Category: Blogs

vendor risk management strategy

Top 4 Advantages of Vendor Risk Management Solutions: A Comprehensive Guide to Mitigate Business Risks

Rapid globalization has created the need to outsource business processes to an increasing number of partners and vendors. This has fueled the growth of the third-party ecosystem, which, in turn, has increased vendor-related risks. It has also made vendor risk management imperative for companies across the globe.

For most companies, meeting regulatory requirements is the prime reason why companies need vendor risk management. Understanding the range of risks and managing them is crucial both for vendors and the company’s customers. For instance, if vendors associate with customers directly, then vendor risk management becomes a formal way to evaluate, track, and measure third-party risks. Organizations having a huge dependency on vendors usually lack sufficient visibility into their vendor networks and expose themselves to high risks. Managing such risks, therefore, becomes a pre-requisite for businesses for sustainable growth.

At SpendEdge, we understand the impact that implementing a vendor risk management framework can have on an organization. Therefore, in this blog, our team of experts has highlighted some key benefits that companies should look to achieve while availing vendor risk management services.

Interested in identifying risks associated with vendors? Get in touch with our experts and know how they can help you analyze third-party risks.

Advantages of vendor risk management solutions

Minimizes risks

With an effective vendor risk management program in place, companies can perform with due diligence and rate risks associated with vendors. They can also track and measure problems and take actions to rectify them before they harm the bottom line of the organization. This abstains companies from losing money or having a disruption of supply.

Reduces costs

A temporary vendor risk management process is usually costly and ineffective, especially if you are considering costs pertaining to data loss, remediation work, and compliance fines. Centralizing and standardizing vendor risk management offers long term benefits for companies. It reduces the cost of evaluating vendors and improves operational efficiency. 

Consolidates vendors

Relying on vendors comes with its own set of risks. These risks can be strategic, operational, or reputational, depending upon the business situation. A consolidated vendor risk management process can help companies to overcome such risks by improving contract terms, reducing costs from audits, and enhancing the productivity of vendors.

Wondering how to mitigate risks? Request a free proposal and access our portfolio of vendor risk management solutions.

Maintains compliance

An effective vendor risk management ensures that all the industry frameworks and data privacy regulations are met by vendors. Moreover, it provides adequate controls to companies to protect data being processed outside their perimeter. This protects companies from fines and penalties.


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Supply Chain Planning

How Can Companies Achieve Competitive Supply Chain Planning?

With the rise in competition, the need to reduce costs and eliminate inventories has increased for companies. They need to link their production and procurement activities more tightly with the actual demand to sustain themselves in the market. An effective supply chain planning enables companies to keep their production and demand in sync and address customer demands.

Moreover, with collaborative planning in the supply chain, companies can consolidate sales, production, inventory and purchasing information, and become more demand-driven depending upon the real demand. Following such an approach makes companies more responsive by enabling them to perform simultaneous material and capacity planning tasks across multiple facilities and time horizons. Furthermore, it can help them to execute holistic plans, spanning from long-term aggregate planning to short-term detailed schedules.

At SpendEdge, we understand the impact that competitive supply chain planning can have on businesses. Therefore, our team of experts has highlighted a few critical steps that are needed for achieving competitive supply chain planning.

Want to know how an effective supply chain management system can increase the efficacy of your organization? Get in touch with our experts today!

How to achieve competitive supply chain planning?

#1 Move planning closer to demand

Supply chain planning allows companies to shift their planning processes closer to demand by synchronizing production and purchasing activities with the actual demand. This enables companies to increase responsiveness, address changes in the market, and transform themselves into demand-driven organizations. Also, with demand-based supply chain planning, companies can easily decrease inventory levels and improve customer service.

#2 Synchronize supply chain planning with enterprise planning

By synchronizing supply chain planning with the wider business planning process, companies can wisely optimize profitability if in case any unlikely event or situation occurs. They can even deploy sales and operations planning (S&OP) solutions to improve enterprise-wide collaboration.

Wondering how to synchronize supply chain planning activities with enterprise planning?

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#3 Improve demand visibility

Supply chain planning aggregates forecasts and sales orders created by customers and local sales offices and improves visibility into enterprise-wise demand. This allows companies and their management to analyze the kind of demand being generated in the company. This demand can further be adjusted based on the accuracy of the various demand streams.

