The digital disruption brought about by COVID-19 has transformed the world in which we live and work. To a large extent, this change is responsible for escalating the customers’ expectations, and this pace of transformation will continue to accelerate further in the coming days as well. While new technologies are believed to be the driving force behind changing the fundamentals and future of supply chain management, the need for a digital roadmap is non-negotiable to deliver on the changing customer needs.
Supply chains stand at the heart of product-centric businesses and have the greatest potential to impact the overall performance of an organization. While this was proven right when globally businesses were grappling with the reality of accelerated digital transformation due to COVID-19, the unexpected forced transformation didn’t make the process easy for enterprises. According to a report, over 80% of supply chain heads felt that COVID-19 was their company’s greatest stress test as they were pushed to adopt technology quickly. And believe it or not, just 4% said they were ready to embrace the change when the pandemic hit, and over 30% are eyeing to transition into digital supply chain management, not before 2023.
Wondering how to move past the challenges and what transformations your business needs to have in place for an intelligent supply chain?
Leverage cloud to address your modernization needs
Using connected cloud applications to remove the siloed legacy systems and processes is surely the first constructive step towards attaining an agile, responsive and intelligent supply chain. The cloud is preferred over on-premises SCM applications because they are designed to support fast and informed order fulfillment. Since on-premises SCM apps have siloed data structures, they fail to share in-depth visibility into all supply chain processes and cannot allow easy data sharing among functions.
Moreover, a cloud platform of connected SCM apps can connect services, products, and assets with all stakeholders (customers, employees, and partners), enabling real-time visibility, communication, and control.
While the market is flooded by innumerable cloud platforms, Oracle SCM Cloud has proven to be the best and most efficient amongst all. According to IDC, Oracle SCM Cloud customers had a five-year ROI of 267%, a 12-month breakeven, and 28% more productive supply chain teams.
Curious to know about the key ingredients of a future-ready, agile supply chain? Explore the points given below.
- Robust cloud-driven applications
A modernized and future-ready supply chain leverages cloud solutions to:
- Support data analysis and offer insights to stakeholders.
- Build a collaborative work environment across devices and systems so that everyone can keep a track of tasks and processes.
- Offer mobile accessibility for streamlining processes, to improve work efficiency and connect regardless of location.
- Integrated emerging technologies
Cloud solutions come with the in-built capability of being intuitive and up-to-date. They support integration with AI and ML (third-party tools) to elevate automation levels in applications and improve decision-making capabilities leveraging predictive and prescriptive modeling and recommendations.
- Real-time data access
Cloud solutions offer real-time data access and quick visibility into the varied supply chain functions like order status, inventory, shipments, and alerts on status change.
- Scalable and secure
As compared to on-premises applications, cloud apps are easier to scale. Adding new users is faster and happens without hardware or software, which an on-premises application is incapable of. Cloud supports the implementation of a full warehouse management system if needed, which isn’t possible with on-premises WMS deployments.
When it comes to data security, the service provider is responsible for storing data in the cloud applications which enables administrators to apply patches to secure data.
- Easy maintenance and update
Be its adoption, use, configurability, management, and upgrades, all these aspects of SCM applications are easier in the cloud as compared to on-premises. Also, the use of an end-to-end cloud platform removes the challenge faced by legacy applications.
Can Forsys help you build an intelligent supply chain?
Collaborating with Forsys’ experienced team of Oracle SCM cloud technology experts will enable you to make a smooth and effective transition to the cloud. As an Oracle Co-Development partner for their SCM Cloud, our in-house team offers a wide array of services like:
- Implements all Oracle SCM Cloud modules: Planning Central, Order Management, Global Order Promising, Manufacturing, Inventory, Purchasing, Procurement Contracts, Product Hub, and Supplier Portal.
- Identifies resolves gaps and optimizes Oracle SCM Cloud.
- Trains and supports implementations, product innovation, and product life cycle management.
So, what are you waiting for? Make your supply chain operations future-ready using Forsys’ Oracle SCM practice to outperform competitors and drive business innovation. Got questions? Connect now.