Tag: Supply chain analytics

Supply Chain Network Optimization

Supply Chain Network Optimization Helped an Apparel Manufacturing Company to Improve Operational Efficiency and Enhance Profit Margins by 35% | Quantzig’s Success Story

A leading apparel manufacturing company in the U.K was facing several predicaments due to the growing complexity of its global supply chain network. With the expansion of its customer base globally, the company wanted to make its network operations more flexible, efficient and responsive to dynamic business scenarios. That is why they approached Quantzig to leverage its expertise in offering supply chain network optimization solutions to redesign its supply chain to manage complexities and improve operational efficiency.

Today it has become highly crucial for businesses to optimize the flow of goods within their supply chain network to increase savings on procurement cost and improve service efficiency. While focusing more on improving service levels and reducing working capital, businesses generally fail when it comes to   aligning their network optimization programs with long-term business goals. Supply chain network optimization solutions help businesses to design, build and manage an enterprise network that not only supports but helps continually foster profitable growth. Our structured approach to supply chain network optimization helps companies in reducing end-to-end supply chain costs including purchasing, production, warehousing, inventory and transportation, while significantly enhancing profit margins and service levels.

Our robust network optimization solutions help companies to proactively identify improvement areas in both the upstream and downstream supply networks. Request a FREE proposal to gain in-depth insights into our portfolio of supply chain network optimization solutions.

Business Challenge

The client, an apparel manufacturing company based out of U.K, was looking to develop an ongoing capability to evaluate business and environmental changes that were affecting their supply chain. Also, the client wanted to identify the optimal number of warehouses that would help them in minimizing distribution costs and fulfilling customer demands. They approached Quantzig to leverage its network optimization capabilities to address their core business challenges and improve profit margins.

Our supply chain analytics experts can help you optimize the efficiency and capability of your network management systems, methods, and processes. Get in touch with them right away!

Solutions Offered and Value Delivered

Quantzig’s supply chain network optimization experts adopted a comprehensive approach to understanding the client’s profitability targets and growth ambitions. This engagement included several phases that started with a detailed evaluation of the current supply chain performance of the client. With this insight, our supply chain analytics experts made recommendations for improving the efficiency of supply chain operations. Also, by analyzing and extracting insights from the client’s internal supply chain data, our supply chain analytics experts were able to uncover several cost-saving opportunities during the evaluation phase.

Quantzig’s supply chain network optimization solutions also helped the client to:

  • Optimize resources and raw materials in the upstream supply network
  • Achieve significant improvements in performance by shortening the internal clearance processes
  • Improve profit margins by 35%

Supply chain network optimization can help in improving logistics and supply chain operations across industries. Wonder how? Request a FREE Demo below.

supply chain analytics

Supply Chain Analytics Engagement Helped a Leading Food and Beverage Manufacturer to Identify Potential Savings Worth Around $3M- Quantzig’s Success Story

The client is a leading food and beverage manufacturer based out of Sweden. With a considerable number of manufacturing units spread across Europe, the client was facing predicaments such as lack of visibility through their supply chains, over and understock inventory. Therefore, they approached Quantzig to leverage its expertise in offering supply chain analytics solutions, to track their products through all stages of the supply chain and enhance their approach to supply chain management.

Business Challenge

With the constantly evolving economic and geopolitical environment, businesses cannot afford to not know their supply chain processes in detail. This holds true for food and beverage companies as they deal with trend-driven products, where in addition to the supply chain hitches, they are consistently exposed to dynamic fluctuations in consumer demands and markets trends. Furthermore, such factors leads to unforeseen supply chain interruptions and a shortage of raw materials.

The client, a leading food and beverage manufacturer, faced multiple supply chain challenges due to their inability to make sense of the plethora of data from suppliers and external third-party sources. They approached Quantzig to leverage its supply chain analytics expertise.

Quantzig offers a comprehensive portfolio of customizable supply chain analytics solutions to help companies improve supply chain management, reduce wastage, and excess inventory costs. Request a FREE proposal to gain better insights.

