How Real-time Data Translates to Better Supply Chain Management Decisions - Bar Code India

The advent of technologies such as AI and IoT has revolutionized managing supply chains. These advancements have enabled companies to stay up-to-date regarding all events in their supply chains by collecting real-time data.

What is real-time data?

Data accessible immediately after it generates and stores itself classifies as real-time data. Therefore, it is the core of real-time decision-making.

Today, amassing large volumes of real-time data and extracting insights has become more accessible, making it extremely valuable for businesses.

To understand how real-time data can translate to faster and smarter business decisions, we must know how it is processed and analyzed and the typical insights it can provide.

How is real-time data processed, and why does it matter?

In the past, data engineers and scientists collected and analyzed all data. Today, vast volumes of data can be processed and analyzed in seconds, thanks to artificial intelligence (AI) and machine learning (ML) algorithms.

Once data is collected, all corrupt or unnecessary components are filtered out, and then the ‘clean’ data is passed on to the AI and ML algorithms to be processed. Finally, the processed information returns to the end user in a readable form, such as documents or data visualizations. Businesses or end-users can also store this information for posterity.

This entire cycle only takes a few milliseconds or seconds, and business leaders receive the reports in ‘real-time.’ Moreover, the information received is always current, which ensures that key decision-makers can act on the data in the minimum amount of time. Read more....

Source Link:- https://www.barcodeindia.com/blog/how-real-time-data-translates-to-better-supply-chain-management-decisions/

3 Supply Chain Trends to Watch Out For in 2023 - Bar Code India

 

The recent years have been tough for businesses across the world. India’s supply chains have also faced the brunt of disruptions due to COVID-19 and the recent geopolitical Russia-Ukraine crisis. Various aspects of a supply chain, such as sourcing, logistics, production, and distribution have been adversely impacted.

The pandemic has forced businesses to look for new strategies to adapt to the new reality and has brought about a wave of new tactics to combat the testing market scenario.

During a recent Commerce Ministry webinar, Indian Prime Minister Narendra Modi expressed concern regarding the impact of the disruptions to supply chains on the global economy.

According to a survey by Oracle, several Indians have been unable to purchase a number of items due to shortages (45 percent), forced to cancel orders due to delays (53 percent), and even rationing essential items out of fear of running out (41 percent). 

There is good news on the horizon, though. The latest GDP numbers for Q1 FY2022–23 suggest that economic growth is healthy. Consumers, after a long period of apprehension, have started to spend confidently, with spending going up 25.9% in Q1. Read more....

• Source Link:- https://www.barcodeindia.com/blog/3-supply-chain-trends-to-watch-out-for-in-2023/

Using Business Intelligence and Analytics to Combat Supply Chain Disruptions - Bar Code India

 

Over the past couple of years, the world has witnessed events that have disrupted several supply chains across the globe. The pandemic and current geopolitical turbulence have dealt a heavy blow to the global economy. While these are major events that have a global impact, however, most supply chain disruptions often stem from seemingly innocuous causes.

Anticipating and navigating disruptions is essential to the success of every business. Enhancing predictive capabilities is a must for creating or maintaining a strong supply chain, it can give business owners the required time to create a strategy that can help them sail through unfavorable situations.

Broadly, there are 3 major components to mitigating supply chain disruption: visibility, agility, and resilience.

Visibility across your supply chain can help you anticipate potential future disruptions as well as equip you with the data to build an effective response to such disruptions

Agility is the ability to gauge and act quickly against disruptions, to minimize the overall impact

Resilience is the ability to resist, absorb and recover from disruptions

The most efficient tools to preempt and stay afloat during a disruption are Business Intelligence and Analytics (BI & A). Read more....

Source Link:- ttps://www.barcodeindia.com/blog/using-business-intelligence-and-analytics-to-combat-supply-chain-disruptions/

3 Ways to Optimize E-commerce Supply Chain with Zebra Hardware - Bar Code India

 

E-commerce was born as a mere straightforward online channel for sales and purchases. However, customer expectations for E-commerce have significantly changed the E-commerce fulfilment and competitive landscape over the last few years.

The internet has interconnected billions of buyers and millions of sellers in a web of commerce. Online platforms today are crowded with sellers, and the competition is fierce. The movement of goods must be accurate and timely while also ensuring that the quality and condition of these goods are not compromised. The current scale of E-commerce transactions has made the supply chain more complex and an effective supply chain management system a necessity rather than a luxury to achieve performance excellence in all aspects of the order fulfilment journey.

Optimizing E-commerce Supply Chain Strategies

Here are a few simple tips for optimizing your E-commerce supply chain.

1. Real-Time Inventory Visibility

Real-Time visibility has never been more critical given the industry’s record-breaking pace of inventory arrivals and departures. Businesses need to know what inventory they have on hand and at what stage of the supply chain it is lying at. Read more.....

Source Link:- https://www.barcodeindia.com/blog/3-ways-to-optimize-e-commerce-supply-chain-with-zebra-hardware/

Ways Retailers Can Improve Inventory Management - Bar Code India

 

Good inventory management is key to the success of any retail business. Optimizing inventory levels according to demands, holiday seasons and downtimes requires an efficient strategy.

