About the Session
In our recent webinar in partnership with ShipBob, ReturnBear, and Vertice, we focused on key trends in supply chain management and how to navigate the supply chain in the upcoming year.
The session also included insights from our survey of more than 600 consumer brands about how they plan to better manage their supply chain this year.
What are some of the highlights from the session?
Here’s a quick overview of some of the most insightful discussion points and our key takeaways:
Key Takeaways on Navigating the Future of Supply Chain
Takeaway #1: Supply Chain Technology Fuels Efficiency and Growth
One of the most important takeaways from our panel was the importance of investing in supply chain technology to enhance efficiency, predictability, and business growth, led by data from our report, which found that 40% of brands plan to invest in new supply chain technology this year.
This consensus reflects a broader industry trend towards digitalization and process optimization, as brands recognize the need to be more agile and responsive in a rapidly changing market.
Nick Riley, Head of Purchasing at Vertice, agreed that consumer brands are increasingly adopting a technology-first approach, including increasing their spending on new technology to manage their operations.
One example? Recent data from Vertice shows that consumer brands report a 57% higher spend on marketing vendors, 164% higher spend on support vendors, and 22% higher spend on SaaS per employee.
Carly Daudell, Ecosystems Partnerships Manager at ShipBob, also emphasized the importance of having a robust Warehouse Management System (WMS) that can handle the complexity of modern supply chains.
Additionally, ShipBob’s recent State of Fulfillment report showed 52% of all e-commerce orders are in just nine states, with 35% of all e-commerce orders, specifically in California, Texas, Florida, and New York.
For brands with multiple fulfillment centers in some locations or others, a connected, digital WMS is crucial to maintaining well-distributed inventory.
A central WMS helps brands improve inventory visibility, deliver on fast shipping expectations, and decrease shipping costs.
Rob Domagala, Founding Team – Growth at ReturnBear, agreed with the importance of optimizing supply chain operations with technology and explained that using technology to optimize the complete cycle of returns can also result in significant overall cost savings and improved customer satisfaction.
Domagala cited data from ReturnBear that found that bands that use technology to optimize the full returns cycle save up to 50% in comparable logistics costs, retain 65% of revenue via exchange or in-store credit, and drive 63% drop-off adoption for customer convenience.
Takeaway #2: Visibility is Crucial In Supply Chain Management
Carrisa Davis, Senior Customer Success Manager at Anvyl, highlighted that many brands surveyed identified visibility as a major priority for 2024.
Specifically, 24% of brands seek more visibility into their inventory management, 18% seek more visibility into their purchase order management, and 14% seek more visibility into communication with suppliers.
Greater visibility into transparency across supply chain operations means consumer brands can better manage their inventory and improve supplier collaboration to mitigate risks and optimize efficiency.
Takeaway 3: Data Accuracy is a Common Challenge For Consumer Brands
One of the key supply chain challenges identified by brands in our State of Supply Chain survey includes poor data quality.
In fact, 35% of brands report data inaccuracies as a significant challenge in their supply chain.
As a result, brands want to better use their data to inform decision-making, optimize processes, and improve overall supply chain performance.
A purchase order management system like Anvyl can help consumer brands centralize all of this important data in one spot and, as a result, help them make faster, better-informed decisions in their supply chain.
Riley also touched on the importance of using data to benchmark contracts, make informed decisions, and avoid pitfalls when reviewing SaaS contracts or new technology options.
And Daudell highlighted the power of analytics tools within ShipBob’s WMS, which makes AI-driven decisions for brands, further emphasizing the value of data in supply chain management.
To learn more, watch the full webinar recording on Youtube.
Ready to increase visibility across your supply chain? Request a demo today.
