Continuing from where we left off in our last blog, let us venture into more areas.
Do you remember your last visit to a medical store OR a kirana store? Do you remember seeing a tattered notebook at the counter where the shopkeeper made some entries about a product that was not in stock?
Yep. That is where supply chain kicks in. Representatives of brands “look” into the notebook and then prepare their order. Manual exercises like this leave a lot to be desired as goods do not reach the merchant on time, leading to loss in business. Technology can play a very important role here. With a system in place, it can manage the inventory, re-order or replenish stock on the basis of EOQ, communicate with vendors on important notices such as product recall, special purchase offers etc.
Finance is the oil that keeps the engine of growth humming along. With payments going digital, financing now has newer avenues to secure risk and also increase their exposure to them. Payment partners can help financing companies secure receivables and help them analyze their transaction data to increase exposure. Financing companies can also extend loans to their end customers to help convert prospects into buyers.