As the U.S. economy heads toward a contracting market, what options are available to companies for remaining financially sound during a downturn? Companies typically focus on controlling costs as revenues decline and look to their employees to manage these changes. To ensure accurate adjustments to your business, data driven decisions become paramount through the entire organization.
To minimize these disruptions, supply chain solutions are important to achieving cost corrections within your company. Solutions vary in sizes, capabilities, and disciplines. With so many solution options in the supply chain market, what areas should be a key focus during these difficult times?
Industry solutions should provide data driven support to improve employee response time and accuracy. These digital solutions should include optimization/AI capabilities within the workflow of your employees allowing the ability to request for decisions or have decision presented to them.
On average, ORTEC customers who have deployed data driven decisions save between 8% and 12% in operating costs and sometimes more when manual processes are replaced. And when moving from 1st generation to 2nd generations solutions, they save between 3-5%. Additionally, decision time is reduced by 70% allowing employees the ability to make decisions must faster.
A starting point is evaluating your company’s current solution stack and what percentage it digitizes your supply chain processes. Next, determine where employees make decisions based on experience – as opposed to data. If either of these areas rely heavily on manual or data less processes, a shrinking market will provide challenges to manage overall costs within your organization.
ORTEC’s solutions specifically address these challenges and can position your company to pivot quickly while maintaining overall financial goals during contracting markets. Schedule time with your account manager to investigate these solutions for your organization.
Read the below article to learn how ORTEC's solutions can address your company's challenges so you can pivot quickly while maintaining financial goals during contracting markets.
