Over the past few years, companies across various industries have finally realized that it’s the technology in supply chain management which translates corporate strategies into day-to-day actions both inside and beyond the company. In fact, customer satisfaction boils down to how fast and efficiently the products have been delivered to them. Therefore, it is the efficiency of technology in supply chain management which ultimately satisfies or disappoints the customers. Today, even the best companies continue to evolve and reinvent their supply chains, even if they have already achieved a leading position in their industry. Why? Because it helps them manage risks, respond to changes in the economic, technological, and competitive environment; and exploit new opportunities more efficiently than their competitors. Since technology in supply chain management is a key component of productivity, there is an urgent need for a paradigm shift in the manner it is executed. The adoption of modern technology to enhance the efficiency and accountability of the entire system has become inevitable in most of the business processes. Here are four ways through which technology in supply chain management can help companies to step up their business strategies.
How technology in supply chain management can revamp business strategies?
The rise in the anomalies when an order is in-transit can prove to be a major headache for supply chain managers. Such errors not only result in losses but also creates a negative impact on the brand. In the case where a product is lost during transit, the supplier bears all the costs. With the help of RFID (Radio Frequency Identification) technology in supply chain management, companies can efficiently monitor each product both at the production line and the supply line. Any anomalies in the order can be quickly detected by RFID tags that are placed on all items. This is indeed an effective way of correcting an error by using RFID technology in supply chain management.
Advanced weighing technology
The weighing process is one of the most significant hurdles in implementing technology in supply chain management. Most industrial facilities still resort to outdated truck scales, which dramatically compromises the efficiency. Advanced weighing technology in supply chain management like the ingenious onboard truck scales facilitate seamless operations when access to platform scales is not available. The scales are used to measure payload weight and the truck’s gross weight. They ensure that a truck carries the maximum weight right from the point of loading while simultaneously saving time and money.
Social media is one such technology in supply chain management that has taken the internet by storm. With a large number of users active on social media, it is advantageous for modern businesses to use the power of social media to optimize their supply chain management operations. It is a great way to open more channels and stay in touch in real-time with all stakeholders in the supply chain. Moreover, it is easy to respond to questions, report in real-time about incidences in the supply chain, alert price changes, and also enhance the visibility of the company.
Transport management software
Computerized technology in supply chain management holds immense potential. Using digital shipping and tracking systems help integrate all operations from one panel. Now it is even possible to have a tracking panel on mobile devices. This means that organizing inventory data, managing shipping, monitoring distribution, and creating an electronic bill of lading can all be done in the comfort of the office or while on the go.
To know how technology in supply chain management can help companies revamp their business strategies, request a free demo below