Top Challenges Faced by the Client

Problem Statement 1:

The food and beverage manufacturer faced predicaments in identifying supply chain risks and opportunities due to their inability to combine real-time datasets with market insights. As a result, their market expansion efforts were getting hampered.

Problem Statement 2:

Due to the lack of historic datasets related to suppliers, the client found it challenging to track and control inventory in warehouses and stores.

Problem Statement 3:

The third challenge that the client faced was to combine the dynamic demand signals with real-time market insights to make data-driven supply chain decisions and to proactively respond to the changing market needs.

Supply chain analytics experts at Quantzig help leading organizations to analyze dynamic demand patterns and improve supply chain visibility. Get in touch with them right away!

Solution Offered and Value Delivered

Phase 1:

The first phase of this supply chain analytics engagement revolved around supply chain risk analysis. In this phase, our supply chain analytics experts helped the client to gain insights into historic supply chain information by region, vendor, and product hierarchies. The extracted data was then contextually juxtaposed with external risk and cost factors. This, in turn, empowered the client’s sourcing team to make better supply chain decisions.

Phase 2:

In the second phase of this engagement, the supply chain analytics experts developed a customized dashboard to help the client track and control inventory in the warehouse. The use of advanced analytics dashboards  empowered the food and beverage manufacturer to precisely track and monitor supplier performance. Furthermore, this helped the client’s sourcing team to drill down to the root cause of performance inadequacies 

Phase 3:

The final phase in the supply chain analytics engagement focused on improving supply chain visibility. Quantzig’ supply chain analytics experts helped the client to gain real-time visibility into their supply chain processes and identify potential risks that could impact their ability to deliver the right product at the right time.

 

With the help of customized analytics dashboards, the client gained detailed insights into their inventory levels, order status, and market demand in addition to supply chain processes. By gaining in-depth supply chain insights, the food and beverage manufacturer was better positioned to tackle supply chain disruption, understock and overstock situations. The offered solution also helped the client to identify potential savings worth around $3M by reducing distribution costs and enhancing the flexibility of the supply chain.

Synchronize demand planning with production and adjust to changes in available materials with the help of our customizable supply chain analytics solutions. Request a FREE demo now.

Why choose Quantzig as your next analytics partner?

Supply chain analytics is the need of the hour in today’s complex business scenario. Though food and beverage industry players have been adopting new ways to implement analytics and improve supply chain efficiency. Not many have been successful in adopting and implementing a process that leverages analytics to draw insights from supply chain data. We, at Quantzig, can help you identify new opportunities within the supply chain and benchmark costs across each of the supply chain nodes. Also, Quantzig’s supply chain analytics expertise can help you design and implement optimal purchase processes by offering the ability to discover potential opportunities in the new market.

To learn more about how our supply chain analytics solutions can help you reduce maverick spend and improve supply chain management capabilities, request for more information below.

supply chain analytics

How Supply Chain Analytics is Paving the Way for Lean Supply Chain Operations? : Quantzig’s Success Stories

Quantzig, a leading analytics advisory firm that offers customized analytics solutions, has announced the launch of their latest newsletter on benefits of supply chain analytics solutions for businesses today. Supply chain analytics acts as a nexus between industries and the gigantic troves of supply chain information lying at their disposal. Supply chain analytics solutions  help businesses identify new opportunities within the supply chain and benchmark costs across each of the supply chain nodes.

Quantzig offers a comprehensive portfolio of customizable supply chain analytics solutions to help business leaders improve supply chain planning, reduce excess spend, reduce wastage and excess inventory costs, improve the demand forecast, demand planning process, and the capacity planning process.

Reducing distribution cost by about $8M for a leading sports brand:

Identifying supply chain opportunities and risks by combining real-time datasets is a daunting task for businesses. A leading sports brand was finding it difficult to gain access to historic datasets related to suppliers, costs, and overall business outcomes. They wanted to combine the dynamic demand signals with real-time market insights to make crucial supply chain decisions and proactively respond to the changing needs of the market.
Quantzig’s supply chain risk analysis solution helped the client to gain access to historic supply chain information by region, vendor, and across all product hierarchies. The solution offered helped the client’s sourcing teams to better analyze the performance data of suppliers and drill down to the root cause of performance inadequacies. By leveraging Quantzig’s supply chain analytics solutions, the sports brand was able to improve the flexibility of the supply chain and reduce distribution cost by $8M.

