Is it possible to manage your business effectively if you don’t have complete visibility into your transactions? It’s not. Every day, your company carries out thousands of transactions with partners, suppliers, and customers. The technology and communication channel that manages these transactions are critical because even if one small thing goes wrong somewhere, it would create a ripple effect of problems for different people in different departments.
In this day and age of digitization, you’d think that businesses and supply chains across the world would have moved or are planning to make a move to digital. And yet, Gartner has reported that more than 50% of organizations still don’t have a plan for supply chain digital transformation.
The COVID-19 pandemic has made it abundantly clear to businesses that digitization is the only way forward. An Electronic Data Interchange (EDI) solution is the right place to start optimizing supply chains.
One of the main challenges that supply chain management is facing now is the lack of end-to-end visibility on inventory, orders, and consignments. Apart from that, important information locked away in silos makes it more challenging for teams to coordinate and synchronize information. With every missed step, the bullwhip effect amplifies, resulting in highly incorrect demand forecasts and incompetent order fulfillment. Ensuring information accuracy is key to eliminating delays in communication and in turn, ensuring proper supply chain coordination.