Outsourcing your operations to supply chain and logistics specialists, such as 3PLs or Contract Manufacturers, can bring about significant benefits like cost savings, reduced capital expenditure and enables increased focus on core competencies.
However, with these advantages come unique challenges. The central challenge revolves around maintaining control and visibility over inventory, both in terms of raw materials and finished goods, from a distance.
Gaining visibility over inventory from external providers involves dealing with a plethora of data and documentation. Which includes proof of delivery documents, supplier receipts, and production entries.
Unfortunately, sorting through this information often becomes a labor-intensive process, consuming valuable time that could be better utilized on more important tasks.
This isn't a problem you can just ignore. Ensuring an adequate supply of raw materials to meet future customer demand, producing enough stock for current requirements, and paying supplier invoices on time are all challenges that first require precise inventory management.
Orderlink Solution:
Orderlink has developed a receipt reconciliation feature as part of its purchase to pay platform.
This feature provides businesses who use external logistics providers complete visibility over their inventory when managing it from a far.
In typical Orderlink fashion, the process begins with the system sending a purchase order to your supplier, planned for delivery to one of your external logistics providers.
Once your logistics partner receives a shipment based on your orders, they promptly forward the relevant documents to you.
These typically include proof of delivery, pack lists, or a daily spreadsheet detailing received goods.
These documents act as notification confirming the successful arrival of your order, enabling you to promptly update your inventory and proceed with settling supplier invoices.
They key value add from Orderlink is we automate the manual admin work in this process. Sorting through emails, deciphering packing lists, receipting purchase orders and updating inventory levels in your ERP are all manual interventions Orderlink automates.
Utilizing custom-built APIs and advanced document scanners, Orderlink possesses the capability to accurately match purchase orders with corresponding deliveries. This enables seamless population of the goods receipt field in your ERP system.
If data doesn't align with the initial purchase order, Orderlink facilitates reconciliation for discrepancies.
For instance, if the logistics provider mistakenly passed on the quantity received in the wrong unit of measure, a manual input of this difference is all that's needed to confirm the receipt, while the rest of the data remains automated.
Orderlink can recognize this error and allow you the opportunity for reconciliation.
Benefits
Rapid and In-Depth Inventory Visibility:
Orderlink provides swift and comprehensive visibility into your inventory levels, empowering you with real-time insights.
Optimized Inventory Management Decisions:
Gain the ability to make informed decisions on your inventory holding levels, ensuring a more streamlined and efficient supply chain.
Enhanced Vendor Relations through Prompt Payments:
With Orderlink, you can expedite payments to your vendors, fostering improved relationships by ensuring timely settlements.
Drastic Reduction in Manual Administrative Tasks:
Experience a significant decrease in manual administrative workload. Orderlink automates various processes, freeing up valuable time for more strategic activities.
Time-Efficient Operations:
Benefit from considerable time savings as Orderlink automates tasks that would otherwise demand manual intervention, allowing you to focus on core business activities.
