When the COVID-19 pandemic began over two years ago, we never expected that its effects would still be prevalent today. When this all began in 2020, we began to condition our eyes to empty store shelves and limited availability in the food and beverage aisles, hoping they would not be a common sight. But as we roll into 2022, these eyesores have yet to evade us. As Debra Phillips wrote at the beginning of March, consumers have become exhausted with disruptions, such as supply chain and inflation concerns to name a few, that have prevented us from returning to almost normal purchasing patterns. In this article, we will take a look at what Phillips thinks will happen next, and how our Intelligence Exchange platform can optimize revenue and increase profits.
Collaboration to Solve Issues
Many sectors have been facing numerous supply chain management challenges. Driver shortages, inflation, shipping issues, and occasional restrictions have all been affecting their bottom lines. Operating costs could rise for these businesses, but in turn, they have had to the prices of their products. According to the article, some companies have changed supplier strategies to include a number of different vendors. And as Phillips writes, “managing more vendors inherently requires more work on the part of the shipper.”
The Intelligence Exchange understands how difficult it is to align all of your partners, and especially how much more challenging that is as the number of vendors increases. By connecting all of the members of your partner ecosystem, you can mitigate issues in shipping and match supply to demand. Platforms like Intelligence Exchanges have been shown to reduce operating costs by 11% and increase revenue by 37%. By coordinating better with partners and understanding how to be more agile, an Intelligence Exchange can prevent needing to hike prices and will optimize revenue easier.
New Methods of Operation
Consumers have also shifted their thought processes and purchasing methods as an effect of the pandemic. The shelves that are missing our favorite food products have had an impact as consumers now look to online purchasing to fulfill their needs quicker. Phillips writes that it’s time to move on from old ways of thinking, and we couldn’t agree more. An Intelligence Exchange isn’t just another portal or binder that you put on your shelf. You receive valuable, continuously updated intelligence the way you need it, to do the jobs you need to do. With this continuously updated outside-in intelligence about demand, you’ll be able to fulfill the orders you were going to have missed.
Exchanges transform how B2B2C companies operate and help them understand opportunity by product, local market, and customer can be key in deciding who to target with their products. When operations are disrupted and sales are impacted, businesses can use the power of our platform and align partners to optimize revenue and reach their targets. An Intelligence Exchange can also help increase customer satisfaction by 15%, something all businesses would love to see as public trust wanes.
You need a long-term solution to push your business to become more agile and resilient. Let The Intelligence Exchange do the heavy lifting for you and bring the digital competitive advantage you need to your business. That advantage is continuously updated outside-in intelligence. Measure and improve your business ecosystem's performance to optimize your revenue with an Exchange. To read more from Phillips, check out her article "It’s Now 2022: Are Consumers Growing Tired Of Supply Chain Shortages And Rising Costs?" And for more from The Intelligence Exchange, reach out to us to set up a meeting to learn more.