Whether you are the CEO of a big corporation or the owner of a small enterprise, the success of your business links inevitably to the performance of your supply chain. Supply chain management success begins with identifying those aspects of the business that need to perform effectively.

By watching these areas and implementing improvement strategies, you can enhance your ability to create and sustain a well-managed supply chain. Of the many possible areas for supply chain improvement, let’s discuss the three main ones:

Inventory Tracking in Real-Time – As your company grows, you will need a real-time inventory tracking solution to maintain clear visibility into warehouse product levels. Updated data allows you to fulfil orders accurately and keeps your supply chain performing at its best.

• Inventory Management – Let’s understand the term Velocity. Velocity is the amount of time taken to sell in-stock products in the warehouse. When you have a clear understanding of the items velocity, you can make efficient inventory purchasing decisions. For Example: If you know a specific product sells faster than other products, you can stock extra units of it in advance. Similarly, if some items are sitting on the shelves for a long time, then you should conduct a cost-benefit analysis to decide whether it’s worth it to re-stock sold items.

• Performance Insights and Metrics – It’s challenging to make changes to your supply chain performance management if you can’t identify the areas where you need improvement. In-depth performance metrics clue you into the areas of your business that are working well, and those that need some modifications. Armed with accurate performance insights, you can develop and execute supply chain strategies for improving specific areas of the business.

What Drives Supply Chain Excellence!

Interested to know more?

On January 23, join us for an exclusive webinar – What Drives Supply Chain Management? 

We will discuss the functionalities available in Microsoft Dynamics 365 Business Central for the supply chain management.  

Click here to register!

Blog Post by Bob Dzimbowski – Manufacturing Consultant

Bob Dzimbowski_vox ism

Bob is a Certified Supply Chain Professional and Certified in Production and Inventory Control, graduated with a BCom from York University. Specializing in inventory control, planning, purchasing, warehousing, and distribution, Bob has spent the last 37 years in Toronto in a number of industries including durable goods, construction, automotive, food and Pharma.