Minimizing inefficiencies in  supply chain management:

Are obsolete inventory management systems leading to poor business outcomes? If yes, then you must read our success story to learn how we helped how we helped a food and beverage industry player gain control over their inventory to keep food distribution safe and efficient.
During the course of this engagement, our supply chain analytics experts developed a customized dashboard to help the client gain actionable insights and optimize their supply chain operations. This further helped the food and beverage company to enhance supply chain management efficiency by combining descriptive and predictive data sets to regulate the consequences of different choices of action.
Gain better visibility into supply chain processes and improve operational efficiency by putting your real-time data to work. Get in touch with the experts.

Improving demand forecasting efficiency through supply chain analytics solutions:

Building an effective demand forecasting model is no more a myth. This success story by Quantzig is the best example of  this where one of its clients faced a similar predicament but realized a major improvement in their capabilities to forecast demand with a suitable demand forecasting model.

By leveraging Quantzig’s supply chain analytics solution, the client, a distilled spirits manufacturing company, was able to overcome challenges that were affecting on-time and in-full delivery. Also, a multi-source data integration solution by Quantzig helped them to gain an end to end visibility on supply journey of each product right from manufacturing to order delivery.

Request a free demo to gain real-time insights on the position of your assets with the help of our supply chain analytics solutions.

Monitoring vendor risks and minimizing inventory levels:

Measuring the supply chain and vendor performance to increase profitability has become one of the major roadblocks for many companies. Supply chain analytics solutions may hold the key to success. Take a quick look at our recent case study to understand how we helped a processed food retailer to optimize their existing logistics and route operations to minimize inventory levels and monitor the vendor risk and performance.

The client was facing several predicaments in monitoring and tracking their supply chain processes. Factors such as these, along with a decline in profit margins impelled them to leverage analytics to monitor inventory levels/avoid out-of-stock scenarios. Our supply chain analytics experts adopted a comprehensive approach that helped them to reduce costs associated with the supply chain and drive sustainable development. Also, the processed food retailer was able to develop robust supply chain strategies that helped them to serve the needs of the customers and maximize overall profitability.

 

supply chain analytics

Business Benefits of Implementing a ‘Data-Driven + Analytics Powered’ Approach to Supply Chain Management

Quantzig, a leading analytics service provider, has announced the launch of their latest newsletter that lists how businesses can drive supply chain excellence using advanced supply chain analytics.

Supply chains have always been complex, requiring the integration of multiple processes, applications, technologies, and organizational. At Quantzig, we believe that the challenges arising due to the fast-evolving digital transformations and globalization of today’s businesses can be overcome by applying advanced supply chain analytics methodologies. Quantzig’s portfolio of supply chain analytics solutions is designed to help businesses analyze the critical factors that disrupt supply chain processes across industries. Leveraging our advanced supply chain analytics solutions can not only help you simplify, harmonize, and accelerate planning processes, but will also empower you to monitor and track supply chain performance, and respond effectively to changes and unplanned events.

How Our Supply Chain Analytics Capabilities Can Help

Inventory Management

In a rapidly transforming business environment, inventory management turns out to be an important factor that controls costs and optimizes cash flow while helping businesses react proactively to the changing customer demands. Also, in an omnichannel world, leveraging supply chain analytics alone to analyze what you’ve got, where it is, and where it should be can be tough and might not help you make crucial inventory management decisions. As such, it’s crucial to gain end-to-end visibility on factors that impact supply chain performance. Failing which, understanding how to move and account for inventory more profitably and making the right trade-offs can be all but impossible.

