For businesses to succeed, supply chain management (SCM) must be effective. Without it, businesses are unable to regulate input costs or ensure the prompt supply of goods and services. In addition to having stable supply chains, businesses must optimize their supply chains with supply chain optimization software to reduce total costs and boost value for the company.
To increase effectiveness and performance in a supply network, supply chain optimization software makes the best use of technology and resources like blockchain, AI, and IoT. The supply chain of an enterprise is a fundamental business operation that is essential for a positive customer experience.
Customers may obtain what they want, when and where they want it with the help of an efficient and responsive business model that is lucrative for the company and promotes supply chain sustainability. HashMicro has a solution called Supply Chain Management Software.
It enables you to keep up with fast-paced markets with complete visibility and advanced analytics. You can plan, source, deliver and forecast the right products at the right time. Supply Chain Management Software has a lot of benefits and main features that will be explained below.
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What is Supply Chain Optimization Software?
Supply chain optimization software is software that can handle important transactions in the manufacturing supply chain as well as efficiently manage the network of supplier relationships and regulate associated business processes. It assists in processing all purchase orders, contracts with suppliers, and requests from customers. It also supports maintaining inventory levels and balancing demand-sales-distribution-warehousing operations.
Well-integrated supply chain optimization software can improve daily operational activities by helping companies predict demand changes and establish positive relationships with supply chain partners. It is often connected to the company’s accounting practices, allowing for better financial management of purchase orders, accounts receivables, and outstanding payments in the supply chain network.
Also read: 6 Top Contract Management Software for your Business!
Why Does Your Business Need Supply Chain Optimization Software?
Supply chain optimization software can assist manufacturers in tying together every aspect of the manufacturing or distribution value chain, from material sourcing and R&D to procurement and final production and delivery. This tool enables companies to obtain a comprehensive overview of the supply chain network.
SCM empowers the entire system to identify innovative ways to improve delivery speed while decreasing costs and risks, rather than focusing on individual suppliers. It can also aid in identifying and removing operational bottlenecks that obstruct crucial procedures, which can reduce productivity and efficiency.
Your Guide to Top Supply Chain Optimization Software
The right supply chain management software can help optimize your operations. However, with numerous options available, selecting the best one for your business can be a challenging task. To assist you in making an informed decision, here are some essential tips to consider when choosing the top SCM software.
- Assess your business needs: Before embarking on the search for the software, conduct a comprehensive assessment of your business’s specific needs. Consider factors such as your supply chain complexity, volume of transactions, and inventory management requirements. By understanding your unique requirements, you can narrow down the software options that align with your business goals.
- Supply chain visibility and tracking: Real-time visibility into your supply chain is crucial for identifying bottlenecks and addressing issues promptly. Look for SCM software that provides end-to-end visibility, allowing you to track inventory, monitor shipments, and manage suppliers. Advanced features like demand forecasting and predictive insights can further optimize your supply chain performance.
- Integration capabilities: SCM is a complex process involving multiple interconnected systems. To achieve optimal efficiency, choose software that can seamlessly integrate with your existing systems such as enterprise resource planning (ERP) and warehouse management systems (WMS) tools. Integration capabilities will enable real-time data exchange and foster collaboration across departments.
- Analytics and reporting: Data-driven decision-making is at the core of effective SCM. Seek software that offers robust analytics and reporting capabilities to gain actionable insights into your operations. Detailed reports, KPIs, and customizable dashboards empower you to identify trends, optimize inventory levels, enhance forecasting accuracy, and continually improve your supply chain processes.
Benefits of Supply Chain Optimization Software
Supply chain optimization software offers a multitude of benefits and opportunities for businesses of all sizes and industries. The following are the advantages that businesses can gain by leveraging HashMicro’s Supply Chain Management, highlighting how it improves efficiency, optimizes processes, and ultimately leads to customer satisfaction.
Improved efficiency
Supply chain management software provides real-time visibility into inventory levels, order status, and production schedules. By automating and integrating various supply chain processes, the software enables businesses to respond quickly to customer demands. This enhanced efficiency translates into faster order fulfillment and reduced lead times.