#4 Create supply chain resilience

Supply chain planning helps companies to plan and react quickly in case of supply chain disruptions.  This increases the profitability of organizations and helps them to recover operational capabilities after the disruption has happened. Also, it helps in better product positioning and helps companies to gain substantial benefits from disruptions.

Still not sure how a potent supply chain can give better results for your organization? Request a free demo below!

 

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global supply chain management

5 Major Benefits of Global Supply Chain Management | SpendEdge

Fierce market competition led by industrial developments, increased globalization of demand and supply sources, and new venture capitals are making global supply chain management imperative for businesses. The simple pursuit of market share is no longer sufficient to ensure profitability, and companies need to redefine their competitive space and profit zone to say a step ahead of the competition. Moreover, the shift in power from corporate buyers to end users, emergence of global consumer segments, time- and quality-based competition, and changing dynamics of the global market have created the need for establishing effective global supply chains.

At SpendEdge, we understand that globalization is compelling companies to move away from traditional cost-cutting methods and operate global supply chains to build better connections with customers and increase sales. Therefore, in this blog, we have highlighted a few key benefits of global supply chain management that companies should look to achieve.

Want to know how global supply chain management can help companies to address the demands of their customers in the global market? Get in touch with our experts today!

Benefits of global supply chain management

Customer satisfaction

To win customer allegiance, companies need to have a supply chain that can deliver what customers want on time. Global supply chain management and close supplier relationships empower companies to leave room for special orders in times of high demand. Also, it reduces the amount of stock that needs to be retained in the inventory and save costs for companies.

Broader perspective

This is one of the most interesting benefit of global supply chain management. A global supply chain widens the scope of learning for people willing to learn new business processes. It broadens the horizons of learning and gives ideas to solve problems through innovative ways as business is done differently in different parts of the world.

24/7 availability  

Since different countries have different time zones, the work never stops. There are always people working to meet the supply chain requirements on different continents and at different times. This is one of the major advantages of global supply chain management for companies.

Want a productive global supply chain?

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Sourcing opportunities 

A global market offers opportunities to select higher-quality or lower-cost options of goods and services. It offers businesses the opportunity to choose the best suppliers, materials, and products at good prices. It not only ensures economic viability for businesses but also lets them meet a high standard of quality.

New markets

Apart from identifying better sourcing opportunities, global supply chain management offers companies the opportunity to expand their business to new locations. Companies just need to ‘up their game’ and plan their resources strategically to open up businesses in different countries. This will help them to expand sales globally and provide access to a bigger pool of customers.

Wondering how global supply chain management can help your organization to gauge new consumers in the global market? Request a free demo and know from our experts now!

 

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logistics trends

Top Logistics Trends for 2019 That Category Managers Need to Know | SpendEdge

Companies in the logistics industry are facing unprecedented changes with automation and the internet of things coming to the fore. Such technologies are not only enabling greater and more collaborative operating models but they’re also re-shaping the logistics trends in ways that are only just beginning to become apparent.

The value of logistics, at present, has also grown significantly with the rise of e-commerce. And with the change in consumers’ expectations and new technologies, logistics trends are now more dynamic than ever before. Companies can no longer go about standard operations without improving the efficacy of their organizations.

At SpendEdge, we understand that companies nowadays cannot excel without adopting the latest logistics trends. Therefore, in this blog, our team of experts has highlighted four key logistics trends that are crucial for companies to survive in the global logistics market.

Want to know how following logistics trends can help you address rising customer expectations? Get in touch with our experts today!

What are the latest logistics trends?

Automation

Automation is one of those decisive logistics trends that allows firms in the logistics industry to offer better services and save money at the same time. Automated solutions are being implemented by the best in class companies and processes such as automated loading and unloading are already available.

Warehouse management

The demand for faster deliveries by consumers has increased substantially, especially after the introduction of Amazon Prime. Customers want their products to be delivered within 48 hours of ordering. This is making it vital for companies to localize warehousing construction and improve warehouse management as having two or three major distribution centers can no longer ensure faster delivery of products. With effective warehouse management, companies can successfully address customer demands.

Wondering how to improve warehouse management?

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Shipper-3PL Relationships

As the demand for third-party logistics (3PL) is growing day by day, companies in the logistics industry are facing the dire need to improve shipper-3PL relationships. They need to consider logistics providers as strategic partners of the company to meet customer expectations. Moreover, logistics companies need to follow logistics market trends and start offering services such as invoice auditing and automated freight classification to compete with bigwigs of the industry.

