To meet the needs of global supply chains which are growing both, in size and scale, it’s vital that organisations rapidly adapt to the changing landscape of the industry and gain a competitive edge over their competitors.
Right from creating a quotation to the point of delivering the goods to the customer, an intelligent supply chain management software can enable your organisation to streamline and automate various functions. These tools can help you save time and costs by improving processes and help you build an agile supply chain network.
As supply chains continue to get increasingly complex, supply chain managers must leverage various tools at hand. Here is a list of some of the most crucial supply chain management tools:
1. Shipping Status Tools
Supply chains can be quite complicated for corporations that run businesses on a global scale with hundreds and thousands of shipments each month.
Shipping status tools can be a significant time and efforts saver in such cases. It’s a simple way to keep track of all your international shipments on a single dashboard. These systems will keep you updated about the location and status of your shipments at all times by giving you real-time updates.
Crucially, the system will automatically send you updates every time the status of your shipment changes and eliminate the need for you to track your shipments manually.
Some software also go beyond simple shipment status tracking. For example, our supply chain management software allows you to automate RFQ management and invoice reconciliation along with tracking of shipments.
2. Order Processing Tools
The order process requires you to keep track of multiple functions simultaneously. Many SCM software offer order processing tools which are engineered to keep track of all your operations on a unified dashboard.
Besides, some systems allow complete sales channel integrations on the platform. That means you can keep track of your inventory and orders all in one place. There are a variety of supply chain management tools available in the market today which offer various solutions that help you stay on top of orders.
3. Lean Inventory Tools
When you run a manufacturing-oriented business, you need to have just the right amount of raw materials and inventory. You don’t want to run out of materials, but you also don’t want them to sit in your warehouse and create unnecessary maintenance costs. The lean inventory approach adopts the just-in-time production process and uses it in inventory management.
Lean inventory tools help you avoid excess production of goods and thus, enable you to reduce the number of goods sitting idle in your warehouse. It’s beneficial when it comes to producing those goods whose supply is not year-round but somewhat limited to specific periods.
These systems equip you to chalk out cost-effective solutions by using sharp forecasting tools.
4. Warehouse Management Tools
The emergence of digital technology has revolutionised the way supply chains manage their warehouses. Various warehouse management platforms available today facilitate easy management of warehouse space, paving the way for saving costs and optimising the resources available to you.
If you adopt the right system, it can go a long way in helping you keep your supply chains running smoothly and efficiently.
5. Supplier Management Tools
If your business involves multiple suppliers spread across diverse regions, adopting a supplier management system can help you better manage your supplier network.
With a supplier management tool, you can easily track which suppliers are the most important to your supply chain, who all are making a significant contribution to your supply chain. Based on this data, you can then make decisions about to whom should you be awarding business, what are the opportunities for you to cut costs without adversely affecting your network and more.
6. Demand Forecasting Tools
With global trade going through a roller coaster ride due to a series of factors, the supply-demand dynamics has continuously been fluctuating. This has made demand forecasting essential for businesses across the globe. The simplest way to forecast demand while considering multiple possibilities is to adopt an efficient demand forecasting tool.
A useful demand forecasting tool will take into account past trends and generate accurate projections for the future. The best part about these systems is that forecasts can be generated at your convenience within a matter of some time, and you can easily incorporate the insights gained in your strategy.
Most importantly, the tools help prevent overstocking when the demand drops and shortage of stock when the demand is high. As the demand forecasting is based on in-depth analysis of vast amounts of data, it is typically precise with its predictions.
7. Big data analytics and reports tools
Usually, supply chain software have inbuilt data analytics tool that auto-captures data and generates reports to offer you actionable insights.
Analytics plays a crucial role in running a supply chain seamlessly. Data analytics tools do the number crunching for you and offer you the information in a comprehensive format about various aspects of your network.
With data analytics, you can identify gaps in your workflows and optimise processes as and when possible, while also finding new opportunities to grow your business. While generating reports manually can be tedious and prone to errors, the system can create reports quickly and accurately. You can then work on your supply chain management strategy to meet your business goals.
8. Compliance Tools
Compliance tools simplify the process of analysing your suppliers to prevent you from ordering non-compliant products. Besides, as supply chain management software have ease of functionality at their core, they make it possible to access records easily to prove compliance at the time of audits.
Thus, these tools make way for clean and transparent business processes.
Lastly, invest only in what you need…
Today, the market is flooded with supply chain software which offer a wide range of tools that can help you drive efficiency and save costs. However, it is for you to decide what are the tools that your business needs and invest in these systems accordingly.
If you would like to know more about GoComet’s supply chain management software and the tools we offer, reach out to us here today!