Supply chain management is full of complexity and logistics. Economies around the world are dependent on effective supply chains to provide them with goods and services to run their cities and countries. In order for supply chains to work well, they need to be efficient. There are a variety of ways to optimise your supply chain and increase efficiency throughout the process. Below are a few strategic options to maximise efficiency and see results in your supply chain.
Implement online inventory management
The benefits of online inventory management can be very significant in changing the way your supply chain operates on a day to day basis. With an online inventory management system, all stock and warehouse information can be tracked in real-time. This provides you with rapid, current updates to show you the health of your inventory. There will be more visibility on your warehouse levels and allow you to make well-informed decisions.
Another benefit of an online inventory management system is that it can be scalable. If your business grows, the system can grow with you. It can easily adapt to the demands of tracking more inventory and keep your business running smoothly and efficiently.
Look into just-in-time systems
Just-in-time (JIT) manufacturing and inventory management can help a company decrease their overall inventory costs and enhance how quickly inventory leaves the shelves. This quick turnover yields numerous advantages. Since products are not on the shelves as long it will decrease overhead costs. Moreover, there is less of a chance to make mistakes in the order fulfilment process because there isn’t as much inventory to go through. If you can achieve a JIT system, you will maximise supply chain efficiency by working with the optimal inventory levels. In turn, your warehouse will experience a decrease in operating costs.
Take advantage of data
In a world of information, it’s hard to know what to do with all that data sometimes. When it comes to maximising your supply chain, you need to look to data in order to optimise your operations.
This will help you streamline multiple practices across the company. Use data to learn from your mistakes and make improvements in the supply chain. Look for gaps or problematic areas in the supply chain and analyse the data to improve it.
Being able to integrate data across multiple systems is very advantageous. It helps with communication and keeps different teams informed about what’s happening with the business. When teams share data, mistakes can be avoided and processes can move quickly.
In order to maximise your supply chain efficiency, step back and see where improvements can be made. Take advantage of new technology and enhance basic factors like communication. There is a lot of opportunity for improvements that will change your supply chain for the better.
Article by Melanie Chan in collaboration with our team of Unleashed Software inventory and business specialists. Melanie has been writing about inventory management for the past three years. When not writing about inventory management, you can find her eating her way through Auckland.