on September 14, 2020
For small-to-medium sized businesses, every successful order – or failure – can mean the difference between a repeat customer or a one-time buyer. Competing against large, big box businesses leaves SMBs chasing perfection to build and maintain market share. For example, a delay in shipment from an SMB can mean doom when a buyer can go to a larger seller who guarantees a timelier delivery.
Fortunately for SMBs, there’s a solution that can help level the playing field, while increasing efficiency and profitability – moving your supply chain management to the cloud. By moving to the cloud, your supply chain becomes more agile because of real-time data compilation and sharing, enabling you to make data-driven decisions quickly and easily.
The end result equates to increased customer opportunity and profit – the two things every SMB needs to survive. That’s why some 80 percent of U.S. small businesses were predicted to deploy cloud technologies in 2020. We know the thought of a big IT transition can be overwhelming, but with a smart plan, the benefits will far outweigh any hurdles.
Here are five reasons why your small business should move supply chain management to the cloud.
Enhanced Order Management
A transition to the cloud is an ideal time to review your current order management processes and identify inefficiencies that can be corrected by utilizing a more streamlined technology solution. Utilizing the cloud will enable you to track purchase orders throughout the entire production cycle and revise them at any time with just a few clicks of a button, while keeping detailed records of all order history. No more back-and-forth with suppliers; cloud-based order management breaks all silos and streamlines communication.
Digital SKU Library
Imagine being able to store your bill of materials, design files, cost breaks, production lead times, minimum order quantities, and more, all in one central, easy-to-use location that can be accessed in real-time from anywhere. A comprehensive cloud-based SKU library can reduce production delays by providing instant access to your entire team, no matter their location or time zone.
Coordinated Product Development
Many small businesses don’t realize that their choices in product development and design can have a significant impact on the supply chain. Operating independently can increase supply chain delays and put an SMB company at risk. Limited collaboration and visibility into parts and processes can ultimately have a negative impact on business performance. By coupling product development with cloud-based supply chain management, opportunity exists to decrease production costs, optimize for speed-to-market, and deliver goods more efficiently.
On-Demand Supplier Performance
Because you are at the mercy of how quickly and timely your suppliers perform, your supply chain can only be as efficient as your partners. Therefore, it is crucial to be able to select the best suppliers, freight forwarders, and other key collaborators in your supply chain. If you are manually tracking performance of all of your vendors, you may be unable to pivot quickly when one is undeserving your needs. A cloud-based solution that rolls up supplier performance when you need it allows you to make smarter decisions about your supply chain. Whether you need to improve supplier relationships, or find back-up suppliers based on locations, production capabilities, lead times and more, a cloud-based solution that provides on-demand supplier performance can help SMBs ensure greater customer satisfaction and increase cost savings.
On-Demand Financial Visibility
Every SMB needs to understand how to forecast their business and the drivers behind it. A financial payments and reporting system, in tandem with supply chain software, can provide the business insights needed to understand a company’s financial well-being. Collaboration between your payments system and supply chain software can improve visibility into and reduce process lag that prohibits quicker decision making.
If you are a small business that wants to explore moving your supply chain to the cloud, get in touch to learn more about how Anvyl can help.