Digital transformation is rethinking how an organization uses technology, people and processes to fundamentally change business performance. It will change your business models by expanding them beyond your traditional boundaries, as you will be able to digitally connect your supplier network.
Your business processes will improve with predictive real-time analytics, detail-driven customer engagement, and automation throughout the value chain.
Workforce productivity will improve, as you will know where to allocate people and work for optional engagement. You are probably asking yourself: Is now the time to make these sweeping changes in your business? And, the answer is, YES! There is no better time to look at your business process and how they can be improved and implement them while your staff can take the time to learn the new technology.
Support One has experts that can help you decide what solutions will work for your business and increase your workflow. Contact us today to get the Digital Transformation train rolling for your business!
In today’s world, a business needs to know what the trends, challenges, and opportunities are in technology. Then, how they can stay relevant now and reinvent for the future.
How to be successful
For a company to be successful, they need to look at the roles of people, customers, suppliers, and technology. This will require you to look at the technology platform to help optimize your business.
There are five goals to achieve business success and remain resilient now:
Retrieve value from your data and dependable insights: A company needs to know what is going on internally, but also understand their industry and the economy.
Take action on your insights: After understanding the complete context of what is going on, you will know what to address first to make the best decisions for your business.
Utilize automation in the wisest way possible: Blend your limited resources with the latest technology and get the most out of them.
Add flexibility into your business: Proceed with needed agility to whatever the future holds and initiate for maximum achievement.
Remodel your company whenever necessary: Acknowledge changing business models and the chance to work in the newest and more practical ways.
Prepare for the future
How can your business prepare for the future? Why do you need to have a solid view and aspiration? You will need to learn how the newest intelligent technologies will change everything. An example: intelligent technologies will be able to help analyze data over the entire company and recommend actions based on what one department has already done and what the goals will be. The ability of intelligent technology to continually adapt and address what each area of the business is doing and regularly give individualized feedback. When this begins to happen, understand why companies with the strongest relationships are successful.
Even though technology will be crucial, our ingenuity will always give us a competitive edge. Humans need to have a whole new way of thinking about how we do things when using the latest intelligence. How and when does this happen? It begins with data and it starts now!
Let Support One help you understand intelligent technology and how it can help your business!
Though we are all in-the-midst of COVID-19, businesses need to act on how to reduce the impact to their supply chain. You also have to ensure employee safety, but also operational growth.
What should your business do today?
Create transparency on multiple-tiered supply chains: determine the origin of the supply and look to alternate sources if they are in severely impacted areas. Know who your suppliers’ suppliers are, and know if they are in a COVID-19 impacted region.
Optimize production and distribution capacity: determine the impact on operations and resource (workforce), along with employee safety and communication with your employees.
Determine realistic demand from the customer: working with sales and operations, planning demand and required supply; market databases (insights/external) to get an estimate for the customer’s customer. What is the capacity to satisfy a sudden increase or decrease in demand? Will there be a change in demand?
Estimate the available inventory: gauge your inventory along your value chain which includes spare parts and re-manufactured stock. Keep production running by using after-sales stock as a bridge. Determine how much inventory of spare parts and components are available with suppliers and distributors.
Analyze and capture logistics capacity: determine available logistics capacity; quicken customs clearance; adjust transportation given current exposure. Long-term contracts will help secure capacity in the supply chain and benefit the manufacturer as well as the supplier. Securing long-term contracts will help control costs and enable priority access to logistics.
Maintain cash and net working capital: discern when supply issues will start to stress financial or liquidity issues by running supply-chain stress tests vs suppliers balance sheets.
What to do once you identify the risks?
Once you identify the risks, you must design a strong supply chain for the future. Processes created during this period of crisis should be entered into official documentation. This record should also be a permanent guideline for future vulnerable situations. By doing this, your supply chain will have greater resilience.
Digitizing your supply chain management system with SAP Business One will increase the speed, accuracy, and flexibility of supply-risk management. This will also enhance capabilities in predicting risks, achieving higher visibility and planning along the supply chain and also fixing any issues that emerge from the complexity of a growing product.
After the crisis…
When the crisis is over, your business must look at your vulnerabilities and shocks that exposed your supply chain as much as COVID-19. By doing this, you will expose optimal chances to review the integrity of critical opportunities that reveal instability when individual items may appear strong.
What did we learn? Supply Chain Professionals will see they need deeper visibility and teamwork to overcome any disruptions. By acting today and the months ahead, your company will come out of this crisis better equipped for the next one.
Contact us today for a free evaluation!