Multi-warehouse support
For businesses operating multiple warehouses or distribution centers, supply chain management software helps in managing inventory across various locations. With centralized control and real-time tracking of inventory movements, it ensures optimal stock levels and preventing stock outs. Additionally, the software helps eliminate human errors by automating inventory reconciliation, stock transfers, and inter-warehouse communications.
On-time delivery
The software enables businesses to effectively plan and manage every step of the order cycle. By providing accurate real-time data on inventory availability, production schedules, and transportation logistics, the software helps in coordinating and optimizing the entire supply chain. This ensures timely order processing, efficient picking and packing, and reliable shipment tracking, ultimately leading to on-time deliveries that meet or exceed customer expectations.
Sales forecasting
Anticipating customer demand and accurately predicting sales are critical for effective supply chain management. Supply chain management software incorporates advanced analytics and forecasting capabilities to help businesses make data-driven decisions. By analyzing historical sales data, market trends, and external factors, the software generates accurate sales forecasts.
These forecasts enable businesses to optimize inventory levels, production schedules, and procurement activities. With improved sales forecasting, businesses can align their supply chain activities with the ever-changing market landscape. This results in better inventory management and optimized resource allocation.
Best Supply Chain Optimization Software
Every business surely needs an effective supply chain management system in place for a lot of reasons. Supply chain optimization software is also essential for maintaining good relations with your business suppliers. Now, here’s five best supply chain optimization software your business might need:
1. HashMicro
HashMicro is a smart business solution provider that helps medium to large enterprises improve the efficiency of their business processes. They have so many interesting solutions and products, including supply chain management. HashMicro’s Supply Chain Management Software has six main features as follows; inventory management, procurement management, order management, shipment tracking, return management, and planning & forecasting. Also, it has four integration systems which are:
- CRM-Sales which would help you create sales orders and quotations, set multiple price lists, and calculate commissions easily
- Inventory Management System which would help you manage the stock in multiple locations, do the stock transfer, and stock taking in one platform
- Procurement System which would help you create purchase orders and purchase requests and set up the approval matrix easily
- Transportation Management System which would manage all cargo, goods packing and picking, cargo location, and delivery time effectively
2. GEODIS
The consultancy services offered by GEODIS give businesses a clear road map for improving their supply chain. Companies can identify potential efficiencies in supplier relationships and logistics network design with the help of external firms. Some companies may also ask these firms to acquire the services required to turn these potential efficiencies into actual ones.
They normally do this by issuing a Request for Tender. Although the Supply Chain Optimization Line of Business of GEODIS is a component of a large 3PL provider, it has its own autonomous structure to ensure that clients and potential clients have the objectivity they need to plan and carry out their projects.
A supply chain can be turned from a cost center to a strategic asset with the help of GEODIS. GEODIS offers value in many ways than merely as an advisor. At the customer’s request, their expertise can also handle the sourcing and acquisition of solutions. Alternatively, customers can enter into a strategic outsourcing arrangement with GEODIS and give them control over logistics management.
3. E2open
E2open is an online system for managing supply chains that aim to deliver more adaptable and demand-driven supply chains. The features of E2open include order processing management, inventory management, warehouse management, transportation management, sourcing and procurement, supplier management, and client collaboration. They also include supply chain monitoring, analytics, planning, and collaboration.
The existing data can be integrated with E2open without any data being lost. Advanced shipment notification management for customizable notifications and in-transit status updates is made possible by E2open’s supply chain monitoring.
Inventory analysis, transportation analysis, warehouse analysis, management of data integration, and analysis of data are all made easier with the aid of supply chain analytics. Their differentiator from the other supply chain software is:
- Harmony, which is E2open’s supply chain collaboration platform unified user experience centralizing all workflows and analytics on a single pane of glass
- Intelligent applications, which is an end-to-end process orchestration for planning, execution, and optimization
- E2net is the world’s largest direct business network enabling secure and real-time collaboration
4. SAP SCM
SAP software Supply Chain Management enables collaboration, planning, execution, and coordination of the entire supply chain from suppliers to manufacturers to wholesalers to retailers to consumers. In order to give customers complete insight and comprehensive analytics, SAP Supply Chain software makes use of cutting-edge technologies like AI and the Internet of Things. This enables users to plan, source, and deliver the appropriate goods and materials at the appropriate time.
