Rising consumer demand and their expectations for real-time visibility has compelled supply chains to emerge into collaborative sphere – the domain that connects all stakeholders in the supply chain mobilized on a single platform through the entire process from production to distribution, creating conducive atmosphere for smooth running of operations with consistent flow of information and data. A single platform like Trukor gets all the stakeholders in the value chain in a single window, from transporters in Hyderabad to 3PL companies and distributors.
If you have a manufacturing company, it is most likely to have a supply chain that impacts the supply chain and functions of your suppliers.
Similarly, if you have a distribution company, your supply chain starts from the manufacturer and ends with the end user.
The various verticals that are intrinsic to the entire value chain – R&D, manufacturing, finance, sales are dependent on the supply chain to fulfill their respective tasks. Therefore, supply chain management is just not the supply of goods, but also the management of money, time and data.
Such complexities are making supply chains move towards cloud-hosted platforms where multiple partners and stakeholders can share their inventory, documents and logistics information. There are various factors that clarify the driving force behind the collaborative platform that can revolutionize supply chain technology:
- Consistency in data and flow of information: While technology has broken grounds in various verticals of supply chain, the basic problem remains over the multiple formats of data storage. There may be umpteen technology solutions operating in silos that are incompatible to each other, leading to errors in output. A platform on the other hand acts as a single source of data monitor for all the verticals in a supply chain eliminating duplication of entries. Platforms like Trukor developed on cutting edge technologies like AI and ML can convert raw data to a compatible format to forecast supply intervals for all the stake holders in the supply chain.
- SaaS Models: Most platforms are SaaS based converting conventional methods upside down into available-on-a-click model. Such platforms are giving enough weaponry to the supply chain managers to put their logistics coordinators, transportation services and buyers in direct contact by providing real-time visibility. As soon as the order is materialized, the system is capable to offer online digital services like scheduling and real-time shipment tracking.
- Seamless documentation: Platforms like Trukor provide seamless documentation like proforma, Lorry Receipt (LR) and final invoices digitized to eliminate human intervention. This is an obvious benefit of using a documentation enabled supply chain platform. This not only streamlines your invoicing but also improves your credit ratings. Provision of a simple key to the lenders to login to your dashboard can make available your financial history for quick credit approvals to your company. Digitized platforms can attribute data to provide improved visibility to the banks and other lenders across the supply chain to give credit ratings for future lending.
- Simplifying purchasing process: Purchasing can be complex and time consuming that can multiply complexities among various stakeholders in the supply chain. Organizations in a conventional method are forced to physically involve various collaborators in the supply chain – suppliers, buyers, transporters and consumers. The stakeholders are either non-tech savvy or may have standalone technology solutions that are not compatible with any other tool. Such difficulties are eliminated by technology platforms by interconnecting various stakeholders in the supply chain within the same ecosystem to equip them with similar structures and scale.
- Simple sign-up: Anyone can build a supply chain platform, but you need to be dedicated towards it to incorporate all parameters to make it comprehensive, not just for your specific needs. There are many SMEs and MSMEs that do not have enough capital to build dedicated supply chain solutions on technology. Therefore it is the technology platforms for supply chain that provide a pre-built solution and create capabilities for smaller companies to join the pre-existing structure by a simple sign-up.
Just as the supply chain breaks its consistency due to inaccurate data, the technology platforms are not good either if they do not provide accurate information. Supply chain management is all about ensuring the raw data is processed to drive accurate on-time delivery reports and other performance data by providing real-time audit to the internal processes. Since inventory accuracy is among the most critical components of supply chain, the platforms ensure generation of inventory audit reports that might just have 1% variance with the physical inventory that you might opt once in a year.
Supply chain management is basically the optimization of the entire process until the product delivery. Automated platforms like Trukor provide you with enough data to forecast when your customers what, what product they want and at what price they want. You can track your cost of goods management right from the production floor to the shelves in the retail store. Automated analysis of customer feedback can be customized according to the specific needs. Supply chain platforms offer superior information to ensure that any undesirable variances throughout the supply chain are identified quickly and addressed effectively.