Internet of Things (IoT)

Internet of things is one such technology that is majorly impacting the logistics trends. Placing an IoT device on containers and shipments enables companies to avail supply chain insights in real-time and provide their customers with accurate updates. Furthermore, the internet of things can help track weather conditions such as temperature and humidity of the air and prevent goods from spoiling.

Ever thought how these logistics trends are impacting your organization. Request a free demo and know from our experts now!

 

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supply chain risk management

Supply Chain Best Practices to Drive Business Success

The importance of supply chain management in today’s competitive market landscape cannot be undermined. With the expectations of both shareholders and consumers soaring, the collective capability, technology, resources, and scale of most supply chains have become insufficient.

Moreover, it can be said that the exponential increase in business complexities is one of the biggest challenges facing the supply chain. This surge in the complexity has been further fueled by challenges such as supply chain globalization, acquisition pace, new retail channels (i.e. omnichannel), regulations, and a rapid increase in the pace and complexity of new product introductions. This has forced companies to adopt supply chain best practices and renew their supply chain approach.

At SpendEdge, we understand that adopting supply chain best practices requires both knowledge and capabilities. Therefore, our team of experts has highlighted the supply chain best practices that companies can adopt to increase value creation across the supply chain.

Want to know how supply chain best practices can help you manage complexities? Get in touch with our experts and implement supply chain best practices for your organization. 

Supply chain best practices for companies

#1 Align supply chain responsibilities

Often, the decision-making power is divided among different people in organizations. This not only slows down the operations but also makes it difficult for companies to make quick decisions. Aligning supply chain responsibilities will ensure better supply chain management and greater efficiency for organizations.

#2 Utilize technologies

Companies integrate too many software to increase their efficiency without analyzing the needs of their organization. Instead, companies should analyze the efficacy of their processes that need improvement and then implement technologies that can address those needs. This is one of the supply chain best practices that can help companies to make better utilization of their supply chain.

#3 Devise strategic sourcing strategy

Strategic sourcing is imperative for supply management. It ensures the availability of supplies, lowers total cost, streamlines processes, and increases responsiveness to customers’ changing needs. Companies looking to implement supply chain best practices should focus on strategic sourcing rather than considering it the sole responsibility of the purchasing department.

Interested in devising a strategic sourcing strategy?

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#4 Consider value over price

It is never advisable for companies to cut costs at every point of time, especially if they are aiming to achieve long term business goals. At times, they need to put value over price to retain their customers, keep business flowing, and establish themselves as a reliable supply chain partner. This requires companies to implement supply chain best practices and achieve better profits in the long run.

#5 Better inventory management

Inventory management is one of the supply chain best practices that companies are intending to improve upon in the years to come. It helps companies to substantially improve the bottom line and minimize their working capital. Even the top-notch companies are paying attention to inventory at the highest levels as it could represent over 50% of the cost of an item.

#6 Taking social initiatives

Reducing a supply chain’s carbon footprint is no more a choice for companies. It is one of those supply chain best practices that necessarily needs to be practiced. The reason being, buyers and consumers take it into consideration while choosing products or services. Any company not having productive social responsibility programs risks criticism from one or the other sources.

Implementing supply chain best practices is pivotal to increase the efficiency of the global supply chain. To know how your organization can benefit from these practices, request a free demo from our experts now!

 

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smart contracts

Smart Contracts: A New Age Solution For Business Challenges

smart contracts

Smart contracts, also known as blockchain contracts, is a term that is used to describe computer codes that automatically execute all parts of an agreement. They automatically and securely execute obligations when defined conditions are met. Like every other blockchain-based technology, smart contracts are designed to function without reliance on a centralized authority.

Smart contracts are well programmed to automatically execute two types of “transactions”. The first is ensuring the payment of funds upon certain triggering events and the second is enforcement of financial penalties if certain objective conditions are not addressed. In each case, human intervention is not required once smarts contracts have been deployed and are operational.   Moreover, they help companies to overcome certain business challenges and ensure smooth functioning of businesses. But before that, let’s understand how do smart contracts work.

How do smart contracts work?

Smart contracts allow the automation of transactions and authorize parties to agree with the outcome of an event without the need for a central authority. They record the terms of a contract and connects with banks’ internal systems or external world. After that, smart contracts wait for external triggers to evaluate pre-defined conditions and self-executes upon fulfillment of conditions via triggers. They then approve the execution of a transaction independently by allowing two or more parties to the contract. Shown below is one of our new multimedia slides on blockchain applications, and how smart contracts can help businesses. 

