Gaining visibility into your inventory management system and improving order fulfillment.
On average, when a customer visits a store, one in thirteen products will be out of stock. Not to mention, a significant 31% of shoppers say they will switch stores the first time a product is unavailable. Optimizing and managing inventory has become the number one priority for today’s brands, and having a constant view of your inventory at all times is imperative. Developing this kind of 360-degree view of all the systems involved in order fulfillment requires smart data integration.
One of the most common challenges facing companies today is the number of disparate systems involved when it comes to managing and tracking inventory and billing. This may be less of a challenge for smaller businesses, but as the organization grows, so does the volume of the data they produce. The lack of integration between the systems producing this data places a significant amount of strain on operations.
This problem is further exacerbated when IT leaders attempt to create a temporary or band-aid solution when trying to connect systems, often resulting in data gaps and even fulfillment errors. In addition, the immediacy of digital commerce has placed an ever-increasing pressure on the entire supply chain. As CIOs attempt better performance by adding more automation, they also inadvertently add more complexity to the mix.
A Digital World Requires Extra Data Oversight
From the moment a product is selected from the warehouse to the time it is delivered to your customer’s door, your business must be on top of every stock movement, understand every variable and respond to every eventuality. Today, more than ever, a brand’s reputation lives and dies by how well it can handle its order fulfillment. However, even at the outset things have become more complex. Warehouses now function as multidimensional hubs, overflowing with data that can overwhelm a company if not properly managed.
Gone are the days when fulfillment could be managed with a good Excel spreadsheet and email. Data from disparate sources such as your Warehouse Management System, eCommerce systems, ERP systems, CRM systems, courier companies, partner companies and other vendors, all play a crucial role in a business’s ability to conduct analysis and manage operations. If these systems are not able to communicate properly businesses will face a myriad of problems, from inaccurate data collection to process disruptions. Not to mention the data insights which may be misleading. In addition to these issues impacting business operations, they also have a knock-on effect on business partners and risk management.
Hybrid Integration Platforms Optimize All Your Data Across All Systems
Using a Hybrid Integration Platform (HIP) allows businesses to connect frontend and backend systems and enables a centralized fulfillment experience.
Better inventory tracking, accurate reporting, and clear order trails are all possible with centralized platform technology. Synatic provides customers and partners with a 360-degree view of their data, allowing them to see the flow of their order fulfillment and track the process every step of the way.
By using a HIP, businesses will be able to automate data transfers between their systems and quickly aggregate data for accurate reporting. Should an integration encounter any problems, the HIP will be able to quickly identify the root cause of the error so that it can be resolved, limiting the effects of downtime the business may experience.
A HIP empowers businesses to integrate data between multiple systems involved in the order fulfillment processes. This seamless flow of data between systems allows businesses to leverage just-in-time inventory management processes that help reduce warehousing costs and streamline inventory management, especially between multiple suppliers, making for much simpler replacements, returns, and queries.
Synatic’s HIP ensures a far superior customer service experience. Not only are queries more easily answered, but agents can access historical data around the clock, giving your business the edge when it comes to servicing a global customer base. Clear ETAs on delivery means fewer complaints, further improving your customer experience.
It is clear that for commerce-centric businesses, having multiple, poorly integrated systems is a key challenge when it comes to creating a cohesive inventory management system. When current systems do not effectively connect and communicate, companies fall short in how they engage with their partners and vendors. By leveraging the capabilities of a Hybrid Integration Platform, businesses can optimize their speed-to-value and create seamless inventory management processes that guarantee an exceptional customer experience, benefiting their bottom line and that of their entire fulfillment ecosystem. To learn more about Synatic and how we can help improve your order fulfillment processes, contact Synatic today