Industry Collaboration: The Key to Profitability
The global e-commerce market has grown to $2 trillion-plus, and according to our partners at Zebra, 97% of businesses either have a mature omnichannel strategy in place, have recently implemented one or are planning to implement one soon.
We recently outlined six steps for flawless fulfillment. Now we examine how data and industry collaboration are both playing key roles in determining profitability.
Order-fulfillment collaboration may seem like a daunting task, but it shouldn’t be – if your business has a solid data-powered foundation in place. Business across the world have shifted to working under collaborative service level agreements to get goods to the end customer in a promised timeframe. Capturing and sharing data using global data standards is a powerful collaboration practice that helps industry partners use a common language when managing goods and assets across the supply chain. Using the global standards allows for fast, accurate and frictionless transactions and analysis that reduce missed opportunities and cultivate greater customer satisfaction. Additional benefits to using global data capture standards include:
- Easy identification of goods amid changes in the chain of custody
- Item-level data capture across your partner supply chain for further data analysis
- Easy-to-understand data and information sharing without complicated conversion exercises
- Use of the Internet of Things (IoT) to track and trace goods, packages and pallets in transit, production or distribution
With better visibility, businesses can create efficiencies and collaborate with more partners to get goods delivered to customers faster resulting in higher customer satisfaction.
Let Us Help
Learn more about how The SMS Group mobility and automation solutions can enhance how you collaborate with your industry partners. Contact us online to learn more or call 937-498-2700.