4 proven strategies businesses are using to drive growth in 2024

by | Jun 28, 2024 | Order Management, Suppliers

We recently wrapped up our IN> events for the first half of the year in Dallas and Atlanta, where we engaged with supply chain leaders to discuss industry and market insights. When we asked attendees about their biggest business priority, the answer was clear: Growth!

Growth is essential for maintaining a profitable business and enhancing your competitive advantage. However, many businesses are running lean, and resource constraints or an inability to scale operations can create costly roadblocks.

So, what are successful businesses doing to overcome these challenges? Here are four key takeaways:

Automate processes to become more efficient

Investing in technology can help you achieve leaner operations. Upgrade your systems, invest in new ones, automate manual processes and look for ways to adopt AI capabilities to help you work faster. These automation strategies can improve efficiency and free up valuable resources.

For example, Select Brands, a small appliance company, struggled to keep up with increasing order volumes. By upgrading their ERP system and automating order fulfillment, they dramatically improved processing efficiency. Now, the Select Brands team focuses on strategic initiatives and customer relationships instead of manually entering orders.

Meet changing consumer expectations

Consumer behaviors and expectations have shifted significantly. To meet consumer demand and maintain loyalty, focus on omnichannel integration, personalized experiences and sustainability.

Some of our customers are leveraging TikTok for its viral potential and setting up TikTok stores to engage the platform’s massive audience and meet the preferences of today’s social media-savvy consumers.

Others, such as water bottle supplier Hidrate, are focusing on expanding their sales across channels. By prioritizing product innovation and diversifying their channels to support new opportunities across retail and eCommerce, Hidrate has grown from an idea into a national brand.

Focus on complete inventory control

To truly see the benefits of an omnichannel strategy, you need full transparency and accuracy of your inventory—all the way through your supply chain. Retailers have been looking to reduce their stock levels following 2022’s inventory tidal wave. Many companies have worked to trim inventory and increase their demand planning capabilities to improve accuracy, declutter facilities and reduce costs.

Technology investments like inventory management systems, AI and RFID technology can be used to improve inventory visibility and accuracy. But technology isn’t always the answer. Improving data analytics and demand forecasting with existing resources can also be effective.

For example, a small meat seasonings and marinades supplier used sell-through data to recommend replenishment orders with their distributors, prevent out-of-stocks and ensure constant product availability, which means sales aren’t missed. This strategy also helps them get in the door with larger big-box retailers, like Walmart.

Consider the core competencies of your business

Is shipping a core capability for your business? Is warehouse space available in your location? Can you locate inventory and ship orders on time and cost-effectively? If not, leveraging 3PLs for warehouse optimization, inventory management and reliable order fulfillment could be a game changer in enhancing operational efficiency and reducing costs for your business.

There is no one-size-fits-all solution, but by adopting these strategies, businesses can overcome growth roadblocks and achieve their goals in 2024 and beyond. What strategies are you implementing to drive growth in your own business? Share your ideas and experiences in the comments below!

Emily Curran