05 Oct 2023
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Wholesale distributors are constantly dealing with many persistent problems of global trade and distribution, such as incurred supply shortages, longer delivery times, higher logistics costs, and the shrinking labor pool, so they always want and pursue opportunities to promote their company’s growth.
In the current situation, however, many distributors lack automation in their organisation’s processes including payment, order fulfilment and warehousing. It’s necessary that they need to improve the efficiency of their planning function to ensure the right inventory is in the right place at the right time.
These diverse challenges are exacerbated by the ageing of many wholesale distributors’ IT systems. As a result, Enterprise Resource Planning (ERP) software is a safe and comprehensive choice for them to automate sales and distribution operations, maximise profits, and manage their workforce effectively.
Read more: Top 5 ERP Software Vendors in Singapore
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Table of Content
- Why Automated System is a great choice of Trading and Distribution strategy?
- How to Automate Trading and Distribution Strategy?
- Using Business Analytics and AI
- Streamlining Inventory Management
- Enhancing Order Processing
- Optimising Supply Chain Management
Why Automated System is a great choice of Trading and Distribution strategy?
When processing data and doing calculations, computers are far faster than humans. They’re designed to perform mathematical operations and don’t get emotional. They are able to make decisions more quickly and accurately than we can. It not only saves time, but it also allows automated trading algorithms to trade in high volumes.
Automated trading is growing more and more popular for a variety of reasons, including less consumed time, quicker and more precise calculations, customised features and eliminated human intervention.
Synergix has realised its and then offers a wide range of capabilities within the ERP to help our valued companies achieve these goals. Now, we will explore how ERP software can automate trading and distribution strategy in the following section of this blog.
How to Automate Trading and Distribution Strategy?
- Using Business Analytics and AI
Companies must constantly alter their projections and strategies to stay adaptable in a world of rapid change. This requires greater knowledge and cooperation between business partners, suppliers, and planners, as well as within the organisation.
Drawing from a single set of enterprise data in the cloud, companies now can intelligently identify patterns, predict demand, identify market trends, forecast, and adjust plans with unprecedented speed and precision with the support of business analytics in Synergix’s ERP and AI capabilities.
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- Streamlining Inventory Management
Maintaining the proper inventory levels is one of the main components of an effective trade and distribution plan. Understocking can result in lost sales and dissatisfied customers, while overstocking uses up capital and raises storage costs. Advanced inventory management technologies provided by ERP software automate stock level monitoring, estimate demand, and optimise reorder points. Doing so helps businesses maintain a balanced inventory and reduce carrying costs and stockouts.
ERP systems that use real-time data can automatically update inventory levels in response to sales and purchases, giving a precise and complete picture of stock availability. By ensuring that your distribution strategy responds to market demand, this automation will ultimately increase customer satisfaction and profitability.
- Enhancing Order Processing
We can’t deny that manual order entry and fulfilment can be time-consuming, error-prone, and costly. ERP software simplifies and accelerates this process by automating order entry, tracking, and invoicing.
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ERP systems make it possible for orders to be processed without any delays by integrating with e-commerce platforms and sales channels. Thereafter, the chance of input errors will be controlled, and consumers will receive their orders more quickly and be pleased. Furthermore, your finance department’s administrative workload can be decreased by using ERP software to automatically produce invoices via E-Invoice.
- Optimising Supply Chain Management
A well-executed trading and distribution strategy heavily relies on an efficient supply chain. ERP software often includes robust supply chain management modules that automate various aspects of the trading distribution, such as automating supplier communication, monitoring lead times, and managing procurement processes.
With real-time visibility into supplier performance and inventory levels, businesses can make informed decisions to reduce lead times, minimise stockouts, and negotiate better terms with suppliers. This level of automation and data-driven decision-making can significantly help businesses reduce costs and boost inventory efficiency.
Readmore: Supply Chain Management Principles and Activities
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Summary
The ERP system is a powerful tool for automating trading and distribution strategies nowadays. It streamlines inventory management, enhances order processing, optimises supply chain management, and improves forecasting and demand planning by adapting business analytics and AI. As businesses try to stay competitive in this dynamic market, investing in ERP software can be a game-changer that not only automates essential processes but also drives them to increased efficiency, profitability, and customer satisfaction. If you are considering having ERP software as a strategic investment for your business, contact us to get a free consultation!
