Efficient supply chain management software and system allows you to achieve efficiency in various SC processes and operations. Different SCM software and systems have got different tools and they would help you in various ways; some of them are useful and beneficial, and the others aren’t. Today, we’ll discuss the top 10 supply chain optimization tools.
Supply Chain Optimization Tools – Top 12
Some of the top supply chain optimization tools that you should keep in mind while selecting the software, and are as follows;
Auditing & Compliance
Auditing tools allow businesses and companies to conduct various operations transparently and honestly while investigating the 3rd party. It comprises gathering and storing data from various sources relevant to regulations and policies. However, many modern tools help you to make sure that you are conforming to ethical and environmental regulations. In fact, some tools give you insight into whether obtained materials are conflict-free or not.
Logistics & Transportation
Logistics and transportation tools allow SC managers to deal with the flow of material and inventory from one point to another. It helps you to manage your entire logistics and transportation system; the transportation tool comprises of following features;
- Planning for LTL shipping
- Integrating shipment to increase the space
- Helps users to have multi-stop trips
The inventory tracking system allows you to track inventory, and let its users know when the particular inventory is getting down. The collaboration feature would help all SC managers to deal with the shipping process.
Data security is the top priority of all types of businesses and companies. Nowadays, many vendors and suppliers would give security assurances and let you know about the data privacy and safety steps they have taken. They may comprise of following;
- The responsive mechanism in case of breach
- Aggressive patch mechanism
- Forbidden backdoor creation
- Not dealing with 3rd party vendors that have low safety protocols
Many companies don’t give access to the dashboard to the non-authorized personals, only the approved personals would have access to the dashboard.
Reports & Analytics
The analytical tool allows you to make the physical inventory visible along with the health and performance of the company. It offers you a key insight into the individual wholesale sector of the company.
- Provides the most efficient ways to store and move the product
- Analyzing order processing to recognize delays
- Decision-makers could analyze the pattern of errors and mistakes
- Presents the information in different formats like tables, charts, graphs, dashboard
The dashboard is the most easy and quick way to analyze the information. The dashboard configuration is available to the users to make adjustments to the most relevant KPIs.
As the name implies, the demand forecasting tool allows you to anticipate the demand of customers. It offers you the most critical information relevant to supplier relationships, labor management, and production management. However, when the demand is low, then you should risk analysis to recognize the costs and expenses that you can’t avoid.
Supplier management tool helps you to know the contribution of suppliers in the business model. Some of the key features of supplier management are as follows;
- Managing supplier relationships
- Decision maker allows you to act more confidently and relevant to the change
- Analyzing the contribution of your partner
- Offers you a workspace to perform bids
- Negotiation and auctions for centralized procurement
Bid & Spend
The bid and spend tool allows you to automate resourcing spending, reducing errors, and procurement and purchasing processes. In fact, some of the top bid and spend tools allow you to automate the whole procure-to-pay process. They help you to analyze bids from different suppliers to recognize the areas that need improvement.
- Many latest tools help you to comprehend the procurement processes
- Help to purchase officers to set limits for employees and the workforce
Specialized Freight Handling
Specialized freight handling helps you to analyze cold chain logistics and new policies about the perishable products that have passed the compliance standard. Some platforms offer integrated technology for the verification of the technology. However, many vendors provide integrated or separate tools relevant to the requirements and preferences of customers.
- Maintaining product quality in the SC processes would help you to lower the cost relevant to expiring life
- Comprises of cost recall, legal response, items disposal
It offers a vast variety of warehouse management capabilities specific or broad and relevant to the requirements of the company. Many advanced SCM tools and software comprise of warehouse management as an additional feature, and it consists of the following;
- Route planning
- Cycle counting
- Product tracking
- Helping users to deal with complicated logistic operations relevant to Receiving
- WMS tool helps you to deal with multiple locations
- Managing products of different locations
Lean inventory conducts current and potential customers demand and it would let them know the type of products they need. Before the introduction of lean inventory, many producers used to maintain a large surplus of inventory. It would result in the form of waste of time, resources, efforts, and massive inefficiencies. The lean inventory would help you to achieve the following;
- Applying different procedures and policies to store excessive inventory
- Lower cost and warehousing space
- Offers higher ROI
- Streamlining workforce
Order processing is a tool that would make various tasks and activities efficient and easier. It comprises various functions and the tool supports all of them, and they’re as follows;
- Billing and ordering cash
- Order fulfillment
- Order management
- Sales order processing
The supply chain optimization tools automate various activities and processes involved in the processes, and it comprised of the following;
- Reducing human error
- Not entering the information manually
- Finishing the need of generating invoices manually
- Saves time
The shipping status tool offers you alerts and notifications in real-time about all the shipping activities. Many big companies have got different types of cargo shipping products to customers across the globe at different times. Some of the key shipping status tools are as follows;
- Quickbooks Commerce
- Oracle WMS
- Fishbowl inventory
The shipping status tool helps you to achieve the following;
- Real-time updates helps you to fix issues
- Sending notifications on your mobile device
Conclusion: Supply Chain Optimization Tools – Top 12
After an in-depth study of the top 12 supply chain optimization tools; we have realized that some SC optimization tools help you to achieve growth and profitability. If you are learning about the tools that could optimize the supply chain processes, then you should keep in mind the abovementioned tools.
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