As online retailing platforms like Amazon lift the bar, the margin of error allowed by logistics managers disappears. Tightening your operations can help your company survive in this competitive environment, however. A single mistake could cost your reseller business hundreds of dollars, allowing your competitors to get an edge over you. With supply chain management software, you can automate this side of your business, removing many hassles and responsibilities from your plate. But, what are the best tools for supply chain forecasting?
What are the Best Tools for Supply Chain Forecasting?
Real-time alerts are a popular tool for managing your shipping duties. Your customer and you know where the parcel is at all times on the way to its destination. Stop customer service problems by staying ahead of your deliveries and effectively managing the delivery process.
The tools you select dictate how you manage the day-to-day logistics operations of your online business. These digital solutions resolve various issues with warehousing and distributing your inventory to customers.
Advanced supply chain planning tools allow you to handle complex tasks related to receiving, cycle counting, product tracking, and route planning. Warehouse management tools assist with managing the bundling and kitting process across multiple warehouses.
Receive assistive features for costing tasks with supply chain management tools dedicated specifically to supplier management. Get better insights into your supplier relationships and the history of your partnership with your suppliers. Supplier performance analysis gives data on how your suppliers contribute to your business model.
Bid & Spend
These tools help you drill down into your monthly expenses relating to your procurement processes. Look at what you’re spending on items and automate your procurement processes.
Reduce the resources spent on these tasks and remove human error from this side of your business. Get the best bids from your suppliers and find opportunities to streamline your systems. Set spending limits for employees and manage everything through one dashboard.
Demand and forecasting tools can assist with predicting future customer demand. Analyze past trends using essential data to make important decisions for your online business. Organize and coordinate your labor management, production planning, and supplier relationships.
With effective demand forecasting, you avoid inventory shortages during periods of demand. Alternatively, when demand drops, you can avoid the cost of carrying goods no one is buying.
Reports & Analytics
Reporting and analysis tools offer you complete visibility of your online business and the movement of physical inventory from your warehouses to any destination. These tools can also provide insight into the financial health of your company. Different tools offer different reports, like dashboards, tables, and charts.
Dashboards give users immediate access to information when they log onto the system. Users can then customize their dashboard to show them the KPIs that matter to their business.
Modern supply chain management software includes collaboration tools. Communicate with your team on business operations and ensure everyone in your organization is working on the same script. Supply chain portals eliminate problems with organizational communications and stop bottlenecks from forming.
Additional Information: A Guide to Forecasting Demand in a Stretched Supply Chain
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