The balance between stocking just enough product to meet customer demands and overstocking is tricky, yet crucial in today’s scenario.

The retail industry has come a long way in the past few decades. Thanks to the hyper leaps in technology, today there are a bunch of excellent inventory management tools available in the market.

In this article, let us go over some tools which smart retailers are leveraging today to effectively manage their inventory.

1. Inventory Management Software
Retailers can benefit from investing in and implementing an efficient inventory management software to keep track of their inventory levels. The inventory management software can provide real-time updates about the inventory level, thereby, empowering business owners to make quick and informed decisions for replenishment and ensuring that consumer demands are met at all times. Read more...

Source Link:- https://www.barcodeindia.com/blog/ways-retailers-can-improve-inventory-management/

Automate your Business Processes with the Internet of Things (IoT) - Bar Code India

 

In today’s time, every aspect of our day-to-day life generates data, or we can say it is linked with data. The smartwatches track our walking steps, the smartphones track one’s location, where we went on holidays, what we are planning to buy, and what we are considering eating.

We all are emerging into a new world of the Internet of Things (IoT), which keeps us updated and benefits us by connecting us with things and people who are important to us.

Internet of Things (IoT), the use of this technology, has made big differences in the business world. It keeps you updated with the information that is happening, rather than what you assume has happened or may happen.

Sensors

IoT devices collect data from the environment with the help of sensors via machine learning. Once the data is collected, the same is stored in a cloud.

Connectivity

Once the data got collected with the help of sensors, the same data is sent to the cloud using methods like satellite, Wi-Fi, and WAN. These mediums can be opted depending on the specific IoT applications one is using.

Data Processing

Once the entire data is transmitted, some data processing is done to get the necessary output. It is one of the most crucial steps in the IoT working as it helps in the complete analysis of collected data.

User Interface

The entire system needs an interface to work. It is the last step where the user gets the output of the data. In this step, the user can see the final output on their screens.

Source: https://data-flair.training/blogs/how-iot-works/

The Internet of Things (IoT) doesn’t work with a specific industry, but it works with various industries. It helps improve customer service and decision-making and adds great value to businesses by automating the complete processes. The best IoT company in India can benefit you by adding tremendous business value to your organization, increasing productivity and efficiency, and reducing operating costs.

Which Industries can be benefitted from IoT?

IoT company in India cater to the needs of every sector by making seamless communication between people, processes, and things. Here are the industries, which are being benefitted from IoT services. For more information, Visit https://www.barcodeindia.com/blog/automate-your-business-processes-with-the-internet-of-things-iot/

3 Ways to Optimize E-commerce Supply Chain with Zebra Hardware

 

E-commerce was born as a mere straightforward online channel for sales and purchases. However, customer expectations for E-commerce have significantly changed the E-commerce fulfilment and competitive landscape over the last few years.

The internet has interconnected billions of buyers and millions of sellers in a web of commerce. Online platforms today are crowded with sellers, and the competition is fierce. The movement of goods must be accurate and timely while also ensuring that the quality and condition of these goods are not compromised. The current scale of E-commerce transactions has made the supply chain more complex and an effective supply chain management system a necessity rather than a luxury to achieve performance excellence in all aspects of the order fulfilment journey.

Optimizing E-commerce Supply Chain Strategies

Here are a few simple tips for optimizing your E-commerce supply chain.

1. Real-Time Inventory Visibility

Real-Time visibility has never been more critical given the industry’s record-breaking pace of inventory arrivals and departures. Businesses need to know what inventory they have on hand and at what stage of the supply chain it is lying at.

According to the Zebra® Future of Fulfilment Vision Study, the emergence of omnichannel logistics requires an average inventory accuracy of 76%, according to manufacturers, retailers, and transportation and logistics companies. For customer satisfaction, businesses must know the real-time status of their total inventory across their whole organization, including fulfilment centres, storefronts, third-party logistics warehouses, and even their vendors.

2. Accurate Data and Effective Stock Planning

Incorporating the whole risk of stock-outs and lost sales into their total cost of ownership (TCO) calculations, resilient retail players are adopting bold near-term solutions. Automation is a means to improve service levels and reduce the risk of missed sales due to stock-outs in today’s age of high absenteeism and attrition. 64% of respondents to a McKinsey survey of supply-chain executives cite warehouse automation as their top digitalization and automation target.

Using RFID technology, you can have real-time information on your inventory at all times, thus, ensuring the availability status of your products seen by your customers will always be accurate.

Studies have shown that by leveraging RFID, Retail & Ecommerce organizations can automate their inventory data and improve accuracy by as much as 30%. Studies have also shown that with RFID, you can replenish stocks in time to avoid out-of-stock situations by up to 50%, thus, ensuring that your most popular items are always in stock. For more information, Visit https://www.barcodeindia.com/blog/3-ways-to-optimize-e-commerce-supply-chain-with-zebra-hardware/