How Technology Can Ease Inflationary Pressures For Businesses
18th April 2023
The recent Fortnightly Economic Update by The Treasury, highlights the fact that global financial stresses have begun to impact New Zealand. Shown through the rise in inflation and the decrease in domestic demand for products. This has put serious pressure on local businesses and has forced them to look for ways to reduce their costs or alternatively, improve their business processes. Many businesses have already started to implement different forms of technology available that can help optimise and enhance business processes to ease their struggles. Examples of this technology includes:
Supply Chain Optimisation: A business can use technology to optimise its supply chain management. Using data analytics, machine learning and other advanced technologies, a business can better forecast demand, reduce costs & inventory, and improve delivery times. This can help to ensure a steady supply of goods and services, even in times of fluctuating demand or supply chain disruptions.
Synergic Technologies provides 6 industry leading forms of software that can be used to optimise your supply chain, which include MotionWorks Enterprise by Zebra, IoT data loggers, MagicLogic, Stringent, Cost-To-Serve, and S&OP (Sales and Operation Planning).
MagicLogic is a load optimisation software that reduces total freight costs and emissions by using algorithms to optimally pack products. This could be cartonisation, palletisation, containerisation, truck loading, or all of them.
Stringent is an inventory optimisation tool that provides a range of different features and recommendations about inventory selection, purchasing patterns, warehouse planning and management with the goal to make your warehouse as efficient as possible.
For S&OP Synergic Technologies offers a consulting service and tools that provide help to plan and give valuable insights and recommendations on your sales and operational business planning.
Automation and Robotics: Another way a business can leverage technology is to reduce inflationary pressures is through automation and robotics. By automating certain processes, a business can reduce labour costs and increase productivity. This can lead to lower prices and higher quality products, which can help to maintain demand and reduce inflationary pressures.
Examples of this technology that Synergic Technologies provides, includes automating data capture, transactions, and processes using MotionWorks Enterprise as well as cold chain integrity technology from both Zebra and Dickson.
MotionWorks Enterprise is a software created by Zebra that allows the user to easily oversee the location and motion sensing of their products or assets so they can easily track, trace, and locate them at any time and improve operational processes.
Cold Chain integrity technology is a range of different devices that are used along the supply chain to ensure a company's products, which require to be kept within a certain temperature range is maintained. This is important to reduce waste and ensure the quality of the product arrives to the final customer as it should, can be safely consumed or used and is compliant with laws and regulations. Cold chain technology includes data loggers which send data to a gateway which further sends the data to the cloud, allowing users to access this information in real time and get alerts if the temperature begins to change from any location on their phone or computer.
Digital Marketing and Sales: A business can also leverage technology to expand its reach and increase sales. By leveraging social media, search engine optimization, and other digital marketing strategies, a business can reach new customers and increase demand for its products and services. This can help to offset any potential declines in demand due to inflation.
Price Optimisation: A business can use Cost-To-Server analysis and technology to optimise its pricing strategy. By using machine learning algorithms, a business can analyse market trends and customer behaviour to identify the optimal price for its products and services. This can help to maximize profits while maintaining customer demand, which can help to alleviate inflationary pressures.
Cost-To-Serve modelling offered by Synergic Technologies can highlight end-to-end supply chain costs by product, channel, customer, and process to understand where margins can be improved.
If you are interested in learning about how technology and Synergic Technologies can help optimise your business and ease inflationary pressures, please click the link below contact us today: