A New Era of Supply Chain Management
As per a Gartner report, the supply chain management market is up by 11% as compared to last year and reached $13 billion in total software revenue in 2017. By 2021, it is expected to exceed $19 billion, as SCM solutions are driving new revenue opportunities. With the rise of digitalization, demand for agility and business integration has become crucial. To grapple with the demand, enterprises are forced to introduce new business models, which enables SCM spending.
SCM solution providers are always in quest of opportunities to differentiate their services from competitors and offer impeccable solutions by incorporating new digital technologies which include enterprise mobility, machine learning, Internet of Things (IoT) into their offerings.
While global leaders are testing with technologies like AI & Blockchain, drone deliveries and self-driving cars, the supply chain landscape is all set to be driven by technological reform aimed at increasing speed of deliveries, optimizing warehouses and balancing demand-supply. Blending all the studies on technology advancements and emerging supply chain models, we can say 2018 is going to be a year of enterprise cloud revolution
In this business era of global competition, economic risks, and digitalization, customers have become more empowered. There is no let down in consumer demand for excellent service, competitive price and value addition. This will influence SMBs for efficiency accretions and performance augmentation. If you want to succeed in today’s business environment, you must think beyond only optimizing business operations. The future success of an SMB largely depends on how effectively they are reaching their customers and how efficiently they are optimizing their supply chain.
Gripping your own business and expecting your customers and suppliers to do the same, is not a wise option. To achieve overall business growth and revenue maximization, you must drive customer-centric innovation through technology- enabled supply chain management. Over the past decade, many forces have compelled SMBs to reinvent their supply chain strategies. Globalization of business offerings, the conception of product diversity, the increased complexity of supply chain networks, and the compressed product life cycles are few factors, which forced enterprises to modify their business model. To stay competitive, few rational companies collaborated and integrated their supply chain partners.
Future of Cloud WMS – ERP
Cloud Computing, Enterprise Mobility, AI and Analytics are creating digital disruption which is driving innovation in supply chain industry. On the other hand, globalization has unlocked the doors for cross-border business that demands enterprises to transform digitally. As per a report by BCG, global cross-border business will stretch between $250 billion and $350 billion in 2025. SMBs will ponder innovative approaches to obtain a complete visibility of their supply chain processes, cost minimization and creating new revenue streams in the future.
Role of Cloud WMS – ERP in driving growth
Driving business growth while minimizing operational cost is a major supply chain focus point for most of the SMBs this year. An integrated supply chain can help your business achieve extended ROI and establish essential supplier relationships, which will make a significant impact on your company’s overall performance.
SMBs constantly face various challenges which can hinder their ability to ship products promptly and effectively. These challenges can have a detrimental effect on their entire supply chain process and strategy. With 2018 on the horizon, there are few tough challenges which need to be addressed. Let’s discuss few of them.
The complexity of logistical solutions and of the supply chain itself is becoming more and more evident. Businesses are starting to understand that supply chain affects every aspect of a business and they have sprung to involve various departments, other than just the transportation division. Supply chain management plays a pivotal role in the strategic decision-making process and the development of operational procedures. Enterprises, especially SMBs face the tough challenge to unlock the complexity of supply chain to smoothen their business processes.
The global supply chain industry is currently going through some testing time. Mobility is playing a crucial role in driving integration in supply chain management. Mobile apps are often used to connect with customers, partners and back-offices. To connect the entire front-end and back-end operations, SMBs needs to be more flexible. To achieve operational excellence, implementing a successful mobile supply chain strategy is the biggest challenge for many enterprises. Based on the business requirements, you need to develop a mobile supply chain platform which can connect a wide range of client devices and applications.
Data Management & Security
Warehouses, carriers, shippers, back-end offices are capturing, analyzing and processing more data than ever. The challenge comes when you need to manage and protect a huge amount of data. Effective data management is one of the most important factors for business success. With different aspects of supply chain, and with a complex process for getting products to customers, data collection and security has become very imperative for a business. Data is an indispensable factor in optimizing warehouse space, inventory and route and plays a big role in providing a balanced and robust supply chain.
The biggest red flag for your business will arise when you are not able to treat your customers with quick & timely delivery. There could be reasons for delivery setbacks. Not enough inventory visibility, lack of integrated planning, outmoded systems, poor route planning. Product delivery depends directly on each and every aspect of a supply chain – starting from warehouse management to inventory planning, route planning, and shipping, operational strategy optimization.
First-track Market Shifts
Customer buying behavior is influenced by various internal & external factors like cultural, social, technological, and psychological. Supply chain globalization & technology are two major drivers of market shifts. Social media & digitalization are creating new demands for consumers as well as enterprises. Due to rapidly changing market trends, products have a shorter life cycle. SMBs are under constant pressure to keep up with the latest market trends, by keeping their manufacturing and operational cost minimum. On the other hand, advanced technology is slowly overtaking supply chain processes.