Warehouse Management

Efficient, reliable, and productive warehousing is a critical capability in any supply chain. But all too often, inaccurate information, incoherent processes, and poor supply chain visibility hamper efforts to attain it. The key is to use supply chain analytics to gain a consolidated view of trusted information and supply chain processes so you can optimize and continuously improve end-to-end supply chain operations, even as your business grows in size and complexity.

Demand and Capacity Planning

Leveraging supply chain analytics to integrate supply chain data sets with ERP data can open up a new world of insights into business processes and supply chain operations, from managing supplier risks to responding to customer buying behaviors. The integration of processes also lays the foundation for improving supply chain efficiency, facilitated by a centralized list of qualified and reliable suppliers and demand-centric customers.

New supply chain analytics technologies and digital capabilities are constantly disrupting supply chains and redefining existing business models. They have a profound impact on supply chain operations as we know them and empower businesses to drive new demand-driven supply chain analytics capabilities and transformation strategies that were difficult to build in traditional supply chain management systems.

To maximize your chance of success and drive business value through the use of innovative technologies and supply chain analytics, your business must be able to make informed data-driven decisions based on accurate, timely, and granular data. It’s essential to have as much flexibility and agility as possible across the entire supply chain to be able to sense, analyze, and adapt to the constant changes in supply chain operations.

Download the compelete newsletter for in-depth insights on our supply chain analytics capabilities.

Recent Posts

manufacturing analytics

Manufacturing Analytics: Key to Drive Significant Improvements Across Business Operations

What is Manufacturing Analytics?

Manufacturing analytics is a technique that integrates big data, predictive analytics and industrial internet of things with the manufacturing processes to bring efficiency in the business operations. Manufacturing processes are successful when businesses can streamline their operations. This is where manufacturing analytics can help. Today manufacturers can leverage manufacturing data analytics techniques to examine, test and re-test every single process and implement innovative ideas to make improvements in the business operations. Manufacturing analytics can make manufacturing processes faster and more efficient by offering more focused and actionable insights that can help companies to fine-tune their production line.

Our manufacturing data analytics solution can help you understand the cost and efficiency of your product lifecycle. Request a FREE proposal now to gain better insights into our portfolio of services.

manufacturing analytics

Benefits of Manufacturing Analytics

Decrease downtime

Manufacturers can maximize the operating time of critical assets by leveraging manufacturing analytics solution to anticipate their failure. By utilizing data analytics in manufacturing, businesses can gather historical data (structured and unstructured both) to gain in-depth insights into operations that can’t be assessed with conventional techniques. Using manufacturing data analytics, companies can identify the circumstances that tend to cause breakdown of a machine and monitor input parameters so they can intervene before breakage decreasing downtime. Furthermore, manufacturing analytics can help companies understand how downtime for a single machine can affect the manufacturing chain and how different configurations may improve overall efficiency.

Our analytics experts can help you make better decisions by visualizing how each aspect in your manufacturing chain impacts the final result. Get in touch with them right away.

Gain better insights into machine utilization and effectiveness

One of the major challenges that manufacturers face is wastage of time. While manufacturing chains can be built with efficiency in mind, different factors may play a contributing role in reducing the overall efficiency of the line because of poor installation, misuse, or simply a lack of downtime coordination. By combining existing IoT systems with manufacturing analytics solutions, companies can gain real-time insights into how well their manufacturing lines are operating. Also, it can help in generating actionable insights to help companies realize real improvements in the overall process.

Improve demand forecasts

Any product manufactured today aims to cater the demands that will emerge in the near future. This is the reason why demand forecasts are important from a business perspective. Demand forecasts guide a production chain and help identify the reason between strong sales and an unused inventory. For most companies, forecasts are based on historic values and not on more actionable forward-looking data. By leveraging manufacturing analytics solution, manufacturers can combine existing data with predictive analytics to build a more precise projection of future  purchasing trends.. These insights are derived not just from previous sales data but from how well current manufacturing processes are operating, leading to smarter risk management and less production waste.

Quantzig helps companies to develop effective strategies that can consistently guide them gauge their own need for repairs. Request a FREE demo below to know more.

