When we say digitization, we mean the conversion of analog information into data that can be read and shared across digital platforms. It allows data to be shared and accessed without loss, and to migrate to new formats when needed. Basically, you never have to worry about keeping too many records manually and remembering where you kept them. This information is automatically shared whenever needed making it a smooth communication system that can also be easily tracked.
In a supply chain, involved parties exchange information frequently, sometimes making it hard to keep track. This may lead to mistakes that may very well affect the whole supply chain and can lead to loss of business. A digitized supply chain therefore benefits you in many ways. Let’s take a quick look at some of the benefits.
1. Improved collaboration
As we have already mentioned, a digitized supply chain ensures smooth communication between involved parties. It makes information sharing in real time quick and easy hence collaboration is improved. The benefits of that can not only be seen in the business processes but also in the profits of the business.
2. Increased customer satisfaction
A happy customer is good for your business. A digitized supply chain allows your business to become customer driven which improves the customer experience leading to increased revenue.
3. Minimized Lead times
From procurement to delivery, you will be able to fulfill your orders more efficiently. This allows you to do more than you would manually.
4. Improved financial management
You will drastically reduce your capital requirements and improve cash flow as less money is tied up in keeping excess stock in a warehouse.
5. Supply chain data becomes accessible
As already mentioned, data is important for business to improve. That data is easily recorded and accessible with a digitized system. You will be able to store and use this data to know which areas of your business are working well and which areas need improvement or optimization.
There are many other benefits of a digitized supply chain. However, these are our top 5 benefits. The Blackrock Group has a lot of experience and experienced personnel that can guide you through the processes of digitization using our software.
