Supply and demand are two sides of the same coin, the vital coin of inventory management supply chain analytics. Without adequate inventory and supply to go along with capacity and demand, supply chain management will struggle to keep pace during peak seasons. Successful peak season inventory management and fulfillment come down to appropriate strategic planning and implementation.
As with all things related to supply chain management and logistics, market trends and consumer spending habits directly impact how peak seasons play out. Looking back on past trends, even during unprecedented disruption and upheaval, helps shed light onto what upcoming peak seasons may pan out. Utilizing historical data can help with peak season inventory management and fulfillment. Approaching peak season and the trends that come with it is critical for supply chain managers. Transportation auditing and innovative tools and apps can help ensure market trends are closely followed and monitored.
To build up supply chain resilience and prepare for peak season strains and shipping capacity needs, logistics managers and supply chain supervisors need to implement a few key steps sooner rather than later:
Supply chain disruption issues, especially in light of approaching peak season demands and continued effects from the global pandemic, are causing significant challenges for shippers, carriers, and transportation service providers. According to Logistics Management, "congestion issues have not only added days and weeks to our supply chains but have led to inventory shortages impacting our ability to serve our customers. In addition, these delays have added significant transportation and warehousing costs for retailers." To prepare for peak season inventory management and fulfillment demands ahead of the crunch, several strategies need careful consideration:
Knowing your data such as identifying which hubs have a higher late percentage, exceptions, and damaged packages can help develop your peak season strategic plan. The core business of carrier network modeling and optimization requires the use of analytics and data, including making sure you are keeping an eye on freight audit invoicing and inventory management. It is also critical that network managers use data to improve inbound movements to manage inventory ahead of the peaks to handle consumer demand. Managing supply and demand is the key to successful peak season inventory management and fulfillment.
Supply and demand represent two sides to the ongoing operations of inventory management and logistical planning. Without enough on-hand inventory to meet peak-demand orders, supply chains struggle to keep pace. When demands are high and inventory is low, it is time to ensure proper planning and optimization are embraced. Successful peak season inventory management and fulfillment come down to appropriate strategic planning and implementation of the right transportation strategy. Contact Intelligent Audit today to get started.
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