Digitization of supply chains

Supply chain digitization can have a profound impact on your bottom line, and it’s central to the success of businesses in many different industries. More than 85% of C-level executives anticipate that digitization efforts will enhance cash flow and reduce Days Sales Outstanding.

Conversely, the cost of not digitizing is steep — on average, the yearly cost of manually entering data into ERP and back-end systems is more than $1 million, and the average annual cost of manually entering invoices from suppliers is more than $600,000.

The digitization of logistics presents a powerful opportunity to transform your business. Advantages of a digital supply chain include:

Opportunities for automation. Reducing manual tasks minimizes the burden of administrative work on your team, frees them up for other tasks that may have gone under-attended, and allows everyone to focus on their areas of expertise. Automating also reduces human error, which means gaining back revenue lost from fixing those errors. Automation also speeds up processes; for example, automated invoicing allows you to get paid faster.

Keeping things cohesive and connected. If you’re still relying on spreadsheets and email threads to get the information you need, you’ll get left behind. The immense time and effort spent on those tasks hurts efficiency and leaves more room for human error. Digitizing your supply chain creates opportunities for connecting disparate systems, enabling communication across the entire organization, and creating a single source of truth for information. 

Leveraging data for decision-making. In the transportation and logistics industry, decisions need to be made quickly, and agility is vital. A digitized supply chain allows you to gather and analyze massive amounts of data with far less effort and in far less time than with analog systems. You can then use that knowledge to inform your decision-making, build strategies, and plan for any scenario. Incorporating real-time information that you’ve gleaned from your digitized supply chain can lead to big payoffs like improving the customer experience, boosting sales, and reducing waste