 

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Challenges that can be overcome by utilizing smart contracts

Automation

Companies can easily excuse a breach by not enforcing the available penalties on the responsible parties with the traditional text contracts. Also, there can be instances, when companies willingly accept a partial performance on an ad hoc basis to preserve a long term relationship. However, the ability of smart contracts to automatically execute a transaction will not allow companies to enforce the agreement on an ad hoc basis.  A late payment will result in the automatic extraction of a late fee or suspension of partners’ account partners if the smart contracts were programmed to do so.

Guarantee of payments

As parties constantly move their funds throughout the organization, delays in the delivery of payment becomes a common issue among parties. This, at times, results in legal arguments and conflicts in companies. With the help of blockchain contracts, companies can automate and render payments far more efficiently without the need for dunning notices or other collection expenses.

Interested in knowing how smart contract applications can be utilized for the benefit of your organization?

Request a free proposal now!

Termination of contracts

In a traditional text-based contract, parties can easily change the parameters of their business deal at any point in time. They can even engage in, or threaten, so-called “efficient breach,” i.e., knowingly breaching a contract and paying the resulting damages if the cost to perform is greater than the damages they would owe. By employing smart contracts, the probability of amendment or termination of a contract reduces to zero. Even if companies try to, the amendment of a smart contract may yield higher transaction costs than amending a text-based contract and increases the margin of error.

Smart contracts possess great potential to weed out inefficient business processes. To know how, request a free demo from our experts and gain better insights!

 

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blockchain in procurement

Is Blockchain in Procurement A Silver Bullet For Companies?

Blockchain is a complex technology that facilitates aggregation of records as a ledger for processes involving multiple parties. It is internet and user-driven database that automatically adds a new record as a digital fingerprint for every new transaction and updates occurring in the supply chain. The use of blockchain in procurement can help boost the efficiency and security of transactional and logistical data that is usually exchanged between trading partners in a B2B or B2C environment.

With such benefits, the role of blockchain in procurement cannot be downplayed, especially for companies trying to move forward. It establishes digital trust among the partners by linking every transaction and creating a trustworthy string of information. As there is no single authority owning the data, the chances of data manipulation reduces to almost zero. However, before you read more about the impact and benefits of blockchain in procurement, it is crucial to know what blockchain in procurement exactly means.

What is blockchain in procurement?

The security-focused and peer-to-peer nature of blockchain technology represents tremendous value for procurement. But the two most important features of blockchain that have massive implications for procurement, especially to supply chains and source-to-pay processes, are trust and transparency. The decentralized system allows stakeholders to take part in the transaction and mitigate instances of frauds. Also, the use of blockchain in procurement helps companies to achieve significant savings on bulk transactions and data recording methods. Moreover, linking of transactions inhibits alteration of data and increases transparency.

Want to know how blockchain in procurement can impact the transparency of business functions? Get in touch with our experts today!

Benefits of blockchain in procurement

Better visibility and savings

Often, companies negotiate procurement discounts based on the number of purchases they drive. Sometimes, they even ask other people on their behalf to do the purchasing, but this makes it difficult for companies to track the volume they drive across.

The use of blockchain in procurement helps companies to incorporate data from their relevant partners regardless of the person who directed the purchase activity. Without blockchain, companies would need to hire human resources to audit their orders. By implementing blockchain in procurement, companies can do this work without any added staff; thus, reducing the extra price-verification process.

Smart Contracts

Getting paid after completing a task or delivering a product in the real world is a sluggish process for companies. Blockchain and smart contracts can put an end to this process by integrating delivery and payment in digital contracts that flows across enterprises. Furthermore, integrating with logistics partners and banks immediately initiates automatic digital invoicing and payments through the banking system; thus, enhancing the customer-supplier relationship. Blockchain in procurement radically simplifies finance operations and improves the bottom line.

Still wondering how smart contracts work?

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Surviving without intermediaries

Employing blockchain in procurement facilitates a single source of information for all the partners in the network. It allows easy sharing of key information without appointing any intermediary. Blockchain also synchronizes all data and transactions across the network and lets participants verify the work and calculations of others. This reduces the probability of any discrepancy in the data and makes the system secure and reliable.