To provide new age freight experience, SMBs need to hone their processes and adapt to digital disruptions. The challenge is keeping your supply chain professionals and external partners up-to-date and well trained with all available technological advancements.
Balancing Demand & Supply
Balancing demand and supply requires understanding the real-time information. It is little difficult to meet the exact demand & supply. For SMBs, this is a real task as they can’t afford product wastage. Data visibility can help alleviate this problem greatly. If SMBs can leverage their supply & demand, they can resolve much of their supply chain constraint. But, achieving data visibility prevails to be a primary challenge.
Oracle WMS – NetSuite ERP features to unlock SMB’s growth potential
To be a fast-growing Small-Medium Business, you need a modern, agile and scalable business solution which is cost-effective, reliable and can serve the purpose. Oracle NetSuite offers a modern cloud-based solution that makes your business operations optimized and unlock your growth potential. Let’s have a look at few of the most robust NetSuite features.
Effective Order Management
Oracle NetSuite’s Order Management capabilities can help SMBs streamline their order processing by reducing manual bottlenecks, limiting errors & delays and establishing a smooth flow of sales quote to fulfil orders and ensuring a timely payment. Order management capabilities can integrate your entire sales, finance and fulfilment departments and teams to enhance overall quote accuracy, dumping billing errors, boosting revenue recognition processes, developing overall visibility and driving fulfilment accuracy and effectiveness.
Quicker Financial Reports with Accuracy
Quicker Financial Reports with Accuracy Oracle NetSuite’s cloud Accounting & Finance capabilities can boost SMB’s financial processes and operations. NetSuite powers core finance and accounting functions with robust compliance management feature that improve business performance and increase financial efficiencies while reducing operational costs. Real-time analytics offers live financial data which can help you quickly drill information to generate financial statements and disclosures that comply multiple regulatory financial compliance requirements like ASC 606, GAAP, SOX and others.
Adequate Supply Chain Planning
SMBs face a tough challenge while balancing their demand and supply. Supply chain planning is a very crucial process. An adequate supply chain planning offers the right combination of cost control, warehouse management, lead times and service level management. NetSuite offers advanced inventory management & demand planning techniques to help SMBs balance their demand-supply ratio and
take right decisions to increase on-time delivery metrics. All your warehouses can be set up with unique parameters to deliver single control.over your entire supply chain.
Efficacious Production Management
In order to run manufacturing units efficiently, NetSuite’s production data management capabilities help enterprises to process sales orders, enable order routing and scheduling, order fulfilment and product costing. This feature offers real-time production visibility to make better business decisions. As a result, the go-to-market time will be reduced, and you can roll-out your products quickly. NetSuite’s production management suite has features like:
Inventory Management & Control
Inventory control & shipping cost is an immense challenge for many enterprises.
In order to control the cost associated with inventory, companies are constantly looking to improve their warehouse operations by developing agility, inventory visibility and worker efficiency. This requires a perfect blend of a modern Warehouse Management System (WMS) and inventory planning. Oracle NetSuite WMS solution allows SMBs manage their distribution systems with RF device led put away and picking tasks driven by advanced capabilities like wave management, cartonization, cycle count planning, real-time inventory reports and shipping systems integration.
HOW ITOrizon CoEs & Oracle NetSuite + Enterprise Cloud WMS will change the way supply chain works in global SMBs
SMBs have traditionally been slow adopters when it comes to implementing a newer technology. But, there were few barriers to implement supply chain management solutions in smaller enterprises. The price was too high, implementation time was long, and the software suite comprised features which were more than what they needed. Besides this, the major problem with SMBs was, they don’t have requisite IT support team to maintain that.
ITOrizon came into the spectacle to address SMBs and their supply chain pain points. Since its inception, ITO has been considered and immensely trusted as a top-notch IT solution provider for supply chain design, implementation, operational strategy consultation and IT support to achieve omni-channel, digital, and technological advantages. ITOrizon joined hands with NetSuite to support End to End customer journey.
ITOrizon has a rich history of designing & implementing SCM solutions for Fortune 500 companies as well as for multiple SMBs. Team of expertise in both offshore and onshore delivers quality solutions in competitive models. ITOrizon’s unique rapid implementation methodology have helped many SMBs to collaborate their internal teams/processes & work as a part of a group to serve their customers like a pro.
Small and medium scale enterprises can be beneficial from ITO-NetSuite collaboration which offers customized solutions to manage inventory, warehouse, logistics, procurement, order management, supply chain design & planning in the cloud platform. SMBs can access enterprise-level supply chain solutions without investing a huge amount in IT infrastructure, software or support. At the same time, no need to worry about integrating applications as they can smoothly integrate their entire supply chain system with our purposed solution & technological expertise.
