It’s been years that businesses have been battling supply chain shortages. The volatile market pressures them to keep up with customers’ needs and demands. If you are struggling with the same, it is high time to invest in supply chain technology. Now, let us go back to the times that resulted in a scarcity of supply chains.
During the COVID-19 pandemic, meeting the supply chains became a primary challenge because of labor shortages. We all know how everything went behind the doors to limit physical contact. Companies were trying to overcome the loss they faced at the time of the pandemic. There came inflation, yet another economic hit across the globe, which led to massive layoffs for cost-cutting.
Do you know 74% of consumers believe supply chain issues will prevail in the coming years? Therefore, it is the responsibility of executives of organizations to cater to enterprises and consumers seeking to ensure supply chain resilience.
But why do we need resilience? It reduces the effect of present and potential hazards. Given the latest trends, supply chain challenges will continue in the future. Thus, organizations need to comprehend changing buying behaviors. Also, they will be required to adapt to and develop resilience in light of the supply chain issues that may persist. Let us learn how supply chain resilience technology can help your business.
How can technology make your supply chain solutions resilient?
- Establishing customer loyalty
Whether you deal in B2B, B2C, or B2B2C, customer loyalty is the key to success. But in the past, the pandemic’s interruptions have destroyed confidence, which affected severed long-standing consumer-brand ties. As a result, brands could not sell some items to customers due to delayed or unavailable products. It resulted from supply chain issues.
However, things are different today, all thanks to advancements in digital technologies like Artificial Intelligence. These play a vital role in driving the improvement of supply chains. For example, customers receive out-of-stock notifications when shopping online. Thus, 66% of consumers have bought products from a brand they ordinarily wouldn’t, says the SAP survey. At first, it appeared that this was a short-term problem that wouldn’t last post-pandemic. But these are ongoing issues with long-lasting effects on customers and businesses. Given that these problems affect the brands, enterprises must pay attention to customer satisfaction to boost loyalty.
If you do not want to lose customers, utilize supply chain technology to overcome all challenges. It is advisable to use a business network that connects suppliers and buyers in real time. With this, you may gain an understanding of its supply chain and potential dangers. Thus, it allows you to deliver the right products at the right time, which improves customer loyalty.
- Ensuring transparency
Besides customer loyalty, there have been changes in in-store purchasing and product availability. The pandemic was a primary culprit in affecting online and in-store purchasing. The former experienced delays and shortages, and the latter have been inconsistent.
In the last year, over 77% of customers have had to deal with sudden store closures or limited working hours. So, how can we resolve this issue? The answer is supply chain technology.
For instance, brands must be transparent with their consumers to improve trust and loyalty despite the continuous turmoil. They can rely on cutting-edge technologies that work well with their business network. It will enable them to obtain visibility into their supply chain and be open to customers.
- Offering sustainability demands
Over time, consumer priorities have changed. Many now seek to support firms that provide goods from ethically sourced sources. Indeed, people strive to make more environmentally friendly purchases. However, not many are aware of the environmental impact that returns have. Whether in-store or online, shoppers are accustomed to returning merchandise.
If we go by numbers, 60% of consumers were unaware that many returned items go into landfills. Many people today consider this when they make future purchases. Sustainability has become the need of the hour. After all, people are getting aware of the impact of returns on the environment.
Thus, brands need to have an in-depth understanding of their supply chain. But how can they achieve this? The appropriate mix of technologies (Artificial Intelligence and machine learning), knowledge, solutions, and experts is the cornerstone to accomplish this.
Fortunately, by using supply chain technology, you can increase supplier networks’ end-to-end visibility, resilience, and effectiveness. Remember, real resilience will enable wiser, more sustainable choices.
The bottom line
Digital technology and automation are the backbones of improving and streamlining supply chains. That means even during the shortages, businesses will not lose their customers. The right set of cutting-edge technologies enables you to achieve transparency and sustainability. Ultimately, you will increase resilience within your supply chain. If you want to leverage supply chain technology, hire a reliable partner.
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- Which are the primary technologies to transform the supply chain?
Businesses have started to rely on the latest technologies to improve their supply chains. Some of these are
- Artificial Intelligence and Machine Learning
- Internet of Things
- Cloud technology
- Digital supply chain
- Advanced and predictive analytics
- Weighing and shipping technologies
- How can you use technology to improve the supply chain?
Technologies like big data and machine learning help organizations measure events in real-time. Thus, you can use these tools to foresee issues related to the supply chain. As a result, they will offer early warning signs and you can take necessary measures.