With the retail market booming, retailers across the nation put on their thinking caps to make the best of the opportunities at hand. Supply chain management, also coined as SCM plays an integral role in the entire process. We took a trip down this retail road to see the latest in the views on supply chain management, the changes that should be implemented, the fast changing trends of the consumer, and the improvisations to keep retail on an all-time high.
To deliver goods at their desired destination in a swift way, retailers need to know where things are at all times so they can redirect shipments, rebalance inventories and respond to new demands on the fly. But, if there is a problem with their supply chain, and they can’t get products to stores or consumers then they may risk losing customers.
So what steps can, and should, retailers take to make sure their supply chain operations are running smoothly? Following are four suggestions from retail supply chain experts.
- Using automated inventory management software is necessary that can track and manage inventory in real time because due to uncertain consumer behavior and long, complex supply chain processes retailers always struggle to balance inventory efficiently. Thus, align supply with demand effortlessly an advanced solution is required to maintain an effective supply chain network that tracks inventory and demand changes, and allows retailers to respond to the latest demand signals in near-real time.
- To improve supply chain management from the moment product leaves the manufacturer’s warehouse all the way through to the point-of-purchase, retailers should deploy an order management solution. With an increased awareness of the volume and location of merchandise available across all channels, this order management software ensures smooth supply chain operations at all levels to take better business decisions.
- Be a part of B2B e-procurement network, which helps companies to predict supply chain disruptions and act quickly to adapt business processes. Using a B2B procurement network can help retailers to move from responding to risk to proactively predicting it to create advantage and get ahead of supply chain disruption.
- Make sure your marketing and supply chain teams are in sync, which is crucial to successfully launch a promotion. The supply chain team can determine how much product is needed to prevent falling short and how the product will be shipped minimizing, or avoiding, delays or disruptions.