Despite explicit advantages, a very small percentage of the small-medium businesses have implemented supply chain solution for their key business operations. Choosing ITOrizon & Oracle NetSuite Cloud ERP – WMS, SMBs can build a robust supply chain. Here’s how:
Drive Agility & Adaptability
All the aspects of the supply chain – manufacturing, labor, vendors, warehouse, transportation, are driven by cost and manpower. Though many developed economies have taken major initiatives in Supply Chain Management (SCM) across the world, still SCM has not reached its highest point yet. SMBs often found difficulties to cope with forces like cost, infrastructure, manpower, technology etc. With ITOrizon, powered by Oracle NetSuite + Enterprise Cloud WMS solutions, your enterprise can manage large orders smoothly and can quickly adopt strategic changes. This flexibility can be used to beat the competition. You can reduce cost and optimize operational efficiency by adequately implementing supply chain strategies.
The Power of Integration
It is impossible to raise your supply chain efficiency and operational speed without integrating each and every aspect related to your entire business process. By connecting all elements of the supply chain, you can create a robust system which is more resilient, integrated and result driven. An integrated supply chain process can adapt and respond to any unexpected situation. ITO offers an integrated best-of-breed application which can orchestrate seamless processes. It is very difficult to achieve business growth and operational excellence by cobbling together a matrix of different applications which will never accommodate the end-to-end business visibility. SMBs can accelerate their business growth by implementing an integrated and customized ITOrizon supply chain solution.
An Opportunity for Globalization
Globalization has opened plenty of opportunities for supply chain management. SMBs can expand their market. This opportunity begets a chance to save cost and a chance to increase efficiency. By collaborating with ITO, you can get global exposure and can offer your products to a wide range of customers. Global market can offer more options for raw material and manpower. This will give you an opportunity to select higher quality and lower cost. With ITO-NetSuite & Enterprise Cloud WMS, you can always grow exponentially with the help of latest technologies. With globalization, you can save more on spending and increase profits.
Cost Reduction & Profit Optimization
By effectively managing your supply chain, we can gradually bring down your operational cost. Final product cost is determined by considering various factors like manufacturing, warehousing, packaging, transportation etc. With our supply chain management, SMBs can keep their overall product cost low. You can minimize expenditures which won’t add much value to the final product, resulting in decreased operating costs. Once your operational cost goes down, profit increases.
Top supply chain cost drivers
Cost reduction is not the only way to increase profit. ITO powered supply chain solutions can eliminate waste during the manufacturing process, warehousing and in logistics. Profit can be maximized by reducing shipping cost with higher efficiency. SMBs can increase profit when their turnover rate increases. When businesses expand their manufacturing capacity, they can take benefit of economies of scale in purchasing, logistics, warehousing and production.
Superior Customer Service
Our offered SCM will improve your customer service as it will hasten the shipping process. Your customers can track their shipments to know their live delivery status. Real-time status updates and visibility makes it simpler and transparent for both customers and suppliers. With real-time tracking, any kind of issues could be addressed immediately to offer a pleasant customer experience.
SMBs can identify potential future risks through our supply chain management solution. Be it with the product quality or with your potential vendors or fleet. SCM tool will identify internal and external risks involved in the operational safety of your business. You must mitigate risk in a realistic manner to avoid any increased business liabilities or legal action.
Supply Chain Strategies are the backbone of various industries today. Efficient market reach, product availability at hubs hold the key for revenue generation that depends on the effectiveness of supply chain strategy implementation. After spending huge money in developing a product and then advertising it, if any glitch in the product not being available at the right time can turn out to be unfortunate and drop in customer interest.
In a business world driven by mobility, cloud, and digitalization, the future supply chain will require new strategies to ensure agility, productivity, and high security. ITOrizon & Oracle NetSuite + Enterprise Cloud WMS will achieve this together by offering end-to-end leadership across supply chain landscape including SCM, Order Management, Warehouse Management, Labor Management, Supply Chain Integration, and Digital Solutions. Customers will be able to accelerate their business transformation by implementing ITOrizon’s Center of Excellence to manage operations across their supply chain verticals.
ITOrizon is a Global Services Company that combines industry expertise with technical innovation to enable our clients to achieve their Omni-Channel, Digital Business and IT Objectives.
ITOrizon focuses on Supply Chain Management, Enterprise Resource Planning, Enterprise Order Management, and Digital Business. With years of Industry expertise across various verticals, we bring the latest Gartner and other Industry analysts’ research to recommend the best of breed solutions and processes to our customers. In addition to our consultative approach, we specialize in very selective software vendor packages and technology platforms to be that SINGLE trusted partner to our customers in their business and IT journeys. We also provide development and support services to take complete ownership of our design and deliveries.
Learn more at: www.itorizon.com