The supply chain is the bridge between your brand and your customers. How well you serve your customers depends directly on how effectively your business is able to carry out your supply chain operations, and vice versa. The supply chain is an entire network or more so a combination of linear, non-linear and cross-functional activities that involves a series of operations that converts raw material into finished goods, and gets these goods delivered to the final consumer.
Let’s talk about your customers. Without a pinch of doubt, the one thing that the customer’s value is a consistent high performance regarding products, services, and the overall brand experience. Gone are the days when companies would rule the roost and customers would have no option but to deal with even ineffective, lax companies that did not add value to the customers’ lifestyle. In today’s world, the tables have turned. No business can be in sole charge in any industry. There is huge competition from every corner, and this means customers have no dearth of options to choose from. Brand loyalty is becoming a thing of the past as customers are not risk averse in trying out new brands and gaining new experiences. For example, if an age old customer of brand A feels that this particular brand is not being able to deliver a worthy experience, then the customer will not think twice about checking out other brands in the market. This is a huge loss for brand A since it just lost a loyal customer due to inefficiency in its operations. Thus customer retention has become priority one, and it is indeed a huge challenge for businesses out there to ensure they remain a step ahead of their competitors.
The supply chain network can be your strongest or even the weakest link in your business since it is that one function that directly impacts customer satisfaction.
Your customers when they invest time and money in your brand look for exceptional products, service, and experience. You need to ensure that your products are of high quality and the customers receive possession of them well within time. You need to keep up to your promise of delighting customers every single time. Remember, it’s just not only about somehow managing to your products delivered, but the game is all about consistently achieving high-quality service in every single transaction. A lot is at stake for your business since the digital world has armed customers with a weapon called social media. One dejected customer, through a single Twitter post, can spread bad reviews for your brand. Through just one single post, negative comments about your brand can reach across thousands of potential users, who may now refrain from purchasing your products. In order to avoid such instances and ensure that your brand is not susceptible to negative reviews, it is utmost important to perfectly satisfy your customers, and this is only possible if you have built a supply chain model that is future ahead. Here’s where supply chain analytics comes into play.
Having an effective supply chain boils down to two important points:
One, if your supply chain operations are well optimized, you can beat the competition by offering your products to the final consumers at a lower price.
Second, having high performing operations also means you’ll be able to meet or exceed your customers’ expectations on delivery of their product. Delighting your customers is the way to go. Such a model can be built only if you have access to the right analytics tools that can provide you insights about your suppliers, agents, partners, and customers.
Analytics converts seemingly useless data into information that can take your business to the next level. It arms you with real-time information about your customers, markets and also predicts the next move that your competitors may make. With such invaluable insights, you can push your business on the path of steep growth and sustainability. Here’s how:
With an advanced analytics system in place, you can check delayed customer orders. When you know the transactions where there is a possibility of delay or orders that have already been delayed, you can ask your partners to expedite such orders to ensure timely delivery. Through analytics, you can stock up the right amount of inventory. This is an immense benefit since now by stocking optimum inventory; you not only avoid facing stock-out situations but also cut down unnecessary warehouse and storage costs. Another important way how analytics amps up customer satisfaction is through customer loyalty programs. Thanks to analytics, you get to identify your most loyal bunch of consumers. You can thank them by creating customer reward programs. Such small actions from your end can go a long way in building a strong, loyal customer base.
Analytics helps you deal with data and transform it into reliable and futuristic information. By incorporating analytics into your business, you ensure high customer mind-share, heart-share, and profit-share.
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