April 1, 2021

Trukkin’s Handbook For Curbing Discrepancies In Your Supply Chain

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Supply chains are an integral component of a business. They are a pathway to augmenting sales, stabilizing costs as well as maintaining business streamlining.

The sales and costs, however, fall under the unregulated realms of business management, but streamlining is one process that remains under your control. Therefore, to run a successful business, Trukkin has suggested a few ways to curb errors and discrepancies within your supply chains.

Discrepancies in supply chains

As previously stated, not all business parameters are under your control, but streamlining is. And one of the essential aspects of streamlining is dealing with supply chain discrepancies.

Supply chain discrepancies like:

  • Missing papers
  • Wrong invoice calculations
  • Inaccurate money transfers
  • Inadequate transparency within supply chains
  • Misaligned inventory
  • Pricing miscalculations
  • Delays in delivery etc.

It could cost you between 120 dollars to 150 dollars per consignment. On average inventory, discrepancies could result in the loss of millions. Hence, preventing them and containing them becomes crucial.

So, here are a few ways by which you can prevent such discrepancies and, in turn, the losses that you experience because of them.

Way 1: Automating inventory work

Inventory miscalculations are a regular nuisance in the supply chain management structures. Miscalculations in inventory can result in pricing inaccuracies and transaction fallacies.

  • Suppose a retailer placed an order for 500 widgets but got an invoice for 510.
  • And on top of that only 490 were delivered.
  • This error can cause an enormous disbalance among all the three levels of a supply chain: supplier, retailer, and buyer.
  • This situation was a sheer reflection of how small errors can manifest significant losses for all the people involved.
  • Thus, it is advisable to switch to automated inventories.
  • Although automation cannot entirely wipe out all the chances of discrepancies, it can reduce it to great levels.

Way 2: Keep a clear count of your stocks

Recording every stock movement can help you optimize your business plan. Counting stocks correctly is the best way to keep track of them.

  • If you ever detect some mismatching in your numbers, the best thing to do will be to recount your stocks.
  • Recounting can help you realize calculation mistakes and detect computational errors.

Way 3: Monitor the location and movements of your stock

Keeping track of the location of your stocks through a spreadsheet can help you find them easily in case of misplacement.

  • Stock handling becomes easier if you keep updating location changes and stock movements.
  • Stocks added or removed from warehouses should be updated accordingly.

If you are looking for a reliable logistics service in Dubai, contact Trukkin.