It’s Time to Build a Smarter Supply Chain
Retail supply chains are complex, multifaceted systems — they’re also severely disrupted. Three years after the pandemic, supply chain disruption is still a major concern for the industry. COVID-19 led to factory shutdowns, logistics delays and border closures, resulting in a significant impact on the global economy as a whole.
And the pandemic isn’t the only disruptor. Labor shortages, port congestion and natural disasters like hurricanes and wildfires have exacerbated existing issues. Many retailers are being pressured to create more resilient and agile supply chains for the future, but with so many moving parts, overhauling your Supply Chain Management (SCM) can be difficult, costly and let’s face it: a little intimidating. Retail depends wholly on the flow of products, and you want to get it right.
- Lack of visibility:
Many retailers struggle with poor visibility across their supply chains. This can lead to several issues, including delays, stockouts, decreased customer satisfaction and wasted resources. - Manual processes and inefficiencies:
Paper-based, manual or outdated processes create inefficiencies throughout the supply chain, slowing operations and reducing accuracy.
- Inventory management:
Maintaining inventory levels is a major challenge, especially when your business works with a variety of suppliers. Stockouts impact sales and often reduce customer loyalty. - Lower staff turnover:
This, combined with the culture that must exist for innovation and creativity to flourish, means that new employees will be attracted to the organization.