In a world with trade wars and unstable international markets, one thing can be sure of is that every company is trying to save costs. Although cutting expenses are not a sustainable long-term strategy to keep a business afloat, finding permanent opportunities of organic cost saving and optimisation initiatives can prove to be invaluable to any organisation.
One such cost saving initiative that can help companies to be more profitable is Digital Supply Chain. Many companies and government institutions still use internal programmes and manual processes (often done on spreadsheets). This means that data analysis is hindered and it makes it hard to spot opportunities for cost saving and optimisation.
Digital Supply Chain can drastically reduce wasteful expenditure and improve the corrective measures reaction time, by being able to drill into the statistics immediately.
Gaining insights into supply chain in a structured way can have the following advantages to an organisation:
- Be proactive. Make decisions to change the future and actively impact the outcome rather than being reactive.
- Leveraging the Internet of Things (IoT) to your advantage by having connected systems and devices.
- Use analtyics to your advantage by analysing supplier and product performance.
- Improve negotiations with suppliers
- Increase transparency within the organisation, enhance compliance and reduce corruption opportunities.
Cassie van Wyk is the main author of this blog and has years of experience in the field of channel marketing and e-commerce respectively. He has a passion for writing and sharing knowledge, and does a lot of research in order to bring factual information to all the blog visitors. Feel free to reach out at any time!