Crucial to effective supply chain management

The goal of any supply chain management system is to efficiently and effectively manage the procurement of materials and services to meet the company's needs.

Supply chain management involves all relevant disciplines, from inventory control and scheduling and supplier selection to shipping, delivery and storage. Communication and interaction with other departments, including accounting, production management, purchasing and sales, must be fast, reliable and convenient to meet supply chain challenges.

There are many issues that can disrupt and disrupt the supply chain, such as:

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• Global regulatory issues
• Problems related to technology
• Cost control
• Logistics
• Proper storage and storage
• Accurate product data

It is this last category (accurate product data) that is essential when it comes to effective supply chain management. Without it, the operation of the supply chain will be no more than a guess.

The importance of accurate product data

Good product data will tell supply chain managers everything they need to know about the product to ensure inventory arrives on time and on budget while maintaining a lean approach to inventory management. The starting point is getting correct and accurate product data.
It's all about the details, such as product description, its universal part or product code, high-resolution product images, parts list, and accurate and up-to-date specifications. It forms the very foundation of any supply chain.

Of course, accurate product data is not a top priority. This is a good start, but there are other factors that affect effective supply chain management.

Other elements of business data that are required

Accurate sales forecasts and production planning are also key elements. However, just as important as these two elements are prompt regular updates of any changes in demand, both actual and forecast.

When product data is accurate in all respects, it benefits supply chain management in many ways, including:

• Optimization of logistics
• Ensuring proper storage conditions
• Compliance with global regulatory conditions
• Strengthening of interdepartmental integration