As companies try to understand the supply chain disruption due to the outbreak of coronavirus, it is crucial for them to plan and be fully prepared. Having the right strategy in place can help businesses to remain successful in complex situations. Analytics and Machine learning will be the foundation on which supply chain managers gain insight.
Below mentioned are the 5 Key components of Advanced Supply Chain Management that will help Supply Chain Managers to understand the demand in times of crisis:
- Transportation Management
Transportation Management System (TMS) plays a central role in supply chain management. It is a comprehensive solution for the present COVID-19 scenario to deliver goods on time. The broad and deep analytics ensure efficient transportation planning and execution. This ultimately improves customer service that results in their satisfaction. TMS also provides information on trade and tariffs to reduce potential delays due to customs and other trade regulations. In addition, it offers real-time information exchange among carriers, warehouses, distributors, and customers.
TMS also ensures many benefits to businesses. Its automation integrated billing and documentation delivers faster and improved business operations. The ability to track freight rates and audit freight costs on a single platform reduces the time that results in faster delivery.
- Order Orchestration
A cloud-based order orchestration ensures the delivery on time by finding its current and historical information. This provides business managers to have control on COVID-19 situations by anticipating problems, plan, and avoid any delays. It also enables them to monitor order progress, review issues, resolve problems, and modify fulfillment processes. This helps shipment to arrive on time that reduces the return rates. To further improve the quality of decisions, order orchestration provides an update on orders, inventory, planned supply, and invoices.
- Omnichannel Planning
Due to this pandemic situation, retail is facing a lot of pressure on how to deliver anything, anytime, and anywhere. This is where Omnichannel planning becomes an effective solution.
Shoppers want plenty of choices. To meet their expectations, retailers must manage and plan efficiently by meeting their demands. Cloud-based SCM solutions bring all the data together and offer access to the team members working from different units. This helps logistics executives, planners, fulfillment teams, and also vendor partners to create strategies and take cohesive business decisions.
If retailers resist incorporating omnichannel planning, they will have to lose their business efficiencies by watching their customers walk away as they cannot find items that they want.
Omnichannel planning ensures your inventory to be available at the right place and time increasing shopper awareness on products and not letting them just go without a sale.
- Prescriptive and Predictive Analytics
As Coronavirus continues to spread globally, analytics plays a crucial role in mitigating inventory shortages, shipment slowdowns, and evaluating customer demands. Predictive analytics uses current and past data to let business leaders make predictions about the future or other unknowns. While Prescriptive Analytics uses the predicted data and focuses on finding the best course of action to be taken in the respective scenario. This means, when predictive analytics foresee the possible result, prescriptive analytics aims to find the best solution. These data findings provide business leaders to arrive at vital insights, gain complete control over order management processes, and take the right course of action on events or risks.
- Fourth Party Logistic Model (4PL)
Due to the high demand for order supplies in this pandemic situation, logistic activities can be a difficult task. A fourth party logistics provider or a supply chain integrator work to interface between the client and various logistic service providers. It assembles and manages all resources, technologies, and capabilities of an organization’s Supply Chain. It also has the ability to impact the entire supply chain and overall responsibility for logistics performance. Like all the aspects of the client’s supply chain are managed by the 4PL organization and the service plays a primary role, they ensure to provide high-quality service. This changes the mindset of a customer having cost-related reasons to change from a short-term collaboration to a long-term partnership.
We, at Aspire Systems, deliver the best-in-class supply chain solutions that cover the broadest business needs. Our advanced solution expertise over Oracle EBS SCM and Oracle Fusion SCM (Oracle SCM Cloud) helps clients with efficient asset and inventory management, eases ordering and procurement processes, and effective planning and budgeting. SCM solutions also provide real-time updates, better recommendations, and more accurate predictions needed to plan for the future after COVID-19 effects. Our team of experts understand the need for an adaptive supply chain that can sense and respond to the market quickly and offer information-driven solutions that help to scale our clients’ business effortlessly.
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