This consist of having the Right product, in the Right quantity, in the Right condition, at the Right place, at the Right time, for the Right customer and at the Right Price. Sounds intuitive doesn’t it? Let’s dive deeper!
Right Product
It goes without saying. You can’t be profitable if you can’t find a buyer. Essentially, cashflow is key to all businesses and without customers, companies are bound to shut down.
It is therefore imperative that supply chain managers ensure that products are always in customers’ demand to ensure a steady income stream for the company’s finances.
Factoring in transportation cost as well as manpower logistics, these are key areas in ensuring that the company is sustainable in managing its resources and time efficiently.
Right Quantity
Having accountability is the next most important aspect of supply chain management. This includes having effective delivery of orders and communication to get the right quantity of products delivered to customers.
Right Condition
It is utmost importance for companies to ensure the quality of deliverables. This includes making sure that goods are stored properly and sent to customers in the right condition. Such services and processes have to be done consistently while the procurement department holds the key to ensure that goods are properly packed and shipped in the right conditions to their customers.
Right Place
Next, sending it to the right place doesn’t just entail geographic reach but also in the competency of companies to be able to track and monitor the products’ exact location on the spot. Additionally, supply chain managers have to ensure that they have a robust delivery system consisting of a team of competent and qualified logistics personnel to deliver the content at the proper place.
Right Time
Delivering on time is a key aspect to customer’s satisfaction and their long-term partnership with the firm. This makes companies more prone to acquiring tracking services through satellite devices to ensure that deliveries are timely and customers are happy with their services.
Right Customer
Targeting the right customers is essential to a successful business. Without the right customers, companies would be exhausting their finances on unwanted leads while products would have been sold in the wrong market that generates lower revenue. Hence, it is prudent for managers to know their target market, identify the right customers so that they can offer the right products to the right customers and make the company sustainable.
Right Price
Lastly, with the right targeting, companies need to ensure that their price point is right. This requires managers to conduct deep industry analysis on their products and services, comparing them with their competitors to ensure that prices are reasonable. Projecting the right price also means that managers have to take into account the COGS in their inventory list and the capital expenditure which the company has to bear while providing the services to ensure that the company can operate sustainably.
Keen to find out more on how you can improve your supply chain processing and be more effective in product accountability? Follow us on our website at www.tracking-cargo.com or contact us now for more details.
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