By Mike Muson, Sr. Director, Enterprise SaaS, Supplyframe
As 2018 comes to a close, we look forward to the opportunities and challenges of the new year. Our first look into 2019 reveals an ongoing trade war, electronic component shortages, and the continued pursuit of an optimized supply chain.
While there’s been some resistance to change, fueled by a culture of fear, 2019 will be the year that digital transformation becomes a necessity.
A complete and sustainable digital transformation can be difficult and disruptive. However, the benefits of a better structure, higher visibility across the supply chain, and powerful tools for risk mitigation are well worth the effort.
Digital transformation starts with embracing modern technologies like predictive analytics, machine learning, IoT, and big data. Many organizations struggle to find meaningful ways to embrace these concepts. As a result, the shortcomings of manual quoting and sourcing processes continue to be a drag on productivity and your bottom line.
It boils down to a severe lack of visibility and data in your supply chain. Quotes are sent out and responses come back across multiple spreadsheets, leaving you to make rushed awards decisions. Flat excel spreadsheets fail to track inventory, market pricing, or highlight potential risks in your components.
As you prepare for 2019, focus on breaking apart silos and encouraging communication across your organization. Harness tools that incorporate predictive algorithms, machine learning, and big data to provide you with risk assessments and real-time inventory. Become proactive, not reactive as new challenges emerge.
The time is now to let go of those antiquated tools and processes that have been just “good enough.” Embrace digital transformation and witness how it serves every level of your organization, especially your bottom line.
Since 1993, Polydyne has focused its efforts on addressing specific supply chain needs of the high tech, defense, aerospace and communications industries.
Over the years, Polydyne has built an impeccable reputation for innovation and excellence. Many advancements in product costing and strategic sourcing that have become industry best practices were pioneered by Polydyne.