Managing the supply chain for your business means ensuring you balance the right combination of cost control, accurate lead times, inventory and service level.
There’s no doubt we’re experiencing massive inflation, and with that comes more pressure on your business and its bottom line. The inflation rate jumped to 7% in 2021, and in a recent Conference Board survey of a group of 900 CEOs, 55% said they expect price pressures to persist until at least 2023.
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Over the years, small to midsized manufacturing companies have pieced together multiple applications to run their operations, from accounting to order fulfillment, to sales and marketing. This infrastructure lacks many capabilities, limits visibility into essential business information and doesn’t allow companies to adapt to changing market conditions and new business models. This piecemeal approach results in companies trying to grow by adding even more systems or niche applications—which often aren’t integrated with each other and exacerbate inefficiencies.
Even though barcodes are easy to create, only about half of businesses are using mobile scanners in their warehouses and fulfillment centers today. For small businesses, it may seem like something to strive for when they’re bigger. The reality is that mobile scanning is easy and inexpensive to adopt, and you will likely benefit far earlier than you may expect.
Expense reports are essential to monitoring spending and tracking the costs incurred from your business operations. Whether they’re monthly, long term or recurring, it's important to analyze this information to get a clear view of your organization’s spending patterns and trends to see if they match forecasts and where you can reduce costs.
If you’re relying on separate systems to execute your organization’s essential functions, chances are you’ve been faced with challenges regarding information accessibility, accuracy, consistency and so forth. It might seem like these challenges are a given and just growing pains as your business or nonprofit expands. The fact is, those growing pains are never ending unless you find a technology system that can support all aspects of your organization.