BYSL Global Technology Group
Jan 9, 2023
4 mins to read
Customers would generally want to know where their expensive gemstones originated from, as well as where their coffee beans were grown. In fact, more than 70% of customers say that traceability is extremely essential and that they are prepared to pay a premium of up to 35% for it. Governments as well as investors are holding businesses responsible for using sustainable supply chains.
Despite the widespread assumption that sustainability initiatives reduce revenue, research demonstrates the opposite. According to several reports, the performance of businesses, share prices, and sustainable practices are all directly correlated.
Leaders in the supply chain are responding to the challenge. Approximately 49% of all businesses have sustainability goals for their supply chains, and more than two-thirds want to invest in circular economies over the next few years. Carbon neutrality and energy management are top of mind with the effort to attain Net-Zero. However, there are possibilities to integrate best practices to promote sustainability and support circular economies that minimize waste and promote reuse all throughout the end-to-end supply chain.
The capability to communicate data throughout your supply chain ecosystem in a safe and competent manner and also a comprehensive, precise, real-time view of inventory are both necessary for achieving supply chain sustainability goals. But the reality is that leaders of supply chains frequently work with very limited data. Over-ordering and working capital invested in inventory to prevent stockouts occur when you don't know precisely how much merchandise you have and where it is located, thus leading to a ripple effect that leads to waste in sectors like warehousing and transportation. Furthermore, it is very challenging to verify product traceability if the relationship with the supplier is not transparent, from point of origin to delivery, in a credible and regulated way to uphold your brand.
Thankfully, technology may assist you in overcoming the difficulties associated with visibility and information processing and improving your current supply chain procedures to forge a successful and long-lasting future. Here are three vital areas on which to initially emphasize.
Managing inventory: Companies are maximizing their maintenance, repair, and operations (MRO) inventories in asset-intensive industries to make sure they have enough but never have excess. They may also provide their own sustainability efforts an immediate and significant boost by appropriately sizing their inventory levels. Using advanced software solutions from BYSL Global, you can use more accurate information, reduce unexpected downtime, and manage MRO supplies while allocating working capital for other planned investments. By using surplus inventory and saving warehouse space, you may also contribute to lowering the carbon footprint of your company. By decreasing dead inventory and the need for emergency shipments, a precise, granular perspective of MRO supply chain agility and optimal guidelines for inventory and reorder levels for each stock item reduces waste and environmental impact. Global real-time inventory visibility might be the difference between winning or losing a consumer in industries that are more consumer-focused, like retail. Advanced inventory software by BYSL Global integrates quickly with current systems, allowing you to monitor stocks across several locations and get real-time updates on what is available close by or in transportation. By lowering stock levels, prices, carrying costs, and optimizing the footprints of physical stores and delivery facilities, you can increase supply and cut out waste with the use of customized warnings and thresholds for your organization.
Optimizing fulfillment: Leading merchants and brands are now intensely focused on omnichannel order fulfillment to provide consumers with their desired goods at the appropriate time and location. BYSL Global’s fulfillment solution software strengthens and expands current order management systems, enabling you to find inventory that is located near customers. By minimizing shipments that are frequently expensive, you may maximize fulfillment at the lowest cost.
Traceability of goods: Companies that take sustainability seriously work hard to ensure that raw materials are properly acquired and that goods keep their quality and integrity as they move through the value chain, whether they be batteries, foods, gemstones, or clothes. By developing business and governance models that reflect shared values, you may create a profitable and sustainable ecosystem for partners using the blockchain technology of BYSL Global. You may trade with supply chain partners in a more reliable and effective manner to verify traceability and authenticity, eliminate product waste, and boost profitability by sharing data over a decentralized blockchain network. By assisting people in making purchases that are consistent with their beliefs, you can provide consumers with transparency. You can further enhance engagement by enabling them to participate directly in sustainability schemes.
BYSL Global has trained specialists with extensive industry knowledge to help you design and execute appropriate strategies, operational models, smart workflows, and technical development to meet your requirements. We will be of assistance to you regardless of where you are in your supply chain sustainability journey.
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