4 Ways Digitization Can Open Doors for New Revenue in the Supply Chain
As digitization expands across nearly every industry, organizations continuously seem to find themselves one step behind when it comes to maximizing the new opportunities that digital solutions make available to them and their customers. As internet connectivity and smart devices continue to produce more data than ever, many brands are struggling to translate the vast amount of data being collected into actionable insights that generate value — especially along the supply chain. Companies may have an easier time wrapping their heads around the potential of digitization if they know how to leverage internet-connected solutions and start to see the revenue coming in as a result. Here are four ways that brands can open the door for more revenue streams in their supply chain.
In today’s software-centric world, entitlements are everywhere — and they are not being leveraged to reach their fullest value. Without the proper management capabilities, companies can easily lose track of warranties, product licensing and software and applications usage, leading to lost potential revenue. Pricing, registering and licensing management solutions not only help companies protect their products and devices, but they can also help monetize and drive business value. Companies can even leverage activation services so consumers will be prompted to activate and register their product or device when the time comes, providing companies with the opportunity to upsell or cross-sell. By tracking and reporting the consumer’s number of installations, brands can better manage entitlements and understand how customers are using their purchases. That way, when it comes time to upsell, brands are equipped with the insights they need to make an informed, well-tailored sales pitch.
Recurring Revenue Streams
When business is booming and customer orders or subscriptions are flying in, companies may struggle to efficiently capture recurring revenue within their business revenue streams. There are solutions that can simplify this process by helping companies connect the checkout order process to the fulfillment process — accelerating the speed with which consumers receive the products they want. By actively addressing this issue, companies can enhance the quality of the information they have on every customer order, equipping them to create a more-than-satisfying user experience. This includes going above and beyond invoicing to truly measure customer buying behavior, following users’ e-commerce journey from the activation of a subscription through recurring payments. Ultimately, by making the process seamless for both brands and buyers, companies save time and win the loyalty of consumers that keep them coming back for more.
Level Up Customer Loyalty with Smart Devices
Companies may feel overwhelmed with the real-time data they receive from their customers’ smart devices, but these devices present the ultimate opportunity to deliver over-the-moon customer service. With the right internet-connected solution, companies can connect to users’ devices and stream analog or digital telemetry data directly into their own digital infrastructure. With this information, companies can generate real-time analytics and connect them to trigger actions that can proactively respond to any customer frustrations. This includes setting up maintenance schedules, warning users when a device needs servicing prior to failure and even automating device replenishment or replacement as needed. By leveraging these data analytics, brands can spend more efficiently — identifying design problems, driving device improvement and guaranteeing their customers continue having positive experiences. The better the product, the happier the customer, the steadier the stream of revenue.
Today’s consumer expects immediate delivery, and brands that can deliver this will win business. The first step toward meeting consumer demands is leveraging the right technology. By tracking usage information from users’ connected devices, brands can automate real-time, consumption-driven product replenishment so consumers are never left waiting and are locked in for the next purchase. In addition to consumer retention, IoT-enabled solutions can model virtual inventories which companies can monitor alongside consumption data to inform their decisions around the types of products that consumers want. By optimizing their approach to product, brands can position both products and sales pitches strategically to consumer demands.
In the digital age, the supply chain can seem overwhelming to brands given the vast amount of data it produces. With the right capabilities, however, companies can harness the value of connected and smart devices to learn more about their customers, get ahead of the modern consumer and increase revenue stream potential.
To learn how ModusLink can optimize and open doors for revenue in the supply chain, visit this page. To learn how ModusLink solutions can be used to help companies monetize IoT devices, download this case study.
Speak with an Expert NOW!GET CONNECTED
Subscribe today and get the latest in Supply Chain, Logistics and eComm from our thought leaders