Streamlining operations  

Blockchain in procurement creates a distributed system of data and process that companies can trust. It makes automation possible without exposing to typical risks arising due to lack of data, interferences by intermediaries and unreliable execution. Blockchain provides an ideal infrastructure for the execution of machine-based activities that were earlier not possible with the  Internet of Things (IoT). Moreover, blockchain applications such as supply chain management will allow activities such as inventory tracking, ordering, requisitioning and replenishing.

SpendEdge Advantage

The experts at SpendEdge, can help you understand the relevance of blockchain for the future of your business and suggest appropriate measures to leverage all such emerging technologies. They can also help youo analyze the impact of implementing blockchain in procurement and the benefits it would offer to your supply chain.

Request a free demo below and know how our experts can help you understand the implact of blockchain in procurement.

 

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RFP Process

An Essential Guide for Companies to Understand the RFP Process

Often vendors and companies have very different ideas about the needs and goals of a business. This makes it difficult for both vendors and companies to achieve desirable savings. There remains a list of intangible benefits but nothing substantial in terms of cost reductions or productivity gains.

The RFP process allows vendors and companies to get on the same page and identify product requirements in detail. It acts as the basis for detailed vendor comparisons in terms of functional and investment requirements. Moreover, through the RFP process, organizations can create benchmarks that can be later used to determine the success of any project.

At SpendEdge, we understand that a poor RFP process often results in numerous questions and unsatisfactory results for companies. Therefore, in this blog, our team of experts has highlighted the critical steps involved in the RFP process.

Want to know how an effective RFP process can help your organization to identify the best-qualified vendor? Get in touch with our experts today!

How does an RFP process work?

Although the RFP process is quite complex and time-consuming, with the right approach, companies can speed up the process and manage RFPs. Here, we are breaking down the RFP process in some simple steps:

Preparing request for proposal document

The RFP document is crafted to inform vendors about the problems the issuer wants to address. Therefore, it is crucial to make RFP requirements clear and easily understandable to gain precise responses from vendors.

A request for proposal document ideally includes four elements that provide vendors with the information they need to deliver effective responses. It also includes questions for vendors and other industry related aspects to understand if the vendor truly understands the challenges or not.

Still wondering what to include in your request for proposal document?

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Assessing clients and shortlisting them

In an RFP process, it is important for vendors to tailor their RFP responses according to the issuer’s needs. For an effective RFP response, vendors require detailed insights about the client’s site, questionnaire, market space, and competitors. The more in-depth information they will have, the more effectively they can address the RFP issuer’s key concerns.

Once the vendors submit their proposals, RFP issuer can start shortlisting vendors. They can adopt a comprehensive approach to analyze RFP response and identify differentiating factors for comparison of vendors.

Completing evaluation and signing contract

This is the last and most critical step of the RFP process. By this time, the RFP issuer has a proper understanding of vendors and knows which vendor will be best suited for the company. Now, the RFP issuer needs to send the RFP database to their legal department and draft a statement of work (SOW) from responses gathered. The SOW should be precisely crafted as it defines how the RFP issuer and selected vendor will work together in the future.

The process of creating and signing a contract is an extremely crucial step in the RFP process. Request a free demo and know how our experts can assist you in improving request for proposal process.

 

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contract lifecycle management

Why Contract Lifecycle Management is a Blessing in Disguise for Businesses?

No matter what the specialty of any business is, if they are not well prepared to handle the flow of contracts, the organizational goals will never be achieved on time. Not only this, a poor contract lifecycle management process will impact supplier relationships negatively and result in a financial crisis for the company.

This makes it imperative for companies to manage thousands of complex contracts and take proactive decisions. To do so, they require a potent contract lifecycle management process to resolve their cross-functional problems without slowing down their whole sales cycle. Also, they need a process to determine how contracts move through the contract lifecycle management system during implementation.

At SpendEdge, we understand the impact that an effective contract lifecycle management can have on the internal processes of the company. Therefore, our team of experts has highlighted five key benefits of contract lifecycle management that companies tend to overlook.

Are cross-functional problems hindering your business growth? Get in touch with our experts and leverage the benefits of contract management solutions.

Benefits of contract lifecycle management

Standardization of process

Contract lifecycle management is an arduous task. It involves following various steps such as:

  • Generating quotes using contract relationship management system
  • Binding of a contract using e- sign
  • Making sales and supplying products
  • Storing contract in a database
  • Tracking the contract

Contract lifecycle management allows companies to streamline contracts on the basis of their operations and track them efficiently. Also, with the help of contract lifecycle management, companies can manage all the above-mentioned steps of contracts easily without missing the deadline.

