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Posted 26th April 2024

Scaling Your Supply Chain Business In 2024

Scaling your Supply Chain Business in 2024 “Products can be easily copied. But a supply chain can provide a true competitive advantage.” —Yossi Sheffi. These lines from Yossi ring true because the supply chain spans multiple vendors, business units, and even internal supply chains. Do you think copying Amazon’s or Ikea’s supply chain will scale […]

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scaling your supply chain business in 2024.

Scaling Your Supply Chain Business In 2024

Scaling your Supply Chain Business in 2024

“Products can be easily copied. But a supply chain can provide a true competitive advantage.” —Yossi Sheffi.

These lines from Yossi ring true because the supply chain spans multiple vendors, business units, and even internal supply chains. Do you think copying Amazon’s or Ikea’s supply chain will scale your business?

No. Why?

Every business is unique, and so is its supply chain. You no longer need pricey upgrades to make an impactful change in your supply chain. Sometimes, you only need to invest in one or two latest software.

If you want to scale your supply chain, having these tools in your tech stack might be a game-changer.

Let’s dive in to explore more.

Fleet fuel management software

Because fuel is one of the largest fleet expenses, knowing the fuel consumption and associated costs gives you an idea about your expenses.

That’s where fleet fuel management software comes in. From collecting fuel-related data in real-time to optimising fuel usage to understanding how fuel contributes to operation costs, these tools reduce fuel spending and help you track exceptions.

The data collected by these tools makes your fleet operations transparent. You remove the guesswork because all decisions are backed by real-time data.

What makes these fuel management software a must-have in your tech stack is its ability to identify exceptions like:

  • Over-fueling
  • Fueling outside defined parameters
  • Fueling from an unauthorised vendor
  • Routing inefficiency

With these insights, you reduce fuel theft and ensure your drivers follow the shortest route maps for their locations. Given that you have designated routes for certain deliveries, tracking fuel usage for each delivery becomes easier, helping you further prevent fuel theft.

Another reason is that these tools add more security to your supply chain. How?

Using the insights from the real-time data collected, you can monitor your driver’s behaviour and ensure they adhere to every security protocol. Apart from these benefits, using fuel management software brings in the following benefits:

  • Helps you with fuel tax reporting
  • Enhances your fuel economy
  • Reduces instances of fuel theft
  • Encourages healthy driving habits in your drivers (with aggressive driving reducing your gas mileage by 15-30%, good driving behavior saves your fuel cost.)
  • Helps in preventive maintenance scheduling
  • Improves your planning and route optimisation

Tool to use: Fleetio

Battery management software

With almost every business getting in on the battery-powered action, many supply chains have started using electrical vehicles (EVs) to reduce emissions and positively impact their bottom line.

If an EV fleet is an integral part of your supply chain, you need battery software to ensure your fleet works without power hiccups and your battery powers your EV with optimised safety and performance.

But what is battery management software (BMS)?

Battery management software oversees your batteries’ health and safety to ensure they function as expected. Whenever a BMS detects anomalies, it immediately shuts down the entire battery to ensure the safety of the EV and the driver.

As the software collects your battery’s health-related data in real-time, it provides recommendations to extend the battery’s life. Many of these software programs give you information about your fleet’s expected life forecast.

Some other benefits of integrating a BMS in your supply chain are:

  • Enhances the lifecycle of your batteries
  • Increases operational efficiency and performance
  • Improves safety
  • Unlocks the performance of your battery
  • Reduces vehicle downtime
  • Minimises charge time while avoiding damage due to lithium plating

Tool to use: Elysia

Inventory management software

Managing inventory is a roadblock to your supply chain’s scaling efforts. As the order of your volume increases and you enter new markets, managing your stock levels might seem intriguing.

When you manually manage your inventory, you face operational inefficiency. In an inefficient supply chain, planning and fulfilling orders is impossible. The inability to fulfil orders leads to customer dissatisfaction and overstocking of your products.

That’s where inventory management software comes in. These tools provide a comprehensive overview of all your available inventory by giving you real-time updates on what’s happening with it.

