Tips for Smoothly Running Your Supply Chain

Keeping your supply chain running smoothly and streamlining the process can take a lot of work. When you embrace analytics and big data to help with this, however, it can make it easier. You can use analytical reports to track shipments, manage inventory and keep an eye on costs throughout your supply chain, you can even find software solutions to help increase effective communication across the process.

Get a Global Location Number

A Global Location Number is a thirteen-digit number which distinguishes your digital and physical locations, business functions and legal entities to help track shipments internationally. There are rules governing how a GLN is allocated and used, so finding a business partner to help coordinate these activities can save you a lot of time and hassle. Once you have this number, you can be better assured that your international supply chain links can find your company.

Embrace Big Data 

Big Data is a term used to describe the sheer amount of information available in the digital age. This can include market trends, weather patterns, historical events and much more. By embracing the right analytical tools, you can generate reports on how events will impact your supply chain, find ways to streamline the process and even pinpoint which inventory is the slowest to move off your shelves. One way to embrace Big Data is by partnering with an analytics firm and outsourcing these types of reports. A specialty firm will have better access to data and tools than you can fit into your budget and finding the right one can give you better results while easing some of the stress from your IT department.

Analyze Sales Metrics

Sales metrics will show you how much you have sold this quarter compared to the same quarter last year, as well as project what you are likely to sell in the future. This is important for budgeting properly, knowing when to invest your working capital in growth projects and even for scheduling the right number of employees. It can also help you see which links in your supply chain are no longer needed or which can be improved. For instance, if you have a product which does not show up in your sales metrics for a quarter, then you can see if it is a seasonal item or is just not generating interest. You can also see which orders have been cancelled or are on backorder.

Manage Inventory Automatically 

Artificial Intelligence software and inventory analytics can save you time when ordering and managing inventory. These solutions are designed to track items from the manufacturer all the way to the customer as well as record customer satisfaction and reported defects. Many inventory solutions streamline the process by keeping all the information you need in one location and easily accessed by anyone in your supply chain. For instance, your sales personnel can look an item up in the system to see how many are on hand, how many are in route to the store and how many have been ordered for future shipments.

Track Costs

By using analytics to track costs through your supply chain, you can not only see where cuts can be made, you can also let your various managers see what others are spending. This can help you better streamline your processes and reduce time coordinating budgets so that your various managers and supply partners can help you consolidate expenses and cut excess or duplicate spending. Having one accounting software solution compatible with your other software can do more than track costs, however, it can also reduce invoice errors and save your accounting department time.

Smoothly running your supply chain is as much about knowing where your items are as it is about your chain links knowing your digital and physical location. You can do a lot to streamline these processes and cut costs with a couple of software solutions and knowledgeable partner companies such as someone to help you secure and use a GLN, produce Big Data analytical reports and track costs.