In order to quickly and profitably satisfy demand, users of SAP Integrated Business Planning can connect stakeholders from throughout their company and combine S&OP, demand and supply planning, and inventory optimization. With SAP supply chain software, companies can reduce operating costs with more time planning for procurement, manufacturing, and transportation. Also, the ordering process, product, and performance monitoring can lead to improved performance and quality.
5. Logility
With the help of comprehensive analytics and improved planning offered by Logility software supply chain management, you may obtain a competitive advantage. Digital supply chains from Logility use clever and intelligent technologies to help you adapt proactively to market developments. Additionally, Logility offers advanced analytics and collaborative scenario analytics to assist you in overcoming the most difficult supply chain and retail planning problems.
Demand optimization, inventory optimization, integrated business planning, supply optimization, master data management, retail optimization, and transportation management are some of the key features provided by Logility. One of the main benefits of using Logility is automated strategies which means automating continuous replenishment strategies such as Vendor Managed Inventory (VMI), Efficient Consumer Response (ECR), Collaborative Planning, Forecasting, and Replenishment (CPFR).
Also read: Top 7 Asset Management Software Features
6. Oracle
Oracle supply chain software is a cloud-based solution that provides end-to-end supply chain management capabilities for businesses. It includes features such as demand planning, inventory management, order management, and logistics management.
With Oracle SCM, businesses can plan, execute, and optimize their supply chain operations more effectively. The supply chain software offers real-time access to inventory levels, demand predictions, and order statuses. Furthermore, Oracle supply chain software has collaboration tools that help communication and streamline supply chain processes with suppliers, customers, and other stakeholders.
7. JDA Software
JDA Software is a cloud-based supply chain optimization software solution that provides a comprehensive set of features to help businesses optimize their supply chain processes. The software supply chain management includes modules for demand planning, inventory optimization, transportation management, and warehouse management, among other capabilities.
One of the key features of JDA Software is its use of machine learning and AI. By leveraging these technologies, the software supply chain management can analyze large amounts of data and identify patterns and trends that humans may not be able to detect. Consequently, this can help businesses make more informed and data-driven decisions about their supply chain processes.
8. Blue Yonder
Blue Yonder is a cloud-based supply chain optimization software that uses AI and machine learning to provide real-time insights and predictive analytics for businesses to optimize their supply chain processes.
The supply chain software includes collaboration tools to improve coordination and streamline supply chain processes. In addition, it’s also can analyze large amounts of data from across the supply chain to identify patterns and trends and make predictions about factors that can impact supply chain performance.
9. Manhattan Associates
Manhattan Associates is a cloud-based supply chain software that provides a wide range of features to help businesses optimize their supply chain processes. The supply chain software includes modules for order management, inventory management, and transportation management, among other capabilities.
The software supply chain management by Manhattan Associates can analyze large amounts of data and then use that information to make predictions in supply chain performance. This enables businesses to make more informed decisions and take proactive steps to optimize their operations.
10. NetSuite
NetSuite offers a Supply Chain Optimization software module within its ERP system. This module provides real-time visibility into the entire supply chain, enabling businesses to make informed decisions and respond quickly to changing market conditions.
The supply chain software includes features such as inventory management, demand planning, order management, and warehouse management. Overall, NetSuite software supply chain management helps businesses increase efficiency, reduce costs, and improve customer satisfaction.
Conclusion
Supply chain optimization software has a main function: it assists in processing all purchase orders, contracts with suppliers, and requests from customers. It also supports maintaining inventory levels and balancing demand-sales-distribution-warehousing operations.
It’s also effectively connected with the company’s accounting practices to take into account purchase orders, accounts receivables, outstanding payments, etc., which helps to address the financial effects on the supply chain network as well.
HashMicro’s Supply Chain Management Software is a key to successful supply chain management. It has its main benefits, main features, robust integration systems, as well as innovative development in every aspect. It’s also customizable and configurable according to your business structure and all. Try the free demo and you can see for yourself why it is perfect for your business.
