What Is Supply Chain Planning and Optimization Software?
We love seeing how a supply chain system provides a set of software solutions to manage the flow of goods, data, and finances as nothing is developed and manufactured in a single place. Supply management software allows companies to optimize, plan and manage how they acquire resources. The implementation of a fully integrated supply chain can benefit businesses in a big way.
Software used in supply chain management system is a crucial component if a company wants to reduce wastage of resources and make forecasting. Reducing waste also puts a company at better chances of making profits. Funds will be also allocated for only the necessary activities and products. The tools give organizations useful insights based on current market trends. Let’s dive deep down to know more.
The Supply Chain Background
The concept of supply chain management has been around from antiquity. With industrialization, it became a more sophisticated process. This allowed companies to become more efficient in delivering goods and services. However, the development of the supply chain remained a linear process. The invention of computers also made supply chain systems more useful.
The current innovative technologies have given the supply chain the necessary push, making it a complex tool. The rapid growth of global demand for goods and services has also propelled supply chain management systems further. Today, managing supply chain management is no longer a linear process. Instead, it has become a complex series of networks that are interconnected and function at all times to meet the demands of consumers.
The ever-changing needs of customers, latest innovations, and growing global trade require an efficient supply chain management. A typical company has 70% of things outsourced and purchased. As such, adequate supply becomes a key factor for companies looking to thrive in the ever-changing business environment that relies on tech.
The Supply Chain Related Processes
You can find several processes of supply chain event management software. Some are specifically for supply chain while others are combined with other solutions such as customer relationship management. Related processes of the software include:
- Inventory management — to track and manage resources and goods as well as pricing forecasting;
- Transport logistics — to improve transportation channels which leads to the effective delivery of goods;
- Demand forecasting — to predict customer behavior so that you can plan for the procurement of resources on time;
- Shipping status — to provide accurate and real-time information about all shipping activities;
- Return management — to inspect goods and to prepare a smooth way of refunding customers when the need arise;
- Warehouse management — to optimize storage and labeling of products;
- Analytics and reports — to provide full visibility of the activities in a company and analyze data from the entire supply chain;
- Order processing — to make order processing, management, and fulfillment a smooth operation.
Such tools help to increase visibility, provide real time collaboration and data sharing. Another key value is to focus on the risk mitigation and alternative assessment.
What Type of Buyer Are You?
Modern view in purchasing is developing mutual supplier-buyer relationships. Relationships with suppliers are super important from both sides: product development and collaboration, including procurement of components and materials. It is also essential to use the right tools that suit your company or startup.
Supply chain is crucial for all types and sizes of companies. With more businesses realising the importance of SC, there is a growing need for software to support business growth. Many businesses are looking to abandon old supply chain management systems in favour of new innovative solutions. Several supply chain systems are available on the market, and the type you use will depend on the size of your business.
Nevertheless, the major problem here is that most of the SC tools are designed for large corporations, as such many small or medium size companies and startups are struggling to use them. Types of supply management tools that large enterprises can use include:
- Infor Global Solutions
You can also find new SaaS applications that are being designed specifically for the smaller companies. That’s where OpenBOM comes in as we can design tools that will help you overcome the specific problems that your business faces, providing better conditions!
If you have questions within the topic, you can get in touch with OpenBOM and learn more about the latest supply chain software solutions. OpenBOM takes some of the critical aspects of the SC processes. The focus of OpenBOM is to support supply chain collaboration and procurements.Increase your visibility on the market through real-time collaboration with our team!