Supply chains are increasingly digital, and modern companies require digital tools, like what WeGoLook provides, to transform how they do business.
Supply chains have relied on tried and true methods of distribution for decades; long before the advent of the internet. Until then, the need for innovative solutions wasn’t so demanding.
But the internet has ruptured the ebb and flow with innovative ways to reach consumers. Now, supply chains are facing a critical historical moment.
If they do not incorporate their processes with the new digital opportunities of the internet and mobile technology, they are likely to fall behind the competition.
And many, already are.
This is why WeGoLook was founded, and why we see such positive growth: supply chains are increasingly digital, and modern companies require digital tools to transform how they do business.
WeGoLook has done this by providing the seamless integration of on-demand workers and enterprise solutions. But more on this later.
Let's begin by discussing the new digital era of the supply chain we currently find ourselves.
Trading in a New Model
There are those who believe the traditional supply chain will be obsolete by 2025. This is mainly due to the options that the internet gives to consumers.
Indeed, the old method was short-sighted; focusing on a tree without noticing the forest. A massive portion of that forest has been growing beyond supply chains.
As such, the supply chain model is changing in these key areas:
- Customer Testimony
- Data Analytics
For modern supply chains to survive, they must ensure that they stay up to date in those three areas.
And many have!
Customer Testimony and Empowerment
Without any direct consumer feedback, supply chains were forced to depend on sales analytics with educated guesses as to why customers were buying one product over the other.
But, with the explosion of social media, real-time analytics, and mobile technology, supply chains now have access to real-time consumer testimony.
There are also now analytical websites that track activity for your company's digital footprint. If you can benchmark inbound internet traffic, you can get a better sense of the kind of product and service to provide. Or, customer to target.
Consumer empowerment tools are also a large aspect of the new supply chain model. Giving consumers a choice, and even a role in the transaction itself, is becoming standard in modern economic transactions.
Consider the product verification services provided by WeGoLook that empower consumers to make smarter and deliberate purchases. Given that most consumption is now internet-based, asset verification services like WeGoLook that can plug directly into a supply chain are invaluable for enterprises of all industries.
If a customer can keep tabs on their purchase, or if they can get a third-party report on the product, then they are more likely to make a purchase and be satisfied with that sale.
Simple as that!
Supply chains now require more attention to the customers’ individual preferences.
This is thanks to a number of factors including the rise of the sharing and gig economy, but we've discussed this at length here.
E-commerce highlights a simple yet undeniable economic trend: more people now do their shopping at home than in the mall.
Think about that for a minute.
Many small business owners have capitalized on e-commerce with customizable products. Supply chains, having a decade’s old infrastructure, have to reconsider their point of sales and packing structure to compete.
It also reasserts the need for quality assurance and accessibility to new incoming generations. Millennials are causing a swift uprising through the gig economy, which is changing the way people work and consume.
Whether or not service apps and gig websites are better than current industries is irrelevant. This is because people are using them regardless.
What this new e-commerce reality means for traditional supply chains is a need to incorporate mobile technology into their processes.
For example, WeGoLook can plug into the supply chain of a financial institution by providing on-demand workers through API or dashboard integration. These workers can be dispatched at a moment's notice to deliver documents, notarize loan paperwork, verify assets, and so much more.
WeGoLook's powerful mobile app is what ensures all of this process is connected, secure, and user-friendly for both clients and workers.
This is something WeGoLook does on a daily basis, and demand is growing.
The most challenging obstacle traditional supply chains must overcome is the analysis of big data. Procurement services already exist for supply chains, but their analysis focuses on historical information presented.
Their focus was historically on minimizing cost to maximize the profit. That linear approach is no longer the standard.
Supply chains need to be one step ahead of the game in an increasing digital e-commerce world. Procurement services now have to predict future consumer trends.
In a report from PYMNTS, 1,000 suppliers were surveyed on their satisfaction with their procurement services. Only 7 percent noted a return of their investment of 100% or more on their supply chain risk management.
Estimating consumer trends from scattered data through an entire product line process is no easy task for anyone.
But analytical programs are becoming even more sophisticated thanks to modern technology.
Terabytes of data can now be centralized through new algorithms to predict future consumer trends. As more robotics and sensors are added to the product line, big data can be recorded and analyzed.
By now, everyone has heard of the gig economy and platform like Uber, TaskRabbit, WeGoLook, and Airbnb. Though it may seem like a trend unrelated to big businesses, nothing can be further from the truth.
Freelancers are replacing office jobs en mass. To ignore this new trend in how people work and consume would be a mistake.
If we can apply what we've learned from the new business models of supply chains to gig apps and websites, it might be possible to predict your business's next evolutionary move.
Regardless, supply chains cannot deny the expansion of the internet and mobile technology. It's too large to ignore, or dismiss as a fad.
To thrive, businesses need to figure out how to use this tool to their advantage.