It can take a lot of work to keep your supply chain running smoothly and streamline the process. However, using analytics and big data can be easier. Analysis reports let you track shipments, manage inventory, and track costs across your supply chain. You can even find software solutions to improve effective communication throughout the process.
Business supply chain run smoothly
- Get a global location number
A global location number is a thirteen-digit number that differentiates your digital and physical locations, business functions, and legal entities to support international tracking of freight shipments. There are rules for granting and using a GLN.
- Helping a business partner to coordinate these activities can save you a lot of time and effort. Once you have this number, you can be more certain that your international supply chain links can find your company.
- Include big data
Big data is a term that describes the amount of information available in the digital age. This can include market trends, weather patterns, historical events and much more. With the right analytics tools, you can create reports on how events affect your supply chain, streamline the process, and even determine which inventory is the slowest to remove from your shelves.
- One way to use big data is to start a partnership and outsource this report. A specialist company has better access to data and tools than you can fit into your budget. If you find the right one, you can get better results while reducing the stress on your IT department.
- Analyze sales metrics
The sales statistics show you how much you sold in the quarter compared to the same quarter of the previous year, and projects that you are likely to sell. It is important to budget properly, to know when to invest your working capital in growth projects, and even to plan the right number of employees.
- It can also help you identify which links in your supply chain are no longer needed or which can be improved. For example, if you have a product that hasn’t been in your sales for a quarter, you can determine whether it’s a seasonal item or just not worthy of interest. You can also see which orders have been canceled or reordered.
- Manage inventory automatically
Artificial intelligence and inventory analysis software can save you time when ordering and managing inventory. We develop these solutions to detect items from manufacturer to customer and to record customer satisfaction and reported defects. Many inventory solutions streamline the process by keeping all the information you need in one place and easily accessible to everyone in your supply chain.
- For example, your sales staff can look up an item in the system to determine how much is available, how much is on the way to the store, and we order how many for future shipments.
- Track costs
By using analytics to determine costs in your supply chain, you can not only see where cuts can be made, but also show your different managers what others are spending. This can help you streamline your processes better and reduce the time it takes to coordinate budgets, so your various managers and supply partners can help you consolidate spending and reduce excess or duplicate spending. If an accounting software solution is compatible with your other software, it can be more than keeping track of costs. However, it can also reduce billing errors and save your accounting department time.
- If your supply chain runs smoothly, knowing just where your items are located is as much as knowing your chain links to know your digital and physical location. With a few software solutions and expert partner businesses, such as someone to help you secure and use GLNScience articles, generate big data analytics reports and track costs, you can do a lot to streamline these processes and costs to lower.