What is Supply Chain?
A supply chain refers to a business segment that deals with getting its product from supplier to customer. In many applications, it involves multiple steps, such as manufacturing and transportation of goods, warehousing, packaging and distribution.
This is a sequence of activities that starts from finding out the suppliers, selecting the suppliers, negotiating the rates with them, signing contracts, reaching an agreement on price, delivery time and mode of payment. Also, it includes handling warranty claims - analyzing them, verifying the leaks then getting them fixed or replaced.
What is Software Stacking?
Software stacking is a term used to describe fitting different software services together to manufacture complex systems. This method is regarded as standard practice with enterprises trying to implement lean principles into their IT departments.
Software stacking is a modern word for doing piece-meal integration. This technique can be applied at various systems and IT architecture levels, ranging from the design phase to the development phase.
What does a Software Stack Look Like in Supply Chain?
Supply chain software has historically tied in very closely with operations. Rush common software that is an example of this is ERP systems. more recently supply chain specific issues have come to light, specially with the pandemic through 2020-2022. so help I'm going to get this apply chain issues that companies have been facing more to than adopting risk adjustment or mitigation based software. find the last piece of software that has arisen from the pandemic has been software too hedge against hi turnover in the form of vendor relationship management software.
Below, we go into each one of these software’s more in-depth.
What are ERP Systems?
ERP is an abbreviation of the term Enterprise Resource Planning that had been initially used to describe systems designed to integrate internal departments of companies into practical plans.
Enterprise Resource Planning systems is a turning point in modernizing information technology and its utilization in business processes. The primary purpose of ERP is to create a platform where all core company functions can be done through one system, with the main purpose being for inventory control.
ERP systems impact businesses by increasing operational efficiency and reducing errors. It ensures that supply chain inventorying processes are standardized across all locations. One of the central ideas behind implementing such a system is the improvement in organizational performance and productivity.
How to implement risk management software in the Supply chain?
Risks in supply chain management can be mitigated by thoroughly assessing all risks and then implementing risk mitigation policies and procedures to handle them. Organizations need to know the “what, why, where, when, and how” of their operations within the supply chain and those with whom they work so that they can increase profits and manage and reduce the level of risks in their supply chains. Identifying and assessing risk factors is the first step to implementing a good risk management system. More recently, these assessments have been conducted more by technology and artificial intelligence.
By taking data from different suppliers including locations along with past performance, and overall technical sophistication, software is able to determine where's apply chain risks can damage operations and what supply chain risks specifically need to be addressed or mitigated.
What is vendor relationship management software?
Vendor Relationship Management (VRM) software helps businesses manage their relationships with external vendors that provide services to them.
The goal of VRM is to improve communication between the business and its external vendors. It helps the firm better use its vendor relationships by using technology to track communications, manage requests for services, and facilitate faster response times. VRM approach is to provide better service to customers at a lower cost.
VRM provides several benefits to the business, including:
- Improved communication with external vendors
- Improved workflow
- Ability to track communications and issues with external vendors
- Ability to quickly identify which vendor can best meet specific needs
- Up-to-date information about each vendor's capabilities and services
- Transparency between the business and external vendors
- Ability to quickly determine if a potential vendor meets specific needs
- Provides access to better information about each vendor's capabilities and services
A new technology, startups like Parq are innovating in the space to bring Vendor Relationship Management to life.
Naathan Mohan is the Head of Marketing at Parq. He is passionate about the supply chain and startups. He is excited to see how both fields will advance in the coming years.
