In my previous publication, I suggested exploring ways that technology could serve to boost your business performance.
Companies must stand out from competitors, but also need to respond faster and with assertiveness.
The global market is endlessly changing. Therefore, businesses must adapt to market changes to maintain their opportunity to serve their customers.
Technology can assist businesses in keeping up with this dynamic and challenging nature.
The Supply Chain and Logistics industries are looking for new ways to respond to their customers and their needs in an agile and cost-effective manner.
From handling inventory to monitor KPIs, every day that goes by, Supply Chains need technology to be transparent to stakeholders, managers, and the people making decisions.
Every Supply Chain depends on technology today more than ever before, but not all are using it at its full potential.
Unfortunately, this is also happening in other industries.
Technology can serve to elevate a company's performance. Exploring how to do that, I came up with this list!
Here are 7 simple ways to use technology to revamp your business:
1. Centralize your processes.
With a centralized system, companies could run flawlessly. By making inputs in the same system, all are available to everyone when needed. Everyone can process information, produce an outcome, and everything will be updated accordingly. For example, think about training. If a company needs to train its staff by departments, all with different programs, Accounting, Customer Service, Human Resources, Purchasing. Paying for separated training lessons that will not support collaboration between departments is not a good idea. A centralized system promotes collaboration, saves time and money.
Additionally, keeping all data in the same place helps for a sharper research and analysis process. Updates are system-and-department-wide. Everyone will access the same information when responding to a customer question, or when submitting a new order, or when creating an invoice.
2. Create and monitor the right set of KPIs.
KPIs are measures centered on the most critical organizational performance aspects to ensure the company's present and future success. Having the right set of KPIs will guide all efforts in the right direction. On the other hand, having too many could dilute real issues. A common mistake is confusing KPIs with other measures. KPI (or Key Performance Indicators) are nonfinancial indicators of performance. An example of KPI is Abandonment rate at a call center, or Late deliveries to customers. If an indicator is showing a financial factor, it is a KRI (Key Result Indicator).
3. Improve your communications by targeting needs based on data.
Automation is a great way to stay ahead of the customer. Data can tell us so much information about our customers, their behavior, and their needs. Automated updates are an example of using technology to support communications improvement; any industry could benefit from it. With technology, a company can channel its communications with its customers and improve its approach to a targeted one.
4. Increase visibility in your supply chain.
The most significant challenge professionals in the supply chain face these days is not having end to end visibility. Using technology applications that allow visibility, would facilitate a fast response to any errors or variations in the supply chain. A system that displays a complete view of the supply chain will help generate better consistency while classifying SKUs, setting timelines, and measuring units. Furthermore, visibility tools assist global-scale supply chains in handling the complexity of trade agreements and government tariffs, tracing changes in government regulations.
5. Boost velocity on your delivery times.
Customers have more choices than ever before, allowing them to demand more. They expect shorter cycle times and are less tolerant of mistakes and late deliveries. A better flow of data and information is needed to meet modern customer demands, as well as having a transparent and more effective supply chain.
6. Optimize your account receivable process.
Technology can open many doors, but this one is extraordinarily important. Optimizing the way a company receives payments can reduce the time a customer spends between receiving an invoice and paying for it. It can also attract new customers. Companies are implementing Credit Card payments; this accelerates their account receivable cycle. Additionally, tracing that payment back to the source is easy and fast.
7. Increase assertiveness.
Technology offers alternatives to protect the integrity of the data a company collects and processes; it can make error screenings and automatic revisions. By eliminating errors, all data can be safely analyzed and use it to make smart decisions.
I firmly believe technology IS NOT -and WILL NOT- replace humans.
Using technology in your business can be a game-changer, look at Netflix!
Between The Amazons and The Blockbusters, The Amazons!
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About the Author: My name is Gloria Isamar Rivera. I have more than 17 years of combined experience in business administration, marketing, customer service, supply chain, logistics, and 3PLs. I consider myself a young professional, a supply chain leader, and an out-of-the-box strategist. I enjoy the simple things in life and value every process as a learning experience. Looking forward to sharing something interesting for you very soon! Thank you for reading! ;-)
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