Having the right supply chain planning software in place in your business can improve a number of operations. Some of those improvements may seem obvious. Others, however, become more apparent when you put those processes to work in your business. Does your business need supply chain planning software? If you want to see these critical improvements, it may be time to implement a fresh, effective supply chain planning solution.
Benefit #1: Improved Consumer Experience
Supply chain challenges and disruptions have posed major issues for customers and businesses alike over the past several years. Mitigating those issues is one of the key focuses of supply chain planning in 2022. With the right supply chain planning software, you can go a long way toward streamlining your operations and decreasing those shortages.
In addition, by carefully predicting trends and seasonal needs in inventory, a process that can be aided immensely by supply chain planning software, you can make sure that consumers have access to the supplies they need at the right time. As a result of those efforts, you will find that customers are generally much more satisfied with your business.
Benefit #2: Decreased Costs
Your supply chain planning software can lead to a huge reduction in overall costs in several keyways.
- Supply chain planning software can ensure that you have the right inventory on hand, which means you won’t miss out on important sales.
- With accurate forecasting, you can determine what products you are most likely to need and in what quantities, which will reduce over-ordering.
- Your supply chain planning software can help forecast the best ways and places to get critical materials or stock, which can make it less costly for you to keep up with demand across your business.
Supply chain planning software also helps automate many of the inventory processes you go through every day. By using supply chain planning software, you can cut down on the hours needed to manage those essential tasks, freeing up your employees to take care of other things.
Benefit #3: Keep Your Data More Accurate
With supply chain planning software, you can get a much more accurate look at exactly how your stock is performing. Maintain critical insights into information like:
- What is selling the best across your business?
- What do current inventory trends look like?
- What items do you need for the current season?
Your supply chain planning software can also help you look at where your inventory is. Do you have too much inventory in one warehouse, but too little in another? Are sales shifting across the company? With accurate data, you can streamline your inventory management process and make it easier to determine what your business needs most at any given moment.
Benefit #4: Stay in Compliance
In many industries, compliance is an ongoing challenge. You may need to keep up with several critical pieces of information, including sustainability standards, international requirements, and documentation. If you want to be sure that your business remains in compliance, you may need to keep track of those essential regulatory standards. Your supply chain planning solution can help monitor many of those key compliance elements and ensure that you stay in compliance to reduce the odds of costly fees.
Benefit #5: Reduce Risk
In many businesses, you can face a number of risks that could interfere with your supply chain and disrupt your business processes. You may need to keep track of those potential risks, from the risk of disruptions in other countries that could interfere with your supply chain to shipping challenges across the country that could make it more difficult for you to keep the supplies you need flowing into your business. Your supply chain planning software can help forecast and avoid those potential risks. In addition, your supply chain software can give you easy access to information like changes in supply costs, which could help you change your own pricing to help decrease the hit to your business.
Benefit #6: Adapt Quickly
The last couple of years, more than ever before, businesses have needed to adapt rapidly to the potential problems in front of them. Consumer needs have changed dramatically. Many consumers have wanted or needed different products than anticipated as they made the shift to working from home or avoided spending as much time in public due to the pandemic. Businesses’ needs have also changed abruptly.
In some cases, it can prove very difficult to keep up with those changes and challenges. Supply chain planning software, however, can make it easier for your business to adapt swiftly to the changes you may see around you, from making it easier for you to keep up with trends in consumer needs to providing you with valuable insights into your supply chain sources and management that can help you bring in the goods you need.
Benefit #7: Insights into the Future
While your supply chain planning software cannot perfectly predict the future, including the challenges your business may face due to continued global disruptions, it can provide you with essential insights into the potential needs of your customers and how your business can best address them. With a comprehensive supply chain planning solution, you can take a better look at consumer trends, including peak seasons for your business, demand forecasting over the course of the year, and what supply chain challenges may do for your business moving forward. By taking advantage of those insights, you can make decisions that will help you have the right stock on hand at the right time.
Do You Need a Supply Chain Planning Solution?
If you’re looking for the right supply chain planning solution for your business, StockIQ can help. Contact us today to learn more about how our product can streamline demand forecasting and inventory management, provide you with vital insights into your supply chain, and help you save money and protect your business from many of the risks you may have to contend with in the future.
