4 ways to build a more resilient supply chain
Do you have the visibility and flexibility to react quickly to supply chain events and changes? Can you easily make proactive changes to minimize negative consequences? For many businesses, supply chain vulnerabilities represent a major risk to overall profitability.
The good news is that there are ways to make your supply chain more resilient, regardless of the specific challenges you might face:
1. Make sure your data gets put to use
Many businesses are hopping on the big data bandwagon and gathering lots of information without having the tools they need to understand and make use of it. Your data is only as powerful as your ability to analyze and act on it.
Make sure you have the level of analytics and AI you need to understand things. In order to add more resiliency to your supply chain, you need powerful visuals, timely information, and analysis that helps you see the big picture of your entire business.
For example, how does a change in your supply chain affect your production and fit with changing consumer preferences? In order to understand something like this, you need connected data across your ERP and CRM systems, and the ability to use that data to predict the effects of changes anywhere in the system.
2. Gain a detailed, real-time view of inventory
Fully understanding your supply chain also requires complete visibility into what’s happening in your warehouses. In order to make quick decisions, you need traceability of materials from start to finish, a bird’s eye view of worker and process efficiency, and automated quality controls.
Use IoT technology to anticipate and reduce machine downtime, adding to your ability to realign resources when your supply chain shifts. Gain the ability to predict changes in production so you can deliver on-time, even when the unexpected occurs.
3. Monitor the small details
With the right data collection and analysis tools, you’ll be able to notice trends that can have a huge impact on your business while being hard to detect in the moment. For example, does a certain vendor frequently miss delivery dates? Are there recurring bottlenecks that delay delivery to customers? Use this knowledge to minimize the impact of any disruptions and boost profits.
4. Properly plan with accurate forecasting
Anticipate demand and manage inventory effectively to reduce stockouts and delays. For your forecasting to be truly accurate, you need connected data from across your business and the ability to anticipate external market changes. Gather complex data about your customers, vendors, workers, production lines, performance, financials and more—then combine all of it within advanced analytics tools designed to help you fully understand the future of your business.
Ready to modernize your supply chain?
Adapt your supply chain to your business’s needs instead of adapting your business to fit your supply chain. With connected ERP and CRM, you can gather and analyze the data you need to make quick decisions and stay on top of changes. Use technology to keep your customers happy, your revenue high, and your waste low.
To learn more about supply chain management solutions, contact Arbela today to speak to an expert.