4 Strategies to Improve Your Supply Chain
Having an efficient supply chain is crucial for the efficiency and success of your business. There are so many hands involved in getting something from one person to the next, including suppliers, warehouses, transportation companies of all types, distribution centers, and retailers. And there is even more involved behind the scenes.
Any delay at any point in the supply chain can leave you with devastating effects. So, to keep that from happening, here are 4 strategies to improve your supply chain.
Build Better Relationships with Suppliers
Your supply chain would be in hot water without a supplier. This is where everything starts and you want to make sure it does so carefully. You want to ensure that your supplier:
- Moves at a responsive rate. If you order something today, how long does it take for you to get it? You need someone who can ship it out to you quickly.
- Is reliable enough to get you what you need when you need it. If they don’t follow through with fulfilling your orders, it can cause you a lot of headaches – and may cost you money, too.
- Maintains open communication. If you need to change an order then you need to be able to get in touch with the supplier right away. And if they cannot fill an order, you should be able to count on them to let you know as soon as possible, too.
If you aren’t sure that your suppliers are giving you all of the above, then perhaps it is time to partner with a procurement specialist. Whether it is chemical, machine parts, metal, or computer procurement that you are after, these companies have a global network of suppliers that they can pull from to get you what you need.
Invest in Forecasting Tools
Having an idea of what you are going to need in the future is really important. This can help you to be better prepared with your inventory so that your supply chain can continue to run smoothly.
Forecasting tools will allow you to use real data from your business to determine the demand that lies ahead. It includes looking at historical data, market trends, and the like to make calculated assumptions about the future.
If demand is going to increase in the near future, it is better to be prepared with the inventory you need – than to be empty-handed. It can impact your customer satisfaction in either direction.
When looking for ways to improve your supply chain, you need to take a look at your inventory – and know where it is everywhere along the way. You need to know how much of it is available, where it is, whether or not anything is damaged, and so forth. Creating a strategy that allows you to track inventory is a good place to start.
You can invest in new technology that moves with your inventory to let you know just where it is at any given moment – or stick to manual ways of getting the job done. Both ways may work so choose what feels right for you. Just make sure you track it if you are looking to improve your supply chain.
Hire a Procurement Team
Including a procurement team in your supply chain strategy can take it to a whole new level. The right specialists have a team of suppliers throughout the world that they have access to since they are on the Approved Vendors List.
You will have one point of contact – and can feel confident that your supply chain’s performance will be amplified, your efficiency will soar, and your costs will go down. Because working out the logistics is often the most difficult part when there are so many people involved, it can be incredibly beneficial to work with someone who knows exactly how to get it done – so you don’t have to.
Not only does this allow you to take advantage of the best strategy to improve your supply chain, but it also gives you the ability to focus on other very important aspects of your business.
Improve Your Supply Chain with DXL Enterprises
If you want to make positive changes within your supply chain to improve its efficiency and overall strength, then having the team at DXL Enterprises on your side is the way to go. Getting you what you need, when you need it, and where you need it is our specialty – with a global network of suppliers across all industries.
Learn more about our services today. Contact us at (201) 891-8718.