Reduction of manual work

An effective contract lifecycle management system possesses the capabilities to manage contracts from both the front and back end. This considerably reduces the time required for various departments to work on the contract. Also, it ensures that the organization does not skip any step in the contract’s lifecycle and run through the entire sales process without needing to focus on manual tasks.

Increased revenue

Streamlining processes in contract administration helps different departments in the organization to work in unison and make contracts more profitable. In the absence of a contract lifecycle management process, negotiators may try to fix higher prices for goods and services. However, with the standardization of process, multiple minds can come together to devise a financially viable contract.

Interested in fabricating a financially viable contract?

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Compliance management

Companies can never ensure if the terms of a contract are met or not until they know the terms precisely. With contract lifecycle management, organizations can critically scrutinize the number of active contracts, set reminders for deadlines, and have a clear overview of each individual contract. This will help them to address salient terms and conditions and monitor compliance in a  difficult situation.

Risk management

Companies having effective contract lifecycle management can easily identify the risks associated with the contract lifecycle. These risks can be in form of penalties, missed deadlines, lost revenues or maverick pricing. Contract management solutions help companies to identify and prevent all such risks.

What is the importance of contract management?

They are many opportunities to save money, improve delivery and obtain products in the sourcing process that can lead to significant cost savings for companies. Enhancing contract lifecycle management will help companies to gauge those opportunities and limit organizational liabilities. Also increasing compliance with legal requirements will enable companies to determine the obscure terms that they may need at any given point of time.

Enhancing contract lifecycle management help companies to achieve better savings and limit organizational liabilities. Request a free demo and know how our experts can assist you by getting the best possible terms during every purchase.

 

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Supply Chain Planning

4 Supply Chain Planning Challenges Businesses Need to Surpass in 2019| SpendEdge

The recent paradigm shift of modern business management compels individual businesses to compete in terms of supply chains, rather than an autonomous entity. This makes it vital for businesses to integrate the company’s intricate network of business relationships and respond quickly to changing consumer demands and fluctuating market conditions.

It has considerably increased reliance on suppliers and has created the need for organizations to manage supplier relations, information, and contracts effectively. Moreover, organizations require supply chain planning systems to establish a streamlined supply chain planning process that can derive the best value from their spending. Also, a supply chain management system is important to gain 360-degree visibility into their supplier ecosystem. However, there are certain challenges companies face during supply chain planning.

At SpendEdge, we understand that an effective supply chain planning is crucial for almost all industries to run their businesses smoothly. Therefore, in this blog, we are highlighting the key supply chain planning challenges faced by companies.

Interested in running your business without interruptions? Get in touch with our experts and leverage the benefits of an effective supply chain management system for your organization.

Supply chain planning challenges faced by companies

Increasing complexity

Many times, increasing product complexities drive excess costs for companies. Not only this, the amount of stock keeping units (SKUs) increases and hits product cost targets as well. Firms involved in the omnichannel business (multiple-channel distribution) often face this challenge while supply chain planning.

Changing market dynamics

The behavior of consumers depends upon different cultural, social, personal, and psychological factors. It creates pressure on companies to reinvent their products and introduce new products at regular intervals. However, businesses need to ensure that they keep manufacturing costs low as trends don’t last long and the majority of products have short life-cycles. This is a common supply chain planning challenge that makes it imperative for businesses to build strategies that can adapt to fluctuating demands and production needs.

Rising transportation costs

As consumer demands continue to grow, enterprises are compelled to broaden their portfolio to attract the rising number of buyers. Organizations are emphasizing on fast frequent delivery through one way or the other. Companies such as Amazon have turned to the supply chain to employ new technologies. This has further increased pressure for firms to realize the advantages of value chain objectives.

Want to reduce rising transportation costs?

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Procurement

Procurement has always been considered as a medium to save the cost of goods sold but in the new age, procurement plays an integral role in business expansion. It is crucial for supply chain planning and making businesses competitive. Also, procurement experts can play a significant role in the branding of new products and market development after the cost waste and discrepancies have been sorted.

How to achieve competitive supply chain planning?

To succeed in the growing global market and achieve a competitive supply chain planning, companies need a follow these five steps:

  • Move to real-time supply chain planning
  • Integrate supply chain planning with the organization’s planning
  • Predict the demand of customers
  • Leverage real-time data across all points of the supply chain
  • Ensure flexibility to cope with disruptions

(more…)

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