Dynamic Safety Stock Management – need of the hour for online businesses

Stockout situations for an online business are embarrassing resulting in loss of customers as well as the loss of brand value. This is where the concept of Dynamic Safety Stock Management comes into play. Safety stock, as can be understood from the term, refers to the excess stock of products, say, best-selling products, or seasonal in-demand products that a business over-stocks with the purpose of using in case of over-demand or any other unforeseen situation leading to a shortage of the said product.

Businesses that operate in a highly competitive market need to be dynamic and active. To meet the vibrancy in demand for their products, it is important to adopt futuristic techniques akin to safety stock management.

Futuristic and pragmatic, why! Because maintaining safety stocks has associated costs, like warehousing, expiry, insurance, etc. and risks like the non-movement of the excess stock, loss of liquidity, and so on. This is why it is always ideal to have a supply chain expert work on formalizing and automating the logistics part of the business.

Issues with the supply chain can be fatal for the business because it can directly impact sales and revenues. Hence, it needs to be strategically handled and every attempt should be made to remove bottlenecks and unrequired gaps in the systems.

 

What is challenging is that there are no off-the-shelf generic supply chain solutions that one can simply buy and plug into their business environment.

 

Every business is different; and therefore, the need for each of them will differ. This means to say that it is time that online sellers realize the importance of customized supply chain solutions that is practical and realistic, effective, and optimized.

 

Towards this end, speaking to professional supply chain consulting firms can help in complete mitigation of issues and setting up flawless inventory management, warehouse management, shipping, and delivery management systems.

 

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Advanced Inventory management services at Advatix

Advatix is one of the leading supply chain and Inventory Planning and Management consulting firms. At Advatix, we offer the best strategies and systems to optimize inventory levels and improve financials. We believe the supply chain is the blood cycle of your organization, the growth and success of the business depends upon the balance between the supply chain, and the inventory management.

We help you in building a strong balanced supply chain that will aid in the growth of your company. As a leading market leader, we offer customized designs that will meet your business standards and goals. We develop realistically, implementation-oriented customized supply chain designs that provide measurable improvement, ensure efficient and effective operations, and reduce the cost significantly.

To manage the operations of the warehouses, we use advanced Warehouse Management Systems that digitize the business process. We develop sophisticated platforms to help you plan deliveries across the supply chain, execute orders promptly, and manage inventories in the warehouse efficiently.

Our team of experts provides customized Platforms for Seamless Integration, creates supply chain management software that seamlessly integrates the operations, and manages information across various supply chain entities. With the help of our accurate and advanced analytics, we ensure you have the right inventories at the right palace and at the right time.

Our Transportation Management Systems, we ensure that you have the shortest pick path which can significantly reduce the cost and time. We focus on offering the best customer experience to your customers and hence we ensure the customers receive the right products on time.

To keep the customers updated we provide real-time notifications to the customers about their order status. In brief, we can manage every aspect of your supply chain, including the transportation company, third party logistics, warehouses, and various other aspects of your supply chain.

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Why Hiring a Supply Chain Expert is a Great Idea?

It is significant to note that supply chains do not run efficiently by themselves. It needs committed and expert human assistance. With talented professionals who have necessary experience and training to run this job efficiently is low in supply, it has become a challenge. It is important to look for a supply chain expert who have necessary talent, experience, and training who can manage their supply chain operations. This brings us to the question where to hire these experts and how they can help the execution of operations.

Knowledge

Skilled and experienced supply chain experts working with supply chain consulting firms bring immense knowledge of this field on board. Hiring them means handling a variety of supply chain related issues and find solutions for them. They have necessary experience and knowledge that helps them in managing freight costs and different vendors.

Abilities to Collaborate

These firms collaborate with intermediaries, suppliers, customers, and third-party service providers. Businesses usually have a lot on their plate and handling collaborations with diverse stakeholders is not possible for them. In such a case, they have no choice but to outsource this job to a competent firm.

Problem Solving Skills

These experts always look for better ways to solve problems coming up in this field. It helps them in managing things in a more efficient way. There are many times, unexpected hurdles can be faced in this field like vendor consolidation, inventory management, and logistics. They can spot these issues quickly and find solutions without wasting time.

They also take care of Dynamic Safety Stock Management and ensure the accuracy of stocks in the warehouse. This help them take suitable decisions. It also expedites the process making it more streamlined and efficient.

It is for these reasons hiring a supply chain expert are a great idea.

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Features in a Warehouse Management System

It is important to run warehouse operations with utmost efficiency. Many businesses invest in high-end warehouse management system that comes with broad capabilities and can also handle supply chain management, inventory management, and transportation management also. Thus, a lot of bases are covered with a single platform. When looking to buy a WMS software, here are a few features that you must check out.

Inbound and Outbound Operations

This feature in a warehouse management system help in handling inbound and outbound operations. The process of warehousing includes working with vehicles that carry materials and physical products. Truck manifest tools help in entering data into the inventory system.

This, in turn, prepares the warehouse for these incoming goods. Items are perfectly organized for storage through radio frequency ID tagging, barcode scanning, and other ways of processing goods. Some systems also have features that helps in labeling and identifying each item on arrival and help the organization to begin the process immediately.

