Markets emerging from all possible sources like traditional/ mom and dad stores, large retailers performing both traditional and online selling, exclusive online shopping websites and relatively new “App only” stores have all pushed retailers and their vendors to perform at their best. Retailers need to precisely know the status and location of their inventories irrespective of the complexity involved. Only this can enable them in timely dispatching of inventories and rebalance them as they deplete. Poor supply chain often results in loosing customer trust and thereby a threat to any further business from them.
Here are a few suggestions that could help a supply chain for its steadfast operations:
- Source tagging is a solution to constantly monitor staged inventory levels. Awareness of volume and location of merchandise across all available channels enables the supply chain operations to influence business decisions better. This tagging along with their production time-line help disbursal of stocks in compliance with their manufacturing dates.
- Radio Frequency Identification (RFID) enabled with Electronic product code (EPC) allows retailers to track-down their inventories in real time. This increases traceability with accuracy of more than 99%. This RFID when combined with Electronic Article Surveillance (EAS) provides exact picture of how much stock is needed to be lined up on every marketing channel like online, offline and in outlets.
- Focus on B2B online network proves helpful for company by predicting imbalances in supply chain, thereby helping it reflect flexibility on the business processes. Because when the business grows larger, need to know about the whereabouts of the vendors of your direct suppliers becomes a necessity. Predicting risk creates advantage to get ahead of a possible supply chain disruption.
- The marketing and supply teams are critical to be aligned because the product back-up is necessary for a successful promotion. Supply chain can determine the minimum stocks to minimize delays and marketing can push the piled up stocks.
- Monitoring Real time inventory enabled with cloud-based software solution like Rain+ Move that enables tracking and managing of inventories. Two most complicated challenges that all retailers face is about the uncertainty in consumer behavior and complexity in supply chains. These problems pose difficulty when supply and demand needs to be appropriately aligned. The demand rider needs to be readjusted constantly at time when it is prone to seasonal fluctuations. Cloud- enabled business technology always strengthens efficient buyer/supplier collaboration.