Top 5 Ways to Improve Your Bottom Line
Find out how account managers, value stream mapping, distribution technologies, continual process improvements and analytics can boost profits.
Everyone is looking for ways to optimize their processes and improve their bottom line. In today’s business environment, streamlining how we work is no longer a luxury, but a necessity. By tapping into today’s advancements in systems technology and with ever-evolving strides in improved customer support, we have compiled a list of the top five ways to improve your bottom line.
1. Account Management and Support
An effective account management team should be experienced industry specialists who are effective problem solvers. They’re your strategic partners, helping you retain and grow your customer base. Good account managers are knowledgeable and have a firm grasp on industry priorities and your business. They know the competition and can help articulate the unique values and qualities of your products or services. A superior account management team can also help grow your business and implement a successful client retention strategy.
2. Reporting and Analytics
Today, real-time reporting is a standard business requirement. With the right reporting and analytics, you can measure the success of your program throughout its life cycle. For example, reporting on aged inventory will help move inventory in a timely fashion, ensuring it doesn’t sit in a warehouse too long and lose value. Seeking out the right reports can help you analyze trends that provide history on orders, shipments, inventory volumes and more — such as appropriate order points and quantities. This will help you make better decisions that have a long-term effect on your bottom line. For example, Canada’s largest communication’s company, Telus, utilized Archway’s reporting and analytics to improve turn times and increase visibility within their marketing supply chain.
3. Value Stream Mapping
Value Stream Mapping (VSM) is a valuable management tool and process which gives your team a clear picture of the complete end-to-end process. This will help you standardize your processes, identify and create plans to eliminate waste, reduce total lead time and improve program efficiency. This results in cost improvements that affect your bottom line.
4. Distribution Technologies
Innovative distribution technologies have changed how suppliers get their products to end-users. A technology driven shipping and tracking process gives you complete order visibility throughout the entire process. For instance, a barcode on your packing slips is scanned to automatically update the shipping order record. This includes the date shipped, package contents, package weight carrier name and the carrier tracking number. This information is automatically updated into the system to confirm the order is filled. Leveraging this data allows a thorough analysis of efficiency opportunities. Creating shipping efficiencies helps decrease the cost of delivery/transportation (typically our customers’ top spend category), saving you money.
5. Continuous Improvement & Quality Teams
Your company will benefit when you encourage a culture of sustainable, logical and constant improvement. In today’s business climate, competition is fierce and information is everywhere. To flourish, you need to be ready to react to trends in the market quickly. Flexible companies are reaping the rewards of the changing dynamics of business. Evolution is essential and engaging a continuous improvement mindset keeps your business vital. Continuously engaged quality teams identifying and measuring trends drive the visibility and ability to make constant updates to your business practices.