Supply Chain Collaboration and Social Media
In today's competitive environment, it's difficult to find new customers. Hence, it's getting increasingly important for companies to increase revenues with existing customers. The only way this can happen is to collaborate effectively with existing customers to turn them into big accounts. Social media can be a wonderful tool to bring about this change. A study has revealed that employees are able to interact more effectively with their suppliers and attain the latest information regarding the latest trends and technologies through the use of social media. Interaction through social media with suppliers can help bring about better service and on-time deliveries. This, in turn can help the vendors as well, since the customers start trusting these vendors and start giving them bigger business based on their reliability and sustenance. This eventually can turn into a symbiotic relationship since longer vendor collaboration leads to lower costs.
Today, customers are influenced by reviews and comments of supplier/company posted on social media. Also, since the amount of people using social media today is so huge that the number of likes/dislikes on a product/company can greatly influence a customer's perception. If data from such social media can be integrated to supply chain, it can prove to be a great tool to attract customers.
Today, companies are trying to consolidate suppliers to service all points of their operation. Social media can again help in this front since the company's strategic vendor partner can refer its own partners to supply the company. This helps bring about strategic alliance between companies and their suppliers by which the supplier can help to serve its customer through its partners. This also results in optimal costs from customer's point of view. Social media can also be used to collaborate internally. For example, an internal social media application can help the purchasing team collaborate more effectively with the payables team. Today, tools are being developed to send notifications to all concerned users when the risk profile of a vendor changes. This helps better decision making by effective collaboration amongst internal team members.
Today 91 percent of working adults who are linked in any manner to any company's supply chain use social media regularly. Imagine how interesting the workplace would be if these people start using social media in workplace