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Are you sure that your supply chain is strong enough?
When the pandemic hit in March of last year, it showed a lot of weak spots in the supply chain, such as delivery delays, cargo that had to be quarantined, trouble getting supplies, and supply shortages. It was found by the RIS Supply Chain Technology Study that pandemics are a bigger threat to the retail supply chain than government rules and taxes, bad weather, and trade or tariff wars.
Getting Used to Supply Chain Problems After the Pandemic
But as lockdowns ended and rules about social distance were loosened, problems in the supply chain started to go away as everyone got used to the “new normal.”
Luckily, we learned a lot from the first wave. For example, the study found that the two biggest problems in supply were not being able to change or respond to changes in demand (73% of respondents) and not being able to see inventory in real time (71% of respondents).
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How to Get Around Problems in the Supply Chain
Now that you know about these problems, you can fix them before the next challenge comes up. When you do this, you need to rethink how you manage your inventory to make sure you can meet important demands during any supply shortages that may happen.
According to the study, if you want to keep up with or beat your competitors in the market, you should spend about a third of your IT budget (29%) on developing your supply capabilities. This means making or buying the tools you need to see how your inventory is being used more clearly so you can be more ready.
Strengthen Your Supply Chain with Miracle Service Software
Service software like Miracle Service, which can track and manage inventory, will make your supply chain stronger so you can help your customers get through these tough times. This software can keep track of your stock in different warehouses, while it’s being used, on hand, or in the car of a technician. So, you can find out what’s popular and make sure your suppliers have plenty of it before anyone else does.
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The software can also help you find other suppliers that have the parts you need if your current supplier is delayed because of the pandemic or some other reason. This software also lets you change your minimum and maximum holdings, which are also known as “safety stock levels.” Increasing your minimum holdings will let you know when it’s time to restock earlier, and keeping a slightly higher holding will make sure that your team can get high-demand parts when they need them.
Take Action Right Away to Protect Your Supply Chain
Now is the time to make it easier to keep track of your inventory so that your supply chain is safe.
Get in touch with us right away to make your supply chain stronger with Miracle Service:
For help in North America, call 1-866-463-9368 toll free or 905-206-1828. You can also email info@nexent.com.
To find out more about Miracle Service
Check out the RIS Supply Chain Technology Study to learn more.