Inventory Planning and Management

Another feature that is found in WMS is Inventory Planning and Management. The system has features that help plan and streamline inventories available and its proper management to ensure seamless processing.

Order and Fulfillment Process

WMS also takes care of order optimization and process of fulfillment. It helps in controlling product flow through the warehouse. This results in enhancing efficient order management. Some platforms provide access to carrier networks that helps by speeding up shipping process.

Tracking and Analysis

WMS also takes care of Transportation Management Systems. The system has in-built features that help in tracking a vehicle and its status. This help the warehouse manager to know if the driver is in any problem and take necessary steps to solve the same. Real-time tracking has helped businesses immensely, especially when it comes to maintaining inventory.

Look for these features when planning to invest in a scalable WMS.

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Why should we use warehouse management system?

The warehouse management system is an automated system that helps in controlling and in the management of routine operations in a warehouse. From enabling smooth receiving of stock to ensuring that the items are picked up in an optimized manner as well as shipping the orders seamlessly, the software is meant to facilitate uninterrupted management of the warehouse. 

Inventory management is the biggest asset and the warehouse management software is made to include such features. At the end of the day, the system facilitates a range of functionalities – enclosing pick, pack, and shipping features. Certain sophisticated parts of the software also help in easy interaction with the material-handling department as well as yard management. There are three types of software programs – the cloud-based system, ERP modules, and the standalone system.

The Transportation Management System helps in the optimization of processes involved in the execution of orders and shipping goods. The purpose of using this software is to attain greater efficiency in the entire process of shipping goods. The objective is also to reduce operational costs and match up to the satisfaction levels of customers.

Both these software programs are part of the logistics management system or supply chain management system helping in the overall automation of the entire process. The transport software is widely used by shippers, carriers and logistic providers, while the warehouse software is mostly used by warehouses for efficient handling of tasks.

Along with these two tools, there is a third one called the inventory planning and management software program. As the name implies the software program helps in ensuring that the inventory is monitored at all times; with the result that out-of-stock or other such critical situations are overcome through the use of technology. At the end of the day, the objective is to ensure that production never suffers due to the shortage of raw materials and goods.

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Advatix: A leading supply chain and logistics service provider

Advatix is one of the best Logistics Service Providers, in the state offering advanced supply chain and logistics services and solutions. At Advatix we find new and improved ways to manage and automate the different aspects of the supply chain on an ongoing basis.

From managing supply chain aspects to including the transportation company, third party logistics, warehouses, and various other aspects are taken care of by our expert teams. Our executive team has had a great experience of working with leading businesses like Amazon and Walmart for designing and developing logistics strategies. Similarly, we will help develop a strategy for your business and ensure that products reach consumers in a timely and cost-effective manner.

As a leading Supply Chain Logistics consulting firm, we provide help to implement the infrastructure, technology, teams, and processes to ensure that customer experience stays front and center as we improve speed and reduce cost. Also, we apply our unique techniques to rapidly improve supply chain and logistics, benchmark against the best in class companies, and provide metrics to measure success.

If you wish to improve your supply chain and logistics operations of your business, choose Advatix. We ensure that every step of the project addresses the key factors required for success. We also help you strategize it, design it, build it, operationalize it, manage it, and synchronize it. By deploying dynamic labor utilization, we help achieve the best outcome, by decreasing cost while employee engagement increases. Best design, strong partners, right contracts, live systems, and a few more make up our unique and proven game-plan.

Along with these services, we offer Franchise model development, Inventory Planning and Management, Dynamic Safety Stock Management, Multimodal Solution Design, Private Fleet Management, Standard Operating Procedures, Continuous Improvement (LEAN/6 Sigma), and much more. Engage with us today and take your business to the next level.

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Advatix: Supply Chain and Logistics experts

Advatix is one of the renowned Supply Chain Experts of the state, offering advanced supply chain and logistic services. Our team of the world's top supply chain and logistics experts with a laser focus on helping our clients transform their operating models and become the leader in their markets. If you are looking for a team of experts to improve your business operations, Advatix is the best choice.

We believe the supply chain is the most important aspect of your business. Every functional area of your supply chain should function as a part of the balanced system. We help you in overcoming the biggest supply chain obstacles and develop an efficient wholesale and retail supply chain design. We develop realistic, implementation-oriented solutions that ensure efficiency, measurable improvements, effective management, and significant reductions in cost.

Also, we reduce logistics cost substantially and improve service levels. Our executive team ensures that your business has a well-developed strategy and the products reach the consumers in a timely and cost-effective manner. Through our proprietary systems, like Order Management Systems, We help you to implement the infrastructure, technology, teams, and processes to ensure that your customer experience stays front and center as we improve speed and reduce cost. 

By injecting data-driven innovation into logistics, we improve speed and cut down the transit time. By delivering the right products to the right customers on time, we ensure the highest standards of customer service are met. We provide real-time updates in the form of notifications to the customers regarding the status of their order.

Along with supply chain and logistic management services, we offer Demand Planning & Forecasting, Multimodal Solution Design, Ship Methods & Policies, Private Fleet Management, Logistics Technology Platform, Strategic Sourcing (RFPs), Delivery Experience (Tracking, Visibility, Flexibility), Safety & Security, Ship Audit Services and much more.

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