We are ambitious with our digital journey. We believe that digitalization holds huge potential to create additional value for our customers and vendors, to build new businesses for Grundfos and make us a company easy to do business with. We want to interact and connect to our vendors, customers and end-users in a more relevant, simple, seamless and effective way across entire value chains. Through digitalization we intend to improve our supply chain for it to be more agile, responsive and efficient. The idea is to ensure that we lower lead times and stocks both at our end and at our vendors’ end and get rid of non-value adding manual processes.
The inability to ensure all processes are digitized from end to end is the biggest challenge. There is always some area in which manual work and interference is necessary. We also see challenges in communication between the different kinds or type of systems and platforms our customers and vendors use.
Some of the examples are;
The situation is better here. We have moved most of our channel partners/customers and vendors to online payment. Here the main challenge we have faced is lack of diligence. For example, the reference number of invoices when not tagged with payments, hampers reconciliation and needs to have manual offline data collection and entry into the ERP system.
Though most banks offer an online platform for import payments there is still a requirement for physical documents. It would be good to see if the entire process is digitized.
The few that I can think of are, improvement of end-to-end supply chain visibility and an agile supply chain system.
Our value chain is fully digitally enabled to deliver better and faster services to enhance our competitive advantage.
Digitalization has improved our data analytics and that has significantly improved our decision making ability and quality.
Customers through the extranet can track the progress of their orders. Through Track and Trace facility our customers can track the whereabouts of the products when it is dispatched from our factories.
First, with a clear overview and analysis of costs including purchase costs we are able to easily save costs and be efficient. Secondly, the planning process has improved with better visibility of expected orders, existing stock and goods ordered which enables us to reduce our stocks thereby reducing the net working capital. We are on the journey to create a “Factory of the Future” mainly to improve the consistency of quality in our products, create visibility and transparency in the manufacturing process and make the work place a much safer one for our employees. Digitalization has also improved productivity and the flexibility of our assembly lines. We also see an improvement in quality and process reliability with reduced human errors.
If you have ideas for collaboration or would like to know more about YES BANK's digital solutions, write to us at firstname.lastname@example.org