For many years supply chain management (SCM) has served as the backbone for business organizations across a wide range of industry types, including retail, life sciences, technology and consumer goods. Any organization that purchases/extracts parts or raw-material from a supplier/source to produce a product, and then sells that product to businesses and consumers has a supply chain.
Supply chain management involves the oversight of the product flow, including each and every step that takes place – from purchasing raw materials, to transforming raw materials into a final product, to product distribution and consumption. The product flow includes managing information and finances as they move from supplier to manufacturer to wholesaler to retailer to consumer, as well as addressing customer returns and service needs. These complex processes require collaboration and integration within your company and with every outside organization that’s involved.
In recent years, many industries have focused on the agility of their Supply Chains. Agility is the ability of the Supply Chain to sense impending events and take pro-active action. In cases where the event has already occured, agility is the measure of responsiveness. The new spotlight on agility is due to the shortening product life-cycles and the increasing globalization.
Many times Procurement becomes the Achilees heel for companies trying to be more agile. Some parts of the supply chain like Manufacturing, Sales & Asset Management are internal in most and companies have good control over them. When it comes channel partners, companies tend to have choices in most geographies and are able to pick the ones that are well aligned. But things can be different with procurement especially if few vendors control supply of key input material. This makes close monitoring and exception management of inward supply important.
Procurement teams in large organizations are faced with managing hundreds of important purchase/stock-transfer orders daily. Any glitch in supply operations can have significant impact shipment downstream. But, with the large number of transactions, it can be difficult to pinpoint and prioritize the few transactions that require immediate attention.
To assist them with the complexities surrounding SCM, procurement teams are turning to supply management software solutions, like the OpsVeda Supply Management solution.
With OpsVeda Supply Management, you’ll have access to the real time analytics that are needed to make smart decisions for any complicated issue that may arise. The software tracks all aspects of the end-to-end procurement-to-payment process in real time. It detects inconsistencies and predicts how they will impact downstream operations.
The OpsVeda platform detects patterns within current and prior execution data, tracks process metrics, anticipates potential delays or issues, and suggests which actions should be prioritized. These capabilities help businesses experience increased revenue, reduced costs and improved service and customer satisfaction.
Simplify your supply chain management operations with OpsVeda Supply Management,available at SAP Store. More information is available at the OpsVeda website.,You can also register for the upcoming ASUG webcast to learn more.