As competition increases within distribution and retail industries, so does the need for high quality products and services at a low cost.
Businesses need to gain market share and to achieve this, customer satisfaction is key.
But how can distribution companies deliver low cost and high quality products, simultaneously? Cost-cutting is a vital aspect for businesses to keep up within the current competitive and globalised landscape. To achieve this, companies must:
- Streamline processes to eliminate inefficiencies
- Adopt best practices and learn from business intelligence
- Use innovative technologies, to automate, report and improve
Technologies are continuing to grow and improve to give distribution and retail companies a higher chance to meet the above objectives. There are 3 relevant aspects that can boost distribution efficiency with measurable results.
Accurate sales forecasting
Rather than a manual process that costs vast amounts of time (and therefore money), technology helps to ensure accurate forecasts at the click of a button. Not only does this save time, it also allows informed decision-making and planning for improvements.
Optimised order management and procurement processes
Inventory tracking enables complete control over restocking and replenishing, so that the business is never over-stocked and therefore not losing money in doing so. Notifications can allow the business to understand what needs to be restocked, using insight into products that are selling best, too.
Procurement processes make it easier to choose the right suppliers and the most cost-effective solution.
Customer orders can be fully tracked with set workflows and assigned resources to ensure they get the best service and a good delivery time.
A modern enterprise resource planning (ERP) solution enables management and control over all of the above. Mobility, radio frequency identification (RFID) technology and Business Intelligence are at the core of new practices and a necessity for successful distribution businesses.
In order to combine performance, innovation and strategic decision-making in a fast-moving market, it is, of course, critical to anticipate technical and organisational developments, and be equipped with appropriate solutions, implemented by partners who are both knowledgeable about your business constraints, and share your ambition.
Download our guide to improving distribution efficiencies:
Our guide covers:
- Making sense of the fast-moving world of distribution
- Facing distribution challenges
- How to respond efficiently
- New and emerging technologies that can help your business