Brand owners face the heat when it comes to choosing between traditional and modern solutions for supply chain traceability & retaining consumers as well as supply chain partners in terms of loyalty and its redemption. If you are a CEO/ General Manager or a decision maker reading this blog can be beneficial just in time (Budget setting time of the year)
Undoubtedly, there are lots of factors that go into tracing the supply chain, managing warranty, capturing data and retaining the priceless consumers and supply chain partners with their loyalty towards your brand. This time of the year is very crucial for your brand, due to the economic loss your stakeholders have suffered because of the pandemic. However, things are changing and companies are planning to have their budgets fixed for loyalty and traceability to make 2021 better for their brand. We have certainly got some brilliant suggestions for you!
What is the budget? (We know that you know this, but still defining it quickly)
A budget is a financial plan for a fixed period. The process of preparing detailed projections of future amounts is budgeting. This allows the companies to understand in advance whether they will have enough money to do things they are planning. Given that, budgeting plays a crucial role in making or breaking the functioning of the organizations. We want to suggest to you how you can make way for adding what actually would benefit your customers and indirectly leveraging your brand with potential traceability and data analytics.
Factors that determine the budget
Company’s current financial condition
Available funds and revenue streams
Long-term business goals
Industry and competitor analysis
Project ROI from loyalty based program, supply chain traceability or data capturing solutions (feedback, digital warranty, product authenticity, referrals)
Reasons to allocate budget to supply chain traceability, data-capturing solutions and loyalty programs
We know you are pretty aware of the benefits of spending money on these solutions. Still, we would like to shed light on the reasons to do so.
Why should you set a budget for supply chain traceability?
As per Statista: 21% of supply chain professionals say that visibility is their biggest organizational challenge
It becomes complex to enhance supply chain visibility. Traditional methods of tracking and tracing the supply chain levels are obsolete, but the companies who wish to grow are ready to spend their financial resources on them. Effective supply chain traceability determines your brand’s growth and a digital solution can make the situation even better. In other words, it often makes sense to see how you can tackle the supply chain at every level and transform your processes.
Imagine you knew what to produce and when to produce with minimal wastage across the supply chain. You could block / mark returns or manage FIFO would again be really advantageous to your fast moving product in the market.
Why should you set a budget for data-capturing solutions?
Stakeholders often tend to ignore the fact that data-capturing is important. Warranty management is one such data-capturing solution that is not limited to just educating the consumers about it. But it is more about providing all the ease to the consumers to access warranty details when required while the brand acts promptly upon receiving the request with avoiding warranty fraud. All this can be made possible only through a sophisticated digital warranty management system. And to adopt it, you need to set a budget to avail the services.
Why should you set a budget for loyalty programs?
As per a source: More than 78.6% Fortune 500 companies have some sort of loyalty program in their supply chain
A brand is dependent on its distributors, retailers and ultimately the consumers. Whether the loyalty program is aimed at retaining the supply chain partners or the consumers, it’s all worth in the end. Ultimately, you got to make customers feel like they are involved in a credit card sort of environment, where getting in your product loop has several advantages than 1.
We also think if you are an SME, you can learn from the giants as Budgeting helps them
Promotes discipline spending
Diverts budget towards fruitful solutions
Preparing a budget for traceability with loyalty is imperative.
Trust the fact that supply chain traceability, first party data capturing solution like digital warranty and loyalty programs are an inseparable part of your brand’s identity in the marketplace today. You ought to take this step at this time of the year so that you are ready to spend bucks on solutions that will return 10X the value of the money invested.
Clueless on how to proceed? Want to know how much money it takes to achieve the best results for your brand? Shed your inhibitions because team Genefied is just a call away with its solutions. Connect today for a better tomorrow for your brand and get answers to all your queries.