The right kind of viral: Digital technology enables better supply chain management

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Viral supply chain is an emerging concept that has been transforming traditional supply chain models, especially in Europe and the UK, using the power of new technologies and accessible information to create a more efficient, cost-effective and agile system for businesses to operate in.

In Australia, this concept is gaining fast traction as greater capability and market imperatives drive demands for better finance. And with powerful new technology entering the market, this is a potent method for businesses to strengthen and build resilience.

The premise

Using smart technology and digital platforms, businesses are now able to connect with customers, partners and suppliers in ways never before imagined.

This, combined with the rise of analytics, machine learning, and artificial intelligence, has allowed businesses to gain a better understanding of customer needs and preferences, how to better manage their supply chain, and how to increase their competitive advantage.

Viral supply chain is a term used to describe the use of connected digital channels to create an integrated and agile supply chain network.

This network can be used to quickly and efficiently distribute products and services to customers and to maintain relationships with suppliers and partners.

It allows businesses to keep track of customer and supplier data in real-time, to quickly respond to customer feedback, to manage inventory levels, and to optimise their supply chain processes.

The use of viral supply chains can help businesses reduce costs, increase efficiency, and improve customer satisfaction. And by unlocking capital otherwise tied up, this offers an extremely powerful way for businesses to go to the next level.

The impact

By leveraging the power of new technology, big data and Ai insights, businesses become better able to forecast and improve how they operate.

Quickly respond to changing markets and perceive supplier issues in advance – enabling you to de-risk exposure and to now overly rely on a supplier that may be failing.

Additionally, you can use analytics to gain a better understanding of customer behaviour, to identify trends, and to develop better strategies for managing your supply chain.

And as ESG becomes an emerging competitive advantage and operating requirement, these tools can be used to minimise any extra reporting or compliance.

The takeaway

The advantages of using a viral supply chain are numerous and can help businesses to increase their competitive advantage, reduce costs, and improve customer satisfaction.

By leveraging the power of digital technologies, businesses can gain a better understanding of their customers and the market, to quickly respond to customer feedback, and to optimise their supply chain processes.

As the use of digital technologies continues to increase, the advantages of viral supply chain will become increasingly important for businesses to embrace in order to stay competitive.

Strengthen your business and your supply chain

If you’re ready to make the most of your working capital and your supply chain — talk to our team.

Our mission is to make it easier for businesses to do more business. We offer a range of finance solutions that are designed to help you maximise cash flow and use your working capital more effectively.

A solutions specialist can show you better ways to fund your business and introduce you to our powerful finance platform, Fifopay.

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