Why Digitalize Your Wholesale Supply Chain?
Why move towards digitalization?
Digitization makes a supply chain resistant, especially when it comes to economic instability. Due to efficiency and automation processes, digitalization makes a wholesale supply much more agile and adaptive.
What does the process of digitizing a supply chain actually look like? This blog analyzes the 3 crucial steps.
1. Automate the order process
Recent studies by RBR indicate that 62% of people surveyed consider human error the leading reason for inevitable fulfillment failures. (Learn more about The Keys to an Effective Supply Chain)
A digital supply chain that’s automated, however, is running with minimal human intervention. Therefore, likelihood of human error is immediately decreased.
The quickest path to customer-facing digitization is to start automating the order process. Here are two simple ways to streamline your order process by automation:
• Self-serve orders. A customer should be able to register, log in, and place an order on a single platform that syncs self-service orders digitally. This usually goes hand in hand with an ERP (Enterprise Resource Planning) integrated software.
• Comprehensive integration. Self-service ordering depends on the supply chain as a whole. The fewer inputs and integrations, the more efficiently the self-service order will function. When automating the ordering procedure, you should reallocate your resources and primarily focus on order fulfillment.
2. Forecast demand using your data
Inventory is not self-managing. A wholesale business must utilize analytics and forecasting to avoid delays and duplicate orders, especially during busy and peak seasons.
Before digitization, this time-consuming procedure involved manual inventory counts and difficult-to-calculate financial projections. Thankfully, digitization can now simplify and enhance demand forecasting.
First, digital access to data enables real-time monitoring of all orders. When there’s a new order, it is immediately apparent – whether or not the business can fulfill it.
Secondly, digitization can help you track purchasing and sales data over time. This will allow you to anticipate any shortages in wholesale before any new orders are placed.
Digitization therefore results in significant cost reductions.
3. Select a B2B E-commerce platform
A B2B eCommerce platform can fill in the gaps and modernize your wholesale supply chain.
Kingpin utilizes data insights to help you monitor orders, predict future demand, and gain accurate and holistic views on inventory. Digitization then automates all formerly manual processes, lowering the risk of human mistakes and enhancing your business’s productivity.
Interested in investing more on your supply chain and its efficiency? Read more on Why Supply Chain Transparency could Benefit Wholesale Suppliers and Buyers in Dubai.