Omnichain - a fountain of benefits for SMBs
E-commerce giants are closing in on the idea of an omnichain approach to have control over every element of their supply chain. Their latest effort in this strategy is to install advanced technology-enabled offline stores to boost customer-brand interaction and decrease checkout times. Small and medium-sized businesses (SMBs) in the supply chain should take a leaf out of their book and practice the omnichain approach as well. SMBs shy away from omnichain management software because they are used to the idea that only large corporates can utilize it. But they need not worry as cloud-based software has made it possible for all businesses to operate the omnichain way ensuring real-time transparency and control over the supply chain. Omnichain combines several business processes into a single cloud-based environment wherein companies are able to react faster to emergencies and opportunities, access valuable information when required, and increase interaction time with customers.
( CIO's Viewpoint: Artificial Intelligence and the Supply Chain - A Productivity Dream Team )
With the market always changing in tandem with customers’ expectation for new stuff every day; SMBs need to step up their competitive game. SMBs have much to benefit in terms of speed and cost-effectiveness from the cloud-based business integration of their supply chain. Following are the best ways in which they benefit from the omnichain approach.
1. Unified real-time data: Instead of viewing data across several platforms, companies can save time with a single source of real-time data to optimize their inventory ahead of time.
2. Global location access: With a complete view of the supply chain, businesses no longer need to determine the location of products, facilities, personnel or partners. A unified data center is of the utmost value for expanding businesses as they can operate faster and focus on customer expectations.
3. Partner collaboration: Companies can bid long phone calls and email threads goodbye with round the clock availability of orders, specifications and complete record of interactions in cloud portals.
4. Internal productivity: Liberation from manually consolidating information and from administrative tasks opens the door for employees to concentrate on business growth.
5. Speed and Agility: Faster processing and efficient inventory management through business integration on the omnichain platform allows the company to meet customer demand in time and keep pace with agile competitors.
To keep updated with the latest foundation of technology, SMBs should adopt the omnichain approach when it is within such easy reach. Integration of systems increases operational efficiencies, improves customer satisfaction, and results in productive and beneficial partnerships.
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By Lora Cecere, Founder, and CEO, Supply Chain Insights