One of the many challenges facing small and medium-sized companies is determining the best way to manage their supply chain. Adding more headcount is not an option, so they should be looking to source and use technology to stay competitive. Cloud-based supply chain solutions have lowered the cost, minimizing the barrier to entry. This technology can provide significant benefits to small and medium-sized businesses (SMBs) by improving efficiency, reducing costs, enhancing visibility, and helping them compete effectively in the global marketplace.

Here are some benefits that supply chain technology can assist SMBs:

Inventory Management: Supply chain technology that has an inventory management component can help SMBs visualize and optimize their inventory levels. This immediate benefit is avoiding excess stock, which reduces storage costs and minimizes write-downs due to obsolescence.

Demand Forecasting: Forecasting algorithms can help SMBs predict demand more accurately. This allows them to recognize trends and make adjustments to their production and inventory levels. 

Order Processing: Automation of order processing tasks, such as order entry and fulfillment, should reduce errors and increase the speed at which orders are processed. 

Visibility: Technology can provide real-time visibility into the entire supply chain. SMBs can track the status of shipments, monitor inventory levels, forecast developing trends, identify potential issues, and intervene at the earliest possible moment.

Data Analytics: Analytical tools allow SMBs to utilize their supply chain data. This can help them make informed decisions, identify trends or issues, and respond as quickly as possible.

Effective utilization of supply chain technology can begin to level the playing field for small and medium-sized businesses, providing tools and insights that were once only accessible to larger enterprises. By sourcing and implementing the right solutions, SMBs can focus on servicing their customers with better management of their supply chain.