Fast-moving consumer goods (FMCG) companies are turning towards technology to bring down challenges and not missing out on any opportunity in this fast-evolving marketplace. For FMCG companies, it is of paramount importance that there are zero stock-outs at the retailers and the new products are made available right away through the inventory. An efficient network is one of the essentials for such kind of working especially in the case of perishable goods. The other idea behind having an efficient network between distributors and retailers is to provide fresh products to consumers and better service. Technology has acted as a boon for these supply chains, as businesses can now efficiently keep a track of their inventory, streamline the management, reduce costs and increase sales, all through efficiency!
The following are the ways through which, the distributors and retailers have been able to achieve efficiency and increase revenues through new streams –
Better Inventory Decisions Through Data Analytics:
Distributors can now take the help of data analytics and insights to identify a buying pattern among consumers. This helps them to avoid any last-minute stock outage and plan their inventory accordingly as per the trends. They can also involve the retailers and extract additional information from them to confirm their insights about consumer shopping trends.
Through data analytics, distributors and retailers can identify any problems and prevent them. Also, they can identify opportunities for all the members of the supply chain with the help of past statistical trends and also predict future trends.
Inventory Visibility and Zero Stock-Outs:
Automation has made inventory transparent and has eliminated the possibility of a last-minute stock outage. Distributors and retailers can have real-time insights on the inventory counts on particular products and help them make better decisions and maintain their reputation.
Elimination Of Manual Errors:
FMCG is a labour-intensive industry and with an overabundance of labour come error-filled processes. Supply chains that are devoid of any automation have to handle every process manually, from emails to purchase orders to packaging. The ever-increasing amount of manual inventory counts and invoices leaves a huge amount of scope for human errors. Automation has brought human intervention in supply chain processes to a very minimum. A process that was labor-intensive and full of errors has been transformed into something which can be handled by a couple of persons on a machine.
As an industry leader in the SaaS and Industrial IoT solutions, Kloudq Technologies has pioneered advanced technologies to help the FMCG industries with their supply chain processes. We aim to help the distributors and retailers increase their efficiency through better co-ordination, up-scale their processes, reduce stock outages, and reduce delivery times through efficient inventory management.
For more information on how automation can help your business, visit us at Kloudq.com and register for a free demo of our solutions.