Better warehouse management

Storage is generally the most overlooked aspect of the manufacturing process. Every stage is important when products are ready to be shipped especially in a world that is increasingly embracing zero-inventory models to reduce overstock scenarios. This is where warehouse management is important. Establishing an efficient warehouse management system can further improve product flow management, and improve business operations, as well as the bottom line. Manufacturing analytics framework makes it easier to understand how to improve your inventory and manage your warehouses better. This can, further, help in improving manufacturing KPIs and processes. By incorporating a robust manufacturing analytics solution companies can build a more granular understanding of how their production line operates, and how they can streamline it to avoid unnecessary costs

Why Quantzig?

Manufacturing leaders today are visionaries, pioneering increasingly efficient methods to produce and move physical goods while thinking beyond cost savings, productivity, and risk reduction. Future survival needs manufacturers to become nimble and analytics driven. This can help organizations minimize risk and seize opportunities through actionable operational insights and confident decision making. Manufacturing analytics solutions from Quantzig can help companies to fine-tune their production operations for minimal cost and risk while capitalizing on data as an asset that can further help them deliver innovative services and quality products. We, at Quantzig, deliver proven value and help leading companies unlock the immense potential of their digital transformation through our customized manufacturing analytics solutions.

Want to learn more about how manufacturing analytics can help you predict maintenance issues and prevent breakdowns? Request for more information now!!

inventory optimization

Quantzig’s Inventory Optimization Solutions Helped a Major Retail Company to Improve Supply Chain Efficiency by 18%

A leading retail chain based out of Norway was facing several challenges due to a myriad of inventory management problems such as demand fluctuations, reverse logistics, overstocks, managing SKU’s, bullwhip effect, and stock-outs. To tackle such predicaments, they approached Quantzig to leverage its inventory optimization solutions to maintain an accurate count of their inventory and improve overall supply chain efficiency.

The Business Challenge

For retail companies, inventory is the largest incessant investment today, so getting the most out of this investment is important for success. Yet inventory optimization in an omnichannel world presents a whole new set of predicaments for retail players. Though retail businesses are adopting innovative approaches to enhance their service levels, they fail to devise effective strategies to make it profitable.

Quantzig’s supply chain solutions follow the critical path method for managing and overcoming supply chain disruptions which can otherwise lead to huge financial losses. Request a FREE proposal to gain better insights into our portfolio of services.

Better inventory management plays a crucial role in improving customer satisfaction levels which, in turn, helps retail companies in the long run. Inventory optimization is the easiest proven path to significant cost savings and increased revenue for retail companies. At Quantzig, we offer inventory optimization solutions that help businesses to strike the perfect balance between inventory investments and service levels. Also, it empowers them to build an optimal inventory system that is more connected, intelligent, and scalable.

To combat the growing threat posed by online retailing, a leading retail company in Norway was looking at a holistic approach to inventory management to manage their warehouse at multiple locations, deal with overstocks and out-of-stock scenarios, and overcome inventory risks.

Our inventory optimization experts help leading companies identify and measure the risks in the inventory. Get in touch with them right away to know how.

Inventory Optimization

Solutions Offered and Value Delivered

Quantzig’s inventory optimization experts adopted a comprehensive approach to understanding the pain points in the client’s supply chain network. They leveraged advanced algorithms to optimize stock levels and provide better control over the inventory. Furthermore, this helped the client to save money, improve their customer service levels, and boost customer satisfaction significantly.

Our inventory optimization solutions also empowered the client to:

  • Reduce inventory levels by 25%
  • Improve cash flow and return on invested capital
  • Enhance production cycles, visibility, and agility across all points of supply chain
  • Boost supply chain efficiency by 18%

Quantzig’s supply chain solutions empower companies with real-time data visualization dashboards to make accurate decisions and gain better control over the inventory system. Request a FREE demo below to know more.

Supply Chain Network Optimization

Supply Chain Network Optimization: Key to Boost Supply Chain Results

What is Supply Chain Network Optimization?