Apart from saving cost and maintaining the right stock count, inventory management software offers these benefits:

  • Prevents stock overselling
  • Improves your supply chain efficiency
  • Performs accurate inventory tracking
  • Automates inventory management
  • Helps you respond to market changes
  • Facilitates communication between retailers, distributors, and manufacturers
  • Reduces operational costs

Tool to use: Zoho Inventory

Order management software

Whether running an e-commerce store or a brick-and-mortar shop, fulfilling all your orders on time is always challenging. Spending more time managing your order-related spreadsheet may not work. Why?

Today, tracking your orders using a spreadsheet is a makeshift system that only slows you down. That’s where you require order management software (OMS).

OMS manages and tracks the entire lifecycle of your orders. The software integrates with various sales channels, such as your e-commerce, point-of-sales systems, website marketplaces, and more, to streamline order processing and fulfilment.

OMS monitors and tracks orders in real-time, from the point of sale through delivery. Using order management software, you can identify and resolve issues that might arise in your supply chain.

This software is a blessing for companies opting for multi-channel selling, operating in a complex supply chain, and dealing with a very high volume of data. Making this software a part of your tech stack offers the following benefits:

  • Reduces your inventory cost
  • Minimises errors
  • Improves order accuracy
  • Gets your order out quickly and more accurately
  • Connects all your sales channels from centralised platforms
  • Increases customer satisfaction
  • Processes your orders automatically

Tool to use: ReturnGo

Demand forecasting software

Having the right amount of stock is important. Having too little means running out of opportunities and ensuring your customers buy from your competitors. Having too much means you unnecessarily pay for inventory and storage costs. Either way, it’s a loss of your supply chain’s efficiency.

Enters demand forecasting software. When you ensure the right product is available to the right customer, you meet your customers’ demand and avoid overstocking.

Besides the historical data, demand forecasting takes advantage of income effects, promotional activities, seasonality, and market trends to build forecasts.

Using demand forecasting software, you create a roadmap for manufacturers to anticipate and adapt to market changes and reduce risks. It makes your supply chain operations efficient, reduces costs, and provides a competitive edge.

Some other benefits of using demand forecasting software are:

  • Improves your forecast accuracy
  • Avoids excess inventory
  • Prevents stockouts and improves customer satisfaction
  • Reduces time spent on manual processes
  • Facilitates decision-making
  • Enhances production planning and scheduling
  • Ensures efficient resource allocation and procurement

Tool to use: SAP Integrated Business Planning for Supply Chain

Business intelligence software

One of the top priorities of logistics managers is achieving efficiency in supply chain operations and moving products from one place to another cost-effectively. Consider using business intelligence (BI) software to address potential bottlenecks and improve your supply chain.

BI manages and transforms large volumes of data generated by your supply chain into visual reports and graphics that are easily understandable. These charts allow you to drill down into granular details, helping you derive insights from your supply chain.

With 60% of companies planning to invest in digital technologies to increase their supply chain efficiency, data synthesis, and analysis capabilities, investing in BI software will reap results sooner or later.

BI software collects data from multiple sources, such as fuel, inventory, batter, and customer relationship management, and transforms it into a unified format for analysis. Using advanced analytics techniques, the software converts your data into meaningful visualisation based on which you can make key business decisions.

Many BI software uses predictive models to optimise inventory levels, forecast demands, and understand potential supply chain disruptions. BI is a must-have for companies looking to scale their supply chain like never before.

Some other benefits of using a BI software are:

  • Improves visibility and transparency
  • Reduces cost
  • Increases efficiency
  • Improves supply chain decision-making
  • Enhances customer satisfaction
  • Gives you a competitive advantage

Tool to use: Appinventiv

Choosing the right software for scaling your supply chain

Supply chain leaders are searching for new and innovative software to manage, purchase, and deliver goods to their customers. From choosing the right fleet fuel management to demand forecasting software, these six tools listed above come to your rescue.

While these tools are by no means comprehensive, they serve as a great starting point. No single tool will help you achieve the desired results. By combining two or more software programs, you differentiate yourself from others.

The software outlined is great for those looking to scale and increase their supply chain operations. When it comes to your supply chain, technology plays a central role in pushing your business for long-term success and growth.

Author’s bio (if needed)

Priya Jain is a professional copywriter with nine years of experience. She has an MBA and an engineering degree. When she is not writing, she teaches math, spends her day running behind her toddler, and tries new recipes. You can follow her on LinkedIn.  

Categories: News

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