Supply chain challenges for small and medium enterprises

Small and medium-sized businesses (SMEs) face similar challenges in managing their supply chains as big companies do, but it can be even tougher for them to navigate. However, with the help of a good partner and modern supply chain software, small businesses can predict what they'll need in the future, take advantage of opportunities, and deal with problems better. Some of the main challenges they deal with include:

• Meeting increasingly high customer-service expectations
• Managing costs well, especially for transportation
• Spotting and reducing risks
• Seeing what's happening across the supply chain (supply chain visibility)
• Building good relationships with suppliers and partners
• Keeping up with new technology
• Selling in global markets

Here are some ways for SMEs to improve their supply chain despite these challenges:

Data Quality:
Small businesses rely on good data for their supply chain, such as master data, physical inventory balances, and open orders. Many SMEs encounter issues regarding data availability, quality, and accuracy, hindering effective planning. Embracing digital technologies and robust data management processes can enhance supply chain management efficiency and decision-making.

Inventory Management:
Small businesses often struggle with inventory management challenges due to evolving customer expectations, volatile demand, intricate regulatory requirements and rising competition. Having the right amount of stock at the right time is crucial for SMEs to do well. Cloud-based supply chain management software offers comprehensive, real-time visibility into operations, enabling informed decision-making. 

Budgetary Constraints:
Small businesses don't usually have a lot of money to spend on IT, which makes it hard to achieve the visibility levels necessary for competitive supply chain management. Many enterprises struggle to achieve complete visibility due to legacy supply chain systems. Outsourcing data analytics to a third party enables SMEs to utilise modern technology to increase efficiencies while keeping costs down.

Supplier Relationship Management:
It's not easy for small companies to handle relationships with suppliers, especially when it comes to issues like timely billing and payments, shipment delays, and product quality. Small companies often lack bargaining power compared to larger counterparts, making it difficult for them to negotiate effectively. Outsourcing your logistics to a single partner (or 4PL) can alleviate this challenge. A 4PL partner oversee a range of supply chain activities on behalf of the client, streamlining and optimizing operations. 

Overall Solution: Outsourcing Logistics:
Outsourcing your logistics can take a lot of pressure off of a small business. Logistics providers manage various behind-the-scenes operations such as customs procedures, product packaging, and import-export documentation. 

Opting for a fourth-party logistics provider can be the best choice for a small business. They act as a true global supply chain partner, overseeing and orchestrating all network activities, enabling businesses to expand confidently.

How BioTouch Can Help Your Supply Chain:

BioTouch is ready to improve your supply chain. As a fourth-party logistics provider, we handle all parts of the supply chain, from storage, assembly, fulfilment to delivery and returns. Our technology offers:

• Full supply chain visibility through a single dashboard
• Streamlined customer experience
• Enhanced carrier performance oversight through an integrated control tower and 24/7 support
• Improve service cost and performance using integrated data analytics
• Connect and standardise multiple carrier networks within a single platform
• Easy set up through standard API protocols with accompanying technical support