Meeting often unpredictable market demands for goods means having a 360-degree overview of your supply chain. For retailers and suppliers, transparency is a necessary ingredient for success as it improves efficiency and productivity in the entire sales process. Greater visibility over your supply chain means greater control over the flow of products and payments through your business. Moreover, the very presence of a 360-degree live data coverage allows you to leverage transparency as a benefit of your payment and supply chain.
This blog post will outline some key advantages of supply chain visibility, and show how it can improve your company's business model in a variety of ways.
According to a recent article by Forbes, US retailers lose around $60 billion every year to inventory shrink, mismanagement, and theft. 360-degree visibility of deliveries, credits, sales and inventory counts can mitigate these harmful forms of risk, as numbers can constantly be tracked and monitored by both the retailer and their supplier partners.
Furthermore, supply chain visibility means you can create systems that reduce the number of exchanges that money has to go through – decreasing the possibility of fraud or theft. For large businesses, loopholes and inefficiencies in billing and payment processes can amount to staggering losses if left unchecked.
Let’s imagine that, even without the benefit of a centralized data platform, you’ve detected worrying irregularities in your company’s finances. What steps would you take to rectify the situation? Without a 360 degree live data overview, you will be forced to chase down complex paper trails to identify how fraud or theft occurred within your business.
This is time-consuming and expensive, usually requiring hired expertise from external forensics companies to trace fraudulent activity among staff (or even business owners). Dishonest characters find refuge in complex, paper-heavy processes that mask their actions and delay any investigation into them.
Even when irregularities are not malicious, they are still costly. Human errors, such as forgetting to sign checks, incorrectly counting money, or improperly managing inventory, are all known causes of money leaking out of the register.
These mistakes can effectively be eliminated by the switch to mobile transactions, as both the supplier and the retailer have a live and comprehensive view of their stock and cash flow – and are therefore empowered to address any issues as soon as they arise.
Storing digital financial records on a central database means instant access to your data as and when you need it. No delays while files are ‘dug up’ and no risk of important financial data getting lost. Audits can be completed timeously and transparently, while cash flow is managed more efficiently.
Digitizing your financial information also satisfies many of the regulatory requirements around how data should be organized and shared within the business and beyond. Also, it’s often too easy for unauthorized people to access filing cabinets or mishandle financial records in hard copy - digitizing it makes managing it a far simpler task.
Given the benefits of supply chain visibility, it is unsurprising that companies are turning to easy, reliable software solutions to give them a 360 degree centralized data overview of their trading affairs.
PayApp is the perfect complement to our range of industry-leading payment and billing solutions, which have helped enterprises across the country revolutionize how they do business. PayApp is your shortcut to transparency in the supply chain, an invaluable asset in the quest to optimize your sales practices. To learn more, contact us today!