Supply chain disruptions continue to be a pervasive and major problem across industries in the US, serving as a catalyst to the skyrocketing inflation rate. Supply chain issues have hit the manufacturing sector especially hard, causing production delays, increasing prices for raw materials and goods, and hampering growth.
Unfortunately, many manufacturing businesses are operating with legacy business systems which can’t provide the necessary data and visibility to help meet these challenges, and aging assets and equipment make it more difficult to keep up with demand. To stay competitive in an increasingly digital world, manufacturers must embrace digital transformation, and utilize power apps and robust software to give them the information and insight they need to act. Here are some of the tools that are helping to modernize manufacturing.
Order management tools
By automating the order management process (from the time someone clicks “Buy” until the product is received), these tools can eliminate manually generated purchase orders and invoices, reduce human error during fulfillment, eliminate over and under-stocking, and increase efficiencies.
Warehouse management tools
Beyond managing daily warehouse operations, some of these platforms offer advanced supply chain planning tools to manage logistics such as receiving, tracking, route planning, cycle counting and more – often across multiple locations.
Demand forecasting tools
Demand forecasting is vital – especially in a turbulent market – and these tools can help predict future customer needs, enabling you to make better decisions regarding labor, production planning, inventory, and supplier management.
Shipment tracking software
With the delays that have come out of the supply chain crisis, today’s customers especially value being able to track their shipments in real-time.
Transportation and logistics
We’ve all seen overflowing container ships sitting in ports across the country and have likely heard about the truck driver shortage. Transportation and logistics are key elements in the supply chain, and manufacturers must make the most of today’s tools to manage the complexity. Besides coordinating the movement of goods via the best providers, routes, and transit times, transportation tools can help plan multi-stop trips, perform shipment consolidation, and use other methods to gain efficiencies.
Valley understands the manufacturing industry
At Valley, we understand the tremendous challenges manufacturing businesses have faced over the past few years and we’re here to offer you the guidance you need to overcome those challenges and grow your business.
Valley Bank in Philadelphia is here to help. We can provide your company with the financial services
and advice you need. To learn more, contact Yogesh Kantharia at (215) 279-2322 or by email at: ykantharia@valley.com
