The past several years have proven that uncertainty is now a major factor in retail. From COVID-drivenlockdowns to port congestion to inflation, unforeseen events can wreak havoc on expected consumer behavipatterns, making getting inventory right a daunting task. These ongoing high levels of uncertainty makeunderstanding your own supply chain more important than ever, because even if you can’t predict the future,you can better react when you fully understand the tools you’re working with.
“I would say the biggest advantage that comes with [supply chain visibility] is knowing where you havestability in your supply chain,” said Balika Sonthalia, Senior Partner and Head of the Strategic OperationsPractice for the Americas at Kearney in an interview with Retoil TouchPoints.”How do you want to run themost stable parts of your business, versus where you have more volatility? How do you ensure that your supplchain is fungible enough to absorb the changes, and then pivot on that information? Visibility allows you toinnovate, anticipate and see the shock waves coming with just enough advance notice that you can rea
before getting fully paralyzed by them.”
Proper supply chain visibility requires a range of technologies working in tandem to help retailers understandthe many moving parts that result in the right products being at the right place at the right time. Some ofthemost important strategies and benefits to keep in mind include:
Overcoming complexity with predictive demand: Omnichannel retail creates great opportunitiesbut also magnifies supply chain complexity, so it’s vital that retailers understand where demand isto ensure they’re putting inventory in the right places;
Gaining accurate insights with RFID: The cost of RFID tags has dropped dramatically; they arenow a must-have tool that can ensure you know exactly how much you have, and where you haveit, to fuel the insights that keep operations running smoothly;
Understanding the implications with Al: The supply chain, like so many aspects of retail thesedays, is too complicated for manual spreadsheets, but implementing the right Al tools can helpretailers take deep insights and turn them into efficient, effective actions; and
Benefiting from true supply chain visibility: Great visibility into the supply chain is just the firststep in driving efficient operations, and retailers need to make sure they have the buy-in to reapthese benefits while following strategies that boost the bottom line.
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