It is no secret that any organisation or sector can reduce supply chain expenses by using modern technological applications. Only when the effectiveness of the structure, management, and services can increase the conversion rate of Indian firms will Smart Supply Chain Innovation (SSCI) take place.
Commodity distribution platforms that can be tailored to the demands of any business and its user/customer demographic are desperately needed not just in India but across the world.
State of the commodity distribution market in India in 2022
The fact that the Indian subcontinent is still seen as a “developing nation” and has not achieved global recognition as a technologically superior nation is one of the main concerns among its residents. Lack of contemporary or technologically driven solutions, awareness, and know-how are regrettably few of the many factors keeping India from realising its full potential of streamlined, data-driven commodity distribution platforms.
Further, the Indian supply chain’s grassroot user personas are discouraged from devoting resources to tech-savviness due to the lack of finance.
Whether a country can export 60% of its merchandise profits from the commodity sector determines how dependent it is on commodities. The challenge facing international commodity distribution platform providers is a lack of understanding of user behaviour. Rather than fostering a system that befits the user behaviour, they have advertently and inadvertently attempted to change user behaviour, resulting in reduced User Experience (UX) performance and engagement.
The commodity distribution ecosystem in India is better off in the hands of local platforms to enable more effectiveness in every commercial retail and supply chain, domestic and international, and thereby lead to better conversions. The implementation of Smart Supply Chain Innovation (SSCI) in India is only feasible with the use of cutting-edge, web-based applications that can support a data-accurate transaction system, taking into account the need for remote solutions in the wake of COVID-19 lockdowns.
The best-case scenario for businesses in India is to look to domestic technology vendors for commodities distribution, because:
• They have a more detailed understanding of the Indian supply chain use cases:
• They have hands-on market data and feedback accessibility for the unilateral multi-channel/omnichannel integration of diverse industrial supply chains.
• They can design streamlined the design/methodology/tech approach for solutions that are custom designed for the end-to-end distribution of supplies in the Indian market and its international import/exports.
Thus, a cutting-edge SSCI with both short- and long-term value through successful user involvement is required for the Indian commodity distribution domain: An interface that encourages familiarity is supported by excellent technology and does not need changing user behaviour.
Benefits of technological integration in SSCI
A robust Indian supply chain economy has traditionally been supported by healthy competition among businesses. Therefore, SSCI is nothing more than a high-end, user-profiled, data-driven enhancement of the commodities distribution process employing trendy, low-tech software.
End-to-end technological equalisation of user personas
The lack of a level playing field in terms of technology is the main problem in the Indian market for the distribution of commodities. We have already discussed how SMEs, SMBs, and MSMEs are prevented from investigating cutting-edge fintech services that MNCs can take advantage of due to a lack of finance or interest. Therefore, these modest commodities distributors want access to low-tech counter measure to their rivals.
All B2B/B2C commodity distributors can generate more revenue with a streamlined buying and selling procedure. These distributors require a financial services aggregator for localised commodities distribution that they can rely on for transparency. This aids in building clients’ trust in secure, digitally ledger-based transactions.
Speed of transactions and communication
The speed of financial transactions will inevitably increase user engagement with commodity distribution fintech systems. Users will inevitably rely on technology when it is a trustworthy system that does several functions transparently; and, if that technology uses low-tech/no-code solutions, all the better!
Additionally, increased transaction speed translates into better corporate interactions, faster information evaluation, and more open commodities distribution.
Bolstering user-facing service features
B2C supply chains as well as B2B distributors gain from improved fintech aggregation. Consumers will trust brands more if they can comprehend how common technology are being integrated into more efficient business activity.
In turn, this improves profits for the B2B brands in the distribution business by increasing brand loyalty, conversion, and retention.
Scalability of enterprise supply chain functions
Brands will need commodity distributions that can quickly handle an increased volume of distribution requests as their business expands quickly. Businesses are able to pursue greater aims and returns by increasing scalability with contemporary, API-based fintech software that is simple to use.
Robotic process automation of commodity distribution functions
The emergence of AI/ML-based technology has made Robotic Process Automation, or RPA, a need for firms that distribute commodities. This means that brands can ramp up operations by thousands upon thousands in the blink of an eye.
Additionally, they can also rely on digitised systems for accuracy and omnichannel fintech process aggregation/integration.
Therefore, a path of innovation, acceleration, and growth using streamlined, cross-platform fintech software can assist any Indian organisation looking to increase operational efficiency in supply chain-based distribution.
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)