Today’s wholesale supply chains need to be resilient, and digitization is the fastest way to get there. Learn more in this blog with NuORDER.
Thanks to automation and increased efficiency, digitization makes a wholesale supply chain more nimble, adaptable, and resilient to macroeconomic turmoil like what we’ve seen in the past few years.
But what does the process of digitizing an entire supply chain look like in practice? Here are three essential steps.
1. Automate the Order Process
62% of respondents report human error as the top cause of some fulfillment issues, according to research by RBR.
A digitized supply chain is an automated one; functioning with minimal human interference and reducing the probability of human error.
Automating the order process is the fastest way to achieve customer-facing digitization. Here are two easy ways to implement automations to make your order process more seamless:
- Self-serve ordering. A customer should be able to sign up, log in, and place an order in a single platform which automatically syncs self-serve digital orders with your Enterprise Resource Planning (ERP) software.
- Thorough integration. An entire supply chain figures into making self-serve ordering. You’ll need tools that offer several ERP integrations for checking inventory or handling unique pricing situations.
The fewer inputs your order process requires, the more smoothly it runs. Automating the ordering process can help you reallocate resources to focus on fulfillment rather than order collection.
2. Access Data To Help Forecast Demand
Inventory doesn’t manage itself. Analytics and forecasting are required so a wholesale company can avoid shipping delays or redundant orders during busy seasons.
Before digitization, this was a lengthy process of cross-referencing manual inventory counts with difficult-to-calculate financial forecasts. But when you have two new elements in place, digitization can simplify and improve demand forecasting.
First, digitized access to your data means you can view order activity in real-time. When a new order comes in, you know at a glance whether you’re in a position to fill the order.
Second, digitization can help you track sell-through data over time, which helps you predict the gaps in your wholesale supply chain before new orders even come in.
Digitization produces real cost savings. In one case, an air conditioning manufacturer used a digital forecasting solution for both made-to-order and stock air conditioners. Ultimately, the cost savings were estimated at $4.2 million.
3. Select the Right B2B eCommerce Platform
If it sounds complicated, remember a B2B eCommerce platform can fill the gaps and update your wholesale supply chain.
NuORDER uses ERP integrations and data insights to help you track orders, future demand, and get an accurate look into your inventory. Digitization automates steps that were previously manual, reducing the risks of human error and adding to the efficiency of your team.
Call it “connected retail”: a B2B eCommerce platform can synchronize links between retailers and brands. With NuORDER, you can arm retailers with the tools necessary to properly estimate the inventory they have to maintain.
Improve your supply chain with NuORDER
Digitizing a wholesale supply chain sounds intimidating, but with the right platform in place, it doesn’t have to be. With NuORDER you can add speed, reduce human error, and improve the accuracy of your inventory forecasts.