The right digital inventory tool creates new opportunities to work together and reduce the risk of stock-outs. Supply chain managers need to know how a world-class inventory system tool creates these opportunities and their supply chain efficiency implications.
Increased Responsiveness to Meet Sudden Changes in Demand
A functional set up and the right digital inventory tool will help make the entire ordering, processing, shipping, and fulfillment process easier and much more streamlined. Being able to see and track all activities in the context of events, including collaborative contextual messaging, gives everyone in the supply chain network more insight. They gain the ability to know what is and is not happening and why, with any given order, at any given time. Such information carries excellent power when appropriately used within supply chain management.
Fewer Freight Claims
Real-time shipment status updates and access to on-demand data and stats make it easier to generate performance scorecards. A useful inventory system tool lets everyone see what is happening with any given order and can go a long way in alleviating fears over freight damage, loss, or late delivery. As users of platforms built to enable collaboration and free exchange and tracking, the ability to see where a package is on its delivery route and quickly notify customers of any delays or issues can help reduce exchanges and refund requests. This is just one way a useful inventory system tool can help you save money and reduce your claims.
Improved Customer Experiences
No matter how old they are or how big they are, every supply chain is subject to bottlenecks and delays at some point in time. Things happen outside our sphere of control, but the way we react to them can significantly impact business reputation and customer satisfaction. Supply chains and other organizations that successfully deploy comprehensive, collaborative logistics platforms and inventory tools improve management. They can be notified of potential issues early on, avoid problems before they cause disruption, and be as efficient as possible in their responses when something does go wrong.
Automation of Procurement and Stock Replenishment
One big benefit supply chains stand to gain from utilizing a customized inventory tool is that it can help automate some of the most significant bottleneck areas of the supply chain flow: inventory management and shipment tracking. According to the experts at BigCommerce, “Out of stocks and overstocks occur when a company uses manual methods to place orders without having a full grasp on the state of their inventory. This is not a good predictor for inventory forecasting and results in too much stock or too little… [and] these mistakes will not only cost you money but also cost you in wasted labor spent correcting the mistakes later.”
Similar situations can occur when it comes to shipping management and tracking as well. When you don’t implement a sound, read automated, inventory system tool setup, your risk of human error mistakes increases greatly. With every issue or error and every miscommunication with your clients, your customer reviews and loyalty can take a negative hit.
Ability to Offer Omnichannel Delivery Options and Leverage Brick-and-Mortar Stores as Distribution Centers
Omnichannel delivery within an inventory system tool is viral these days and includes many popular options that have become standard for shipping these days. includes the following:
- Buy online pick up in-store – customers are notified of delivery and can go to their local store to get their items convenient.
- Deliver to home – The ultimate convenience is that customers can order online and never have to leave their homes’ comfort.
- Deliver to third-party – Clients with other designated shippers can have them gather multiple orders for multiple sources to deliver at once.
- Deliver to the car – For customers and clients who need to minimize contact during delivery, having order brought to their car is an option.
- Deliver to a locker – The creation of delivery lockers in high traffic areas provides an easy way to pick up orders outside the post office.
Of course, it all relies on managing inventory across all channels, using a digital inventory system tool.
Take Advantage of a Connected, Real-Time Inventory System Tool Through a Collaborative Logistics Strategy
A well-developed inventory system tool is key to making shipping and delivery more streamlined and effective. Visit Turvo online to make it a reality.