5 Things that need to be done by Supply Chain & Logistics Community in 2016

The retail environment is always poised to grow bigger and better in the coming year. A new year provides us ample amount of time to correct our mistakes previously done, brings in new prospects and technologies.  There are enough commendable reasons to adapt the technologies for your own benefit as the retailer. Managing supply chain and logistics is no mean job without the help of technology. The companies that have adopted the new technologies have improved their supply chain and logistics. And they are already reaping benefits. So it is always better to learn from other’s mistakes than doing it oneself. Life is too short to keep repeating the same mistakes again and again. Here is the list of 5 things to be kept in mind if you’re heading supply chain and logistics:

1. Know your Target Audience: See you aren’t a retailer to keep an eye on it. But a hunky-dory supply chain is a myth without customers in mind. So keeping up with them actually helps in tracking the requirements customers’ have.
2. Know the Stock Levels: You have to track stock-outs, excess stocks or dead stocks anyhow. Your supply chain and logistics chain will have an abysmal health which is surely going to move it towards collapse in near future. You don’t have to deal with trivialities when you can track your inventory via Predictive Analytics technology.
3. Use Cloud Technology: Cloud technology can be used as an advantage for SMEs in 2016. SMEs flexible approach and smaller size will make them more agile and easily adjust to the cloud-based solutions.
4. Internet of Things: Internet of Things in retail will lead to automation and visibility in your store. It will make tracking much easier and bring transparency.
5. Reduction in Cost: Overall, adapting technology will surely reduce logistics and transportations cost.