08.01.18 -- A CFO's Guide To Transforming The Global Supply Chain

Ask most retail store employees today what's the most high-tech equipment they use in their jobs on a regular basis and they'll probably tell you it's their handheld bar code scanner, technology widely adopted and reliably deployed since 1982 — the same year the Commodore 64 was released. This is not an industry that quickly embraces new gadgets.

Shoppers have become increasingly tech savvy and reliant upon their digital devices, and they seek efficiency, independence, and personalization when determining from which site they make their final purchases. While users are not interested in dealing with in-store sales associates, a good portion of shoppers like a personal touch that reflects their history with a brand and want product recommendations based on past purchases.

Consumer satisfaction with the quality of your products is clearly important, but the service you provide before and after the sale is equally important to any business but often overlooked as benefiting the bottom line. However, providing efficient tracking and tracing of shipped products enhances customer loyalty and your company image. Obviously, satisfied customers are a company's greatest asset.

The holiday rush will be here before you know it; take time now to ensure your DC — and workers — are properly equipped and trained.

As CFOs move beyond traditional accounting responsibilities to take on strategic roles in their organizations, many realize that they can do more to optimize their global supply chains. Spreadsheets, emails, and paper are no longer an effective way to gain control of today's far-reaching supply chain.

Many industry firms made purchase orders of trucks en masse and drove them for anywhere between five and 10 years of service, or even longer, as a way to squeeze every penny out of the truck's usage. However, what firms of all sizes are beginning to realize is that this acquisition strategy is not as cost-effective compared to operating trucks at a shorter lifecycle.