Supply chain network optimization is an advanced analytics approach that aims to optimize supply chain functions by offering a holistic view of the end-to-end supply chain operations. Companies can develop powerful network optimization capabilities to align the supply chain network to long-term business goals and reduce costs and maximize output with the help of supply chain network optimization. Also, it helps in improving service levels and reducing working capital across the end-to-end distribution network.

At Quantzig, we aim at developing dynamic supply chain network optimization capabilities that help businesses to realize the true potential of their existing supply chain networks. Additionally, our supply chain analytics solutions help in focusing on reducing complexity, downtime, and cost through automation, orchestration, analysis, and technology investments.

Request for FREE Proposal to gain better insights into our portfolio of supply chain analytics solutions.

Supply Chain Network Optimization Best Practices

Drive clarity of supply chain needs

For any business, it is important to have 360-degree visibility into overall supply chain network design exercise. Each part of the supply chain network optimization hierarchy has its own needs and requirements. A top-down approach can help if a comprehensive supply chain network design exercise is contemplated. This approach offers a long-term framework in a time-phased manner, which acts as an input to tactical planning. Tactical planning decisions can further help in structural and operational policy decisions in a given supply chain model framework.

By optimizing the efficiency and capability of your network management systems, we ensure that your infrastructure investments provide maximum returns. Get in touch with our experts to know more.

Adopt a two-stage optimization approach

Companies should adopt a two-stage approach for supply chain network optimization and design exercise. These two approaches are:

Funnel Approach: Companies usually work with several products, processes and facilities to achieve the designed future target. This results in the creation of multiple scenarios. To achieve results faster, companies need to limit the number of scenarios to enable optimization. This can be achieved by using the KPIs set for a strategic network optimization exercise, such as investment cost, cost of ownership, ROI, etc.

Sensitivity analysis: The second approach revolves around leveraging what-if analysis before finalizing the strategic recommendations, through multiple scenario analysis based on possible changes in demand, cost inflation,  deflation, and fiscal policy.

Our supply chain network optimization solutions portfolio is committed to ensuring that your network meets the supply chain requirements. Request a FREE demo now!

Frequency of a supply chain optimization exercise

Companies need to review their key metrics and goals against existing supply chain networks periodically. Since supply-side capabilities and demand environment are dynamic so doing an annual review on key operating needs like inventory management can offer visibility into network performance. Also, it can help companies in translating network data into actionable business insights, improving their network management capabilities.

Want to learn more about best practices for supply chain network optimization? Request for more information below.

fleet risk management

Fleet Risk Management: 3 Best Practices Businesses Should Follow for Preventive Fleet Maintenance

Fleet risk management is a crucial component of fleet operations for companies that focus on freight, delivery, transportation, and any other type of business that utilizes multiple vehicles. So, for them to remain in regulatory compliance while promoting a safe and sustainable environment with a fleet of well-operating assets is very important. Assets like equipment and vehicles carry inherent risks for fleets. Therefore, it is important to have an actionable fleet risk management plan in place since it is important to keep your fleet running efficiently without incurring costly fines for violating regulations or liability of accidents. In this article, we have highlighted a few best practices that can help companies to improve their fleet risk management process and can help them reduce claims and lower insurance premiums.

Devising fleet risk management strategies is a daunting task that presents a significant level of risk and complexity. Don’t you agree? Get in touch with our experts today!

Fleet Risk Management Best Practices

Best practice #1: Vehicle inspection management

Conducting daily vehicle inspections is very important to create a proper fleet risk management plan. It helps in verifying that the asset is functioning in a safe manner and is not in a condition that could threaten an operator. Also, it allows operators to visually and physically verify any and all aspects of the fleet that are important. Businesses can leverage our fleet management solutions to track driver vehicle inspection reports and easily analyze large amounts of data to determine if there are any recurring trends. Paper vehicle inspections make it difficult to remain organized. As a result, businesses are forced to utilize their precious time to input the data into outdated systems of fleet management like Excel spreadsheets.

Quantzig’s fleet management solutions can help you prevent accidents and reduce the number of claims. Request a FREE proposal to gain better insights into the portfolio of our services.

Best practice #2: Fleet driver safety

Fleet driver safety should be the primary concern for any business. To promote safety across your fleet, you should implement safety procedures and set certain restrictions. Also, to ensure fleet driver safety, it is imperative that you include safety procedures in your driver’s vehicle inspection report like inspecting the condition of tires, seat belts, or looking for exposed wires. Furthermore, fleet managers can also enforce driver safety with the help of different fleet management services and solutions.

Best practice #3: Maintaining automotive compliance

Providing a safe working environment for employees is important for companies. Companies need to conduct proper inspections and keep a detailed history of driver vehicle inspection report logs. Also, it is important to ensure that both drivers and commercial vehicles meet set standards by conducting thorough inspections that verify things like hours of service and vehicle condition. This helps companies to establish a robust fleet risk management plan.

We help our clients create an overview of driving times and downtimes through heat maps on custom dashboards. Request a FREE demo below to know more.

purchase order flow management

5 Best Practices to Improve Purchase Order Flow Management

A purchase order is a document that authorizes a purchase transaction. This document mentions product descriptions, prices, discounts, quantities, date of shipment, terms of payment, and other terms and conditions.  When the seller accepts all the terms and conditions mentioned in the purchase order, then the contract becomes legally binding on both the parties. A purchase order is used by the finance department of any company for forecasting and budgeting. Therefore, purchase order flow management becomes very essential for businesses that deal with large volumes of purchase orders. If any business fails at purchase order management, it can lead to chaos in the procurement and finance department. However, streamlining and organizing purchase order flow management is a time-consuming process for businesses. In this article, our supply chain analytics experts have highlighted a few best practices, implementation of which can help companies to improve their efficiency within their purchase order flow management process.

We understand that manual purchase orders are inefficient and time-consuming to maintain, which is why we have developed advanced analytics solutions to help you tackle this challenge. Get in touch with our experts right away.

purchase order flow management

Best practice #1: Assess existing workflow

For your purchase order management system to work efficiently, you need to track and analyze the existing process as designed and used on a day-to-day basis. An in-depth analysis of purchase order workflow can help you identify bottlenecks in the manual purchase order system. Also, it can guide in planning the purchase order lifecycle and can further help in addressing other inefficiencies in the business operations.

Best practice #2: Establish a central supplier directory

Establishing a central supplier directory can be a significant step towards improving purchase order flow management. This can help in enhancing the quality of information about different suppliers as well as communication across the different levels of an organization. Centralized repositories can further help in reducing the level of effort needed to retrieve and manage information throughout the organization. Additionally, it provides quality information leveraging which data analytics experts can visualize and implement strategic improvements.

Quantzig’s analytics capabilities help companies analyze the lifecycle of purchase orders, right from the order creation stage to its closure. Request a FREE proposal now to know how.

Best practice #3: Improve authorization processes

Purchase order flow management is sometimes sabotaged by the inefficient authorization process. A disruption in the purchase order management process can occur if manual paper processes are practiced or too many signatures are required on a single purchase order. Therefore, it is important to improve the authorization process.

Best practice #4: Quality Assurance

To have a better purchase order flow management system in place, accurate data entry of purchase order into the system is very important. Businesses should put a series of quality checks in place to ensure that all the required details have been accurately filled. Such details include purchase quantity, price, shipping details and whether the products are taxable or non-taxable.

We help our clients with our purchase order flow management solution to automatically reroute in-transit inventory to wherever it is needed the most. Request a FREE demo below to know more.

Best practice #5: Cancellation Process

To improve the purchase order flow management system, procurement teams in any organization need to be very careful about the cancellation process. They should accept cancellation only when it is properly formatted and documented in an e-mail or a hard copy of cancellation is forwarded to the procurement team from an authorized signatory. This can help in preventing procurement fraud and can help in improving the vendor-buyer relationship.

Want to learn more about the best practices to follow for your purchase order flow management? Request for more information below.

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