aspects and even drives sales via enriched customer experience. So, the next time you wish to revamp your supply chain strategy, why not consider a supply chain management solution?