How to improve supply chain performance
Improve your distribution network. You should look at how you can make products go faster without hindrances in the distribution network. If you need to outsource a particular aspect to make it better, get it done fast enough.
Devise a distribution strategy. You need a workable strategy to get your products to the retail outlets. You need to understand the peculiarity of your product and which supplier is best suited for the supply job. Draw a plan and see how you can improve it from time to time.
Monitor cash flows. Know how money enters into your business and how it goes out. Be conversant with the figures and ensure that proper accounting is done so as to be aware of possible fallouts in the cash flow.
Establish information conduits. You need to be aware of trends and information in the market. Have news sources in the industry who can feed you with what is happening. Information will help you learn how to plan.
Track your inventory. Know what is in your store. When orders come, the knowledge of what you have will guide you in responding.
Automatic purchasingcan make the monitoring of inventory easy to do as you can keep track digitally of what is in your store.
Standardize your business. Get automation, standard transportation, and other modern business practice to get your business to a point of admirable from your customers.
Increase transparency. You must be able to keep track of things in your store. Let your work practice be transparent so that customers can be drawn to your business. Transparency will give your company the good branding and make it suitably sustainable. It can be bad press for many companies who are not transparent and this scares other companies from them as no one wants to dent their reputation by association.
Gain data insight. You must continually follow your data. This will give you the figures you are working with. Be comfortable with data. Get processing systems that can analyze data and interpret them. If you are dealing with Big Data, there are tools that can also help you with them.
Real-time inventory managementcan let you know what goes on with your store at the very moment. You should optimize your inventory managementto get it working at optimal levels.
Monitor vendor performance. Check to see if your vendor is working at optimal levels. You should look at ways of improving or vendor performance if it is below expectation; better still, replace the vendor to get better performance.
Raise cost awareness. Don’t be silent about rising cost, raise the awareness. Else, you will be sorting the bills with your own money. Inflation happens; you shouldn’t be the one paying for it. Let your business partners know what goes on in the market.
Improve returns management. Work at ensuring that bookkeeping is an essential aspect of your business.