Maintain Strong Supplier Relations with 4R’s Supplier Health Check
4R Systems introduced its all-new 4R Navigator – a suite of machine learning-powered analytics services designed to help retailers solve critical business challenges. 4R Navigator consists of four scientifically designed solutions that provide actionable insights with very fast results, and without the typical overhead costs. These solutions can be deployed and provide quick – but substantial – wins in as little as 3-6 weeks.
We’ve already taken an in-depth look at SKU Rationalization, Clustering Analysis, and Promotion Effectiveness. The fourth solution in the 4R Navigator service is called Supplier Health Check.
What is Supplier Health Check?
Having a healthy relationship with your suppliers is crucial to staying competitive and keeping inventory in-stock. Fostering good supplier relations starts with your data. Knowing the reliability of each supplier helps you make better supply chain decisions. For example, many of your vendors may provide a high level of service, while others fall short and cause disruptions to your supply chain. Tracking and analyzing this data provides information for evaluating alternatives and holding underperforming suppliers accountable. Supplier Health Check will help analyze your orders and corresponding vendor shipments to reveal key insights that help you improve your bottom line.
How Does Supplier Health Check Work?
To start, 4R will work with your company to collect important shipping and other relevant vendor and product data. Then, we perform a thorough analysis using Machine Learning and AI techniques to highlight areas where your supplier relations can be improved.
For instance, Supplier Health Check will be able to show whether your suppliers deliver in a timely manner as well as how well your shipping receipts align with the original vendor orders. Further, it can help determine how your supply chain should be adjusted to account for the longer lead times for certain vendors, and if the costs associated with making that decision is worthwhile for your business. Supplier Health Check can also show you when to order certain SKUs, and which vendors to order from, so they arrive exactly when you need them.
All of this information is helpful, and it is incredibly advantageous when it comes time to negotiate and work with your vendors.
Get on the Path to Profit
Ready to improve your bottom line in as little as 3 to 6 weeks? To get started with Promotion Effectiveness, or to learn more about the other 4R Navigator solutions, call us at (610) 644-1234 or email info@4rsystems.com.