Overcoming supply chain challenges
The global COVID-19 pandemic wreaked havoc on the whole world and the global supply chain is still in the throes of that chaos. Supply chain issues aren’t unique to any industry, but it is certainly a notable issue within the IT solution provider (TSP) industry. Fortunately, there are strategies that can be executed to soften the impact of the supply chain issues your company may be facing.
Centralize your product sourcing
When conducting the necessary research to identify various suppliers, your sales and procurement team may spend a lot of time looking through different suppliers’ websites, trying to find the best price and availability. This can be time-consuming and frustrating.
By using a tool that centralizes product sourcing, your team can easily compare pricing and availability across top vendors in one place. Filtering options can make it even easier to identify vendors with product availability, which can be a game changer. Moreover, tools that allow you to continuously update product sourcing will help you stay current. This is especially important if a product is sourced for a sale, and the sales cycle lasts longer than expected.
Use forecasting to prep for upcoming needs
Another great way to combat the pain of the supply chain is to forecast what you may need in the upcoming days and months. Streamlining processes around sales and sales handoff can help your team identify what will come through the pipeline and eventually close. A highly accurate forecast can prevent unexpected requirements.
By keeping track of your sales funnel, you can better identify trends and predict sales closure. This will make it easier for you to stay on top of procurement.
Become confident in your inventory numbers
While it’s crucial to understand vendor availability, it is also worth looking at your internal inventory. Inventory management can be challenging, but having standardized processes for inventory count can help immensely when it comes to product sourcing. Doing a stock take regularly can ensure that your inventory is accurate, which helps avoid inconvenient situations such as thinking you have something you don’t.
An effective IT inventory management software provides real-time insight that helps small and medium businesses make decisions about stock volume. With the combination of ConnectWise CPQTM and ConnectWise PSATM, it’s easy to combat supply chain issues. ConnectWise CPQTM centralizes and automates product sourcing through a single UI by integrating your distributors and PSA, while ConnectWise PSATM streamlines inventory management by tracking your on-hand inventory and ensuring you have what you need to provide impactful customer service.