We can drastically reduce supply chain costs while improving the end consumer experience by leveraging data and technology, as well as stronger infrastructure.
Logistics for the First and Last Mile
Freight recommendation and integration engines assist brands in identifying and selecting the best freight provider for their needs based on the type of product, type of shipping, prior performance, serviceability, turnaround time, pricing, payment method (prepaid or COD order), and other factors. Using machine learning, one can determine the most efficient route for a package while simultaneously estimating the danger of travel. For example, forecast a shipping delay due to heavy traffic, road closures, or bad weather. This also allows businesses and end customers to follow their shipments in real time, which improves the customer's experience.
Several startups now offer technology that can automate the entire billing, audit, and compliance process by giving digital proof of delivery and linking purchase orders with invoices, dispatch documents, and contracts.
Inventory and Demand Forecasting
BI advises the appropriate stocking number of various SKUs across different fulfilment centres based on historical data. This allows firms to ensure that the proper number of products are retained in various warehouses, decreasing total expenses and maximising working capital. The brand may also offer '1-2' day deliveries for maximum orders by keeping the relevant SKUs at the optimal location nearest to the consumer, resulting in increased revenue and customer happiness. As a result, there are significant cost reductions in last-mile freight, as a higher percentage of deliveries are made.
Management of Warehouse Performance
Various warehouse procedures, such as product placement, type of storage, picking, packing, and so on, can be optimised by reviewing prior data of orders placed and fulfilled.
A warehouse management system (WMS) enables for real-time monitoring of warehousing activities, allowing for transparency, performance management, and adherence to service level agreements (SLAs).
E-commerce Development Technology provides real-time, actionable insights and captures a customer's "outside-in" view of the brand, such as percent of products. Out-of-stock rates, discoverability trends for key search terms, catalogue penetration across platforms, ratings and reviews, content quality score, and price and promotion analytics are all factors to consider.
Creating a platform for omni-channel retail and quick commerce
Brands may further optimise their supply chain and migrate to a completely omni-channel model by integrating numerous systems, allowing orders to be fulfilled by the nearest stocking location, whether it's the company's factory, warehouse, dark store, or retail outlet.
Companies may have an end-to-end, holistic picture of their supply chain by leveraging BI and technology, which can help them decrease costs, enhance cash flows, manage risks, increase customer service levels, and establish an agile and inventive supply chain.