Global vendors typically have many of third-party suppliers. As a result, supply chains are often intricate and fragmented. Even the smallest incident can quickly affect the whole network and cause important financial and reputational risks.
As global supply chains become increasingly complex, vendors must find ways to gain transparency into their full networks so they can effectively manage risks. One of the most efficient ways to mitigate these risks is to harness technology to standardize processes, increase collaboration with buyers and access reliable data to make informed and early decisions.
1. Missing Deadlines Due to Disorganization
Ensuring on-time deliveries is one of the most important tasks of vendors. Apart from the costs associated with penalties, late shipments also imply reputational costs that can harm the vendor’s relationship with other parties.
The lack of transparency on production changes and important milestones makes it difficult to issue penalties accordingly or drive continuous improvements that can benefit vendors and other stakeholders.
Another risk of missing deadlines is assuming the cost of late shipments, which could be managed efficiently when having timely updates on any changes in the production chain.
2. Siloed communication and Lack of Accountability
Communications and updates about the progress on the production plan may not be centralized on one single platform, which can result in problems identifying what has caused a late shipment.
Moreover, not having one single place to communicate with other stakeholders about the same purchase order makes it difficult to drive and measure continuous improvements for problematic factories.
3. Lack of Records on the Production Plans
Not having historical performance data that measures the performance of factories overtime can slow down decision making processes and can even lead to making bad decisions for the business.
The lack of access to detailed analytics and the status of every milestone on the production status can also prevent vendors from reacting timely to potential risks.
The solution: Create the Supportive System Needed to Manage and Fulfill Orders
Vendors must protect themselves from internal and external risks. Business reputation is too costly to injure, which is why vendors need to find a way to mitigate these risks appropriately. One of the best ways to do so is by implementing state-of-the-art software systems such as Inspectorio Tracking that will prove the solution to all risks.
Production Tracking Operations for Maximum Efficiency
With only a single dashboard, vendors can have access to monitoring and filtering production plans. As a vendor, you can efficiently manage the risk of potential delays, changes, and even cancellations that could put the business in a dire position.
Having entire visibility over the supply chain offers a strong foundation on data analysis and open lines of communication that help decrease supply chain bottlenecks and potentially avoid disruptions entirely.
Using Customizable Production Tracking Forms
With customizable production tracking forms, vendors can use the unique platform that centralizes the management of multiple purchase orders and quality programs from several different buyers. This will allow vendors to reduce the operational complexity and create custom forms that fit different production processes and production lines in just a few steps. In addition, this allows vendors to specialize and monitor their operations how they want to and when they need to.
Standardizing the production tracking processes can also have a positive impact on the relationship of vendors with other partnerships. Having a streamlined process put into place will translate into an increased efficiency to react to unexpected changes in the production chain and therefore a more reliable reputation in front of brands and retailers.
Drive Results with Detailed Analytics
Manual updates to time and action calendars lead to outdated data, failure to identify potential risks, and wasting valuable time on unnecessary updates.
Moreover, not having access to historical data on your supplier’s performance can prevent you from making the best decision and ensure that the supplier will have the capacity to meet your order in time and form.
Inspectorio Tracking delivers complete visibility into your entire supply chain and it generates Insights that empowers your business to make smart, data-based decisions that will lead you to continue growing.
Apart from this, having access to accurate data on production can help vendors quickly analyze and evaluate the performance of factories to identify root causes of delays in production as well as to drive continuous improvement programs.
All of this can be done in less time as vendors can have direct access to historical data which is presented in a streamlined fromat to avoid the time-consuming task of having to gather data from multiple sources.
Ready to learn more?
New technologies, like Inspectorio Tracking, provide vendors with advanced data, automation functionalities, and full visibility over the production chain to take advantage of new opportunities while avoiding all the costs linked to preventable risks.
If you are curious to learn more about how to streamline your operations to improve on-time delivery performance, contact us at email@example.com.