Supply Chain Performance

Trends In Supply Chains

At SourceDay, our supply chain collaboration software integrates with your ERP to improve supplier collaboration. We provide you with ways to streamline the supply chain path and prevent the fallout due to delayed or missing shipments. Our software lets you place your communications into a single platform to make life easier for all parties, and so much more.

With turbulence in the supply chain industry, you are likely thinking about what trends can affect your business. Here are the top supply chain trends to watch out for and how SourceDay can help meet your needs:

1.) Demand for More Advanced Analytics 

As supply chain issues persist and PO changes abound, buyers must be more aware of PO statuses than ever before. The demand for automation and advanced access to data that give buyers visibility into every order with ease will continue to grow in the coming years. 

With the right purchase order software, you can see insights into KPIs like on time in full (OTIF), cash flow protection, move-ins and move-outs, demand planning, and more at a glance. When executives come knocking and asking for answers, you’ll have them on hand without having to generate a complex report.          

2.) Demand for Simpler Collaboration Tools

Businesses today seek more straightforward supply chain solutions that help them collaborate with suppliers. 

A single, unified dashboard view of all RFQs can help you obtain the best access to the number of submissions and compare things like discounts, business notes, and more. Effective collaboration makes you more productive and helps you meet your goals.

3.) Demand for Better Supplier Relations

Relations between buyers and suppliers can make a difference in the supply chain world. POs change 52% of the time, and depending on your relationship with your vendor, it can be a struggle to adjust things and get the information you need on your order right when you need it. This can lead to discontent or miscommunication between you and suppliers, and that puts an unnecessary strain on business. The supply chain industry is increasingly looking to supply chain collaboration software to make supplier relations easier.

Supplier Performance Solutions

Buyers need two-way communication with suppliers, but a supplier portal shouldn’t stop there. The right supply chain collaboration software can also facilitate instant visibility on the status of POs, give buyers tools to accept or reject PO changes, show line by line history of changes, and more.     

In addition to that, a supplier portal should offer digital supplier scorecards. These accurately reflect real time data, giving you more reliable metrics that encourage efficiency from suppliers.      

These data sets bring more clarity to the communication process and give suppliers insights into their performance. As suppliers address their pain points, you will be able to trust them more and build relations over time. The collaboration of you and your suppliers can create confidence within the company and customers over time. 

4.) Demand for More Eco-Friendly Supply Chain Paths

Some people once viewed supply chain paths as a linear process with these steps:

  1. Start as raw material
  2. Build disposable goods
  3. Ship goods out to customers
  4. Use and throw away

People now endorse the idea of a circular supply chain path where you can reuse raw materials and used goods. This supply chain concept can help you be more eco-friendly and lead you to financial gains.

As raw substance becomes rarer, prices will begin to increase. If you have reusable materials or goods you can no longer use for their intended purpose, you can still use them for other needs. They’ll allow you to save money on lower storage, shipping, and building costs. This case study by Google shows some practical applications of this concept. 

Choose SourceDay for Supply Chain Solutions

At SourceDay, we have tools to help connect you with the best supply chain solutions. Schedule a demo today, and let us help your business reach new heights. You will be glad you did when you grow your business and strengthen relations with suppliers and customers.