The world of marketing and business is constantly changing, which means in order to succeed, your business needs to change, too. One of the simplest ways to reach new customers and expand your brand is by going digital.
While traditional and linear styles of supply chain management enabled companies to grow and expand, those times are over.
If you want to make an impact, it's time to transition your business from supply chain management to digital supply networks. Here's what you need to know.
What is a DSN?
One of the most common phrases you'll hear when researching marketing and advertising options, as well as industry trends, is "DSN." This stands for Digital Supply Network.
Deloitte says A DSN enables your organization to rapidly develop, grow, and change through advanced algorithms and artificial intelligence.
Your company's Digital Supply Network will do more than simply manage your inventory and let you know when it's time to buy more product. Instead, your DSN will accumulate a variety of information you can use to enhance your company.
For example, your DSN can gather data from your company's cloud, analytics, and information supply chain to create a network of information you can use to grow and expand. You'll have control over what information your DSN utilizes and how that information is used.
You can also use the information you gather to communicate more effectively with team members, reach potential clients in new ways, and stay on top of the way your company is functioning. A DSN means reduced communication times and easier access to important information and data.
A strong DSN enables you to fully control your organization in new ways. Communication and product movement will become faster and easier. You'll have access to everything you need quickly, which will let you more adequately serve your clients.
Why is a DSN Important?
As your company grows, expands, and develops, it's important to remember that today's modern clients are well-informed. They understand digital media and marketing, which makes creating a network of information even more vital to your success.
Gone are the days when you could simply run an ad in a newspaper and reach new customers. Now you not only need to have digital access to your company's information, but you need to have strong digital customer service offerings, as well.
In addition to simply understanding modern research and marketing trends, companies in today's tech-savvy world need to be fully digitized. Your organization needs to be using technology not only to enhance your product offerings, but to reach your customers, as well.
Modern clients require modern companies. Shifting from the tried-and-true practice of supply chain management to digital supply networks enables you to connect with clients on a deeper level. You'll not only be able to reach them in new ways, but to market specifically to their particular needs.
In fact, 57% of customers say that companies they work with need to be digitally-savvy and understand how to use technology effectively. This includes managing your DSN, but it also goes beyond that.
Customers have a strong level of trust for companies that are able to adequately and effectively utilize technology in different ways. It's important to go where your customers are and where they are is online.
This means that in addition to accessing client information digitally, you'll also need to be ready to meet their customer service and ordering needs promptly and efficiently. Your DSN can help you stay organized and on top of orders with the click of a button.
The Ecosystem Mindset
It's natural to want your company to grow and succeed. One of the best ways to do this is by developing what is called the Ecosystem Mindset. This mindset is essential for continued growth in the business world. In order to understand this concept, you must first consider what an ecosystem actually is.
Simply put, an ecosystem is an area that includes living things. All of the living things in an area, including plants and animals, are part of the ecosystem. These things not only depend on one another, but they thrive with one another as they grow and change in unison.
In the business world, an ecosystem is a connected network of people, information, and ideas. Instead of being a lone wolf in your company, your business ecosystem will include multiple people and ideas to help you grow and expand.
If you want your company to flourish, you'll need to remember that your organization exists far beyond yourself. More importantly, your company depends on things outside of your own experiences. Your clients, your colleagues, and your shared visions and ideas all come together to create an incredible ecosystem.
In order to develop your future marketing plans and to expand the spread of your company, you'll need to focus on developing an ecosystem mindset. Stop viewing your company as a linear entity and instead remember that the purpose isn't simply to buy and sell items.
Your company's growth depends greatly on your ability to connect with and reach other people, other organizations, other places, and yes, even other ideas. As you do this, you'll find that having a DSN to back you up and enhance your planning and management techniques is quite valuable.
Customers don't want to wait for orders to come in. They don't want to experience shortages in products, services, or goods they depend on. Traditionally, if your company was out of stock of a product, your client would have to wait until you were able to purchase more.
Why force clients to wait when they don't have to? With DSN, your organization can acquire products seamlessly and quickly. More importantly, you can estimate your clients' needs ahead of time and avoid shortages in the first place.
DSNs operate quickly. With a combination of algorithms and artificial intelligence, they're designed to understand the needs of your company and estimate product demand and growth well in advance of when you actually need new stock.
Instead of moving backward and forward in a linear design, a DSN operates more like a web or matrix of information. This web contains everything you need to make decisions on order placement and client management, including projected sales and income.
More importantly, instead of only being able to communicate with one or two members of your supply chain, DSN enables you to quickly communicate with everyone in your network. This streamlines everything you need to access in order to carefully and properly manage and grow your company.
Additionally, this fast ability to communicate means that when clients place an order or work with you, you'll be able to access the information you need quickly to ensure they get the care they want and deserve. This enhances your company's customer service offerings and results in happy, satisfied, and repeat customers.
Clients will benefit from your DSN since you'll have easier access to the information you need to help them receive the products and services they want, while your company will benefit from lower overhead costs and faster, immediate communication both within and outside of your organization.
Additional Benefits of DSN
Because traditional supply chain management was a linear concept, things were forced to move in a specific order. DSN is different in that the line no longer moves in a straight fashion. The entire process is interconnected and intertwined in a way that is mutually beneficial to those involved.
One of the primary benefits of utilizing Digital Supply Networks is that your organization will experience a reduction in transaction costs. Instead of manually calculating and estimating supply and demand, you'll be able to automatically estimate customer purchasing patterns and demands.
This can lead to fewer orders purchased and a greater understanding of purchasing patterns within your organization. You'll also be able to more easily discover trends both in selling and purchasing products and services.
Additionally, your organization will find it easy to increase efficiency. By having more visible data you can utilize and analyze, you'll find it's simple to locate areas where you can reduce overhead costs and spending.
Furthermore, you can use this digitized information to reduce areas that are struggling to grow and instead place a further emphasis on areas with higher levels of projected growth.
When you're competing against the world, you need to make sure your company is on top of modern trends and digital tools. This means saying goodbye to processes and products that don't work and changing for the future. One of the simplest ways you can change and prepare for growth is through a DSN.
Creating and managing your Digital Supply Network is one of the most important steps your company can take. You'll be able to view, analyze, and utilize a variety of information you might not otherwise have access to. This enables you to meet the needs of your clients and keep them happy, which results in higher sales and repeat business.
What are you waiting for? It's time to start managing your DSN today.
Don't Get Left Behind
Schedule a free consultation with Visichain to ensure your supply chain and procurement operations continue to evolve and remain competitive in today's dynamic environment.