How to strengthen your supply chain and mitigate risk

Supply chain disruptions are not a new phenomenon, however, recent global challenges have highlighted the importance of being able to better plan for unseen disruptions. Organizations are looking for new ways to spot potential risks and stay ahead of the next potential disruption. Competitive organizations are turning toward powerful cloud ERP solutions to gain control and visibility over their entire supply chain so they can proactively spot issues before they materialize to help minimize inventory shortages and overages. In this blog we will discuss ways in which organizations can increase resiliency to strengthen their supply chain and mitigate risk.

Overreliance on a single, low-cost supplier can lead to a completely disrupted supply chain. Organizations can increase supply chain resiliency by exploring more diverse partnerships. By engaging with a more diverse set of suppliers, organizations can improve operational flexibility and scale. However, the lack of a mechanism to manage multiple suppliers makes it hard to evaluate current or potential vendors. Organizations should re-assess their supplier vetting to optimize their sourcing and fulfillment strategy with an efficient supplier-qualification process. Supply chain software empowers organizations to investigate vendor alternatives using information like the best-performing suppliers in terms of delivery on time and price. Organizations can further minimize supply chain risk by sourcing the same item from multiple vendors. A powerful business application from Rand Group empowers organizations to react quickly and order from a different vendor if needed, eliminating disruption and ensuring product availability.

The supply chain disruptions that resulted from the global pandemic have sparked a shift to a more cautious stocking strategy. More organizations have shifted beyond “just-in-time” inventory strategies to include “just-in-case” in order to increase supply chain resiliency. Inventory planning is essential to increase supply chain resiliency. With an inventory management system in place, you unlock visibility across your organization ensuring the right items are available at the right time and in the right place. Accurately managing inventory is central to the success of the entire supply chain.

Effectively manage inventory with inventory management software to eliminate stockouts and automatically prioritize inventory replenishment based on order priorities, forecasts, and stock levels. With an inventory management solution from Rand Group, you can manage inventory across multiple locations with ease, track incoming and outgoing shipments, optimize inventory levels, minimize stockouts, reduce shipping costs due to unplanned replenishment, and automate key processes including warehouse replenishment.

Many organizations now see the value of scenario planning after so many were blindsided during the pandemic. With scenario planning and what-if analysis, managers can test how changes in order to remain competitive and be better prepared for the next supply chain disruption. Awareness of the financial impact of best-case, worst-case, and average-case outcomes empowers organizations to make smarter decisions based on complete and accurate data.

Being able to accurately forecast demand gives organizations competitive advantage and ensures on-time delivery and customer satisfaction. Demand planning maximizes profitability by ensuring supply chains are as efficient as possible. The right software can connect your supply chain and streamline your demand planning process to minimize excess storage costs, minimize stockouts, improve customer satisfaction, increase efficiencies, and help with logistics planning. Rand Group offers many planning solutions that drive business growth by providing critical insights and competitive advantages to your organization.

In order to strengthen your supply chain and mitigate risk, you need access to up-to-date, reliable information. Investing in tools for inventory management, scenario and demand planning, and vendor analysis can empower business leaders to build a more resilient supply chain. Rand Group is your long-term partner to help you implement a powerful solution to enhance your supply chain management. Our team of industry experts and solution architects will help you choose the best solution for your unique needs, then customize your solution to ensure long-term operational success. Contact us today.