Mark Bell Supply chain operations are usually complex, involving multiple stakeholders. Any disruption in the supply chain adversely impacts all the parties involved and leads to delayed shipments and payments. That’s why it is imperative for businesses to see what’s happening in their supply chain in real time. Information about orders, shipments, receipts and invoices is usually scattered across multiple systems,=which makes it extremely tough to get a single view of each order, and trends over time in fulfilling orders on-time in full. No wonder companies struggle to eliminate costly errors, fines, and chargebacks! The Covid-19 pandemic has demonstrated the need to consolidate scattered data in a single location, and make it accessible across departments--we have all seen the empty shelves which illustrate that businesses’ traditional demand and replenishment models don’t work in a world with partial and delayed order fulfillment.
No matter how complex the situation on the ground is, companies like CoEnterprise always make a difference. The company helps businesses prevent costly fines and chargebacks by providing real-time visibility into orders, shipments, receipts and invoices. CoEnterprise breaks down barriers across the supply chain through its Syncrofy for Supply Chain (SSC). “By conducting research, we have found that only 6 percent of professionals have full visibility and 17 percent have partial visibility into their supply chain. So, our mission is to help businesses make data-driven decisions and empower clients with advanced real-time analytics and insights. This enables them to identify problems before they occur,” says Mark Bell, Vice President of Marketing, CoEnterprise. In addition, Syncrofy offers another module—Syncrofy for EDI & IT—that enables IT and EDI professionals to identify problems in the data which powers supply chains. EDI data f lows between companies and systems, and Syncrofy enables companies to use it to their advantage. “Businesses can proactively monitor EDI transactions, exceptions, and chargebacks as well as better collaborate with business partners. Also, businesses do not need to replace their existing systems to leverage our solution,” mentions Jennifer Tattenbaum, Vice President of Product, CoEnterprise. In a nutshell, Syncrofy is designed to promote collaboration between different disconnected divisions within a company, and between companies doing business with each other, by making shared data accessible to everyone.
What’s more? Tracking the estimated delivery date on goods that have been affected due to pandemic, CoEnterprise helps its clients better understand the status of their order so that they could undertake appropriate action to increase their replenishment orders or choose an alternative supplier to address consumers’ demand in case of delay. Syncrofy also allows businesses to collaborate with suppliers and customers by providing them real-time views into the orders, shipments, receipts, and invoices that make it easier to resolve problems.
Jennifer Tattenbaum
Syncrofy is primarily based on electronic data interchange (EDI), a ubiquitous form of data that companies exchange with each other as part of their supply chain, orders, shipments, and invoicing. Converting the EDI document into a human-readable format, the software allows any user in an organization from the customer service department, finance, supply chain, IT, and even the C suite to quickly understand the data so important to a business’s operations. By comparing order, shipment, receipt, and invoice, the software reconciles each line item so businesses can quickly identify if anything has been short shipped, improperly invoiced, or not received. For instance, the company helped a major retailer that was struggling at their warehouses in improving how they receive shipments. They had a backlog of more than three weeks in unloading trucks and loading goods into their warehouses so they could be shipped to stores. This backlog was in part because they were entering shipment data manually—every task was laborious and inefficient, AND resulted in a loss of information to boot! The client needed to gain proper insight into what was arriving in their suppliers’ shipments to properly plan their own receiving. Adopting Syncrofy, the retailer tracked if their suppliers were sending the advance ship notice (ASN) on time with all the required data. In addition, CoEnterprise ensured that the suppliers’ data was translated and appropriately transmitted to their warehouse management system to plan, analyze, and improve their receiving.
our mission is to help
businesses make datadriven decisions and
empower clients with
advanced real-time
analytics
Such instances of client success always drive CoEnterprise to explore new avenues to help companies improve their supply chains. The company is now focusing on adding new features into Syncrofy to accept and ingest more forms of data other than EDI. This will offer organizations a complete view of the order irrespective of how the order is sent or received, and provide C-suite executives with a holistic view of their business. Additionally, CoEnterprise is continuously enhancing its reporting capabilities to report more robustly on quantity and pricing discrepancies and performance of products over time, including order or pricing trends by different suppliers at various locations. Through its award-winning enterprise software and services, the company is changing how organizations do business by supporting them to harness their data for faster and smart decision-making.
NEW YORK - CoEnterprise, an enterprise software and services company that solves data challenges in real-time, today announced that all Syncrofy customers have successfully transitioned to Syncrofy 2.0. The latest version features an upgraded architecture that offers improved resilience, scalability, and overall performance to drive unparalleled business value for organizations worldwide.
Tailored to cater to the needs of supply chain professionals, Syncrofy stands as a multi-enterprise data platform designed to enhance transparency, intelligence, and automation across extensive supply chain networks. It equips organizations with the capability to proactively address supply chain challenges and pre-emptively resolve issues, thus enabling the avoidance of costly penalties, delays in payments and shipments, and facilitating accelerated revenue realization. Syncrofy empowers companies to centralize dispersed information from various systems, rendering it accessible to all users across different departments, all without necessitating involvement from IT personnel or resources.
Evolved from its predecessor, Syncrofy 2.0 introduces a pioneering architectural standard. This advanced structure ensures consistent operations, even when confronted with unexpected disruptions in the supply chain. Noteworthy improvements brought about by Syncrofy 2.0 include:
• Enhanced Resilience: Syncrofy 2.0's architecture is fortified through the application of cloud-native patterns, utilizing IBM Cloud Kubernetes Service for enhanced failure detection, multi-active deployments, and swift recovery, thus reinforcing its ability to endure rigorous conditions.
• Improved Scalability: The new architecture empowers Syncrofy to seamlessly accommodate expanding data volumes, user numbers, and feature requirements, maintaining a uniform experience and optimal performance throughout.
• Amplified Business Value: Syncrofy 2.0 retains the robust real-time data analytics and supply chain capabilities that users rely on, while now operating within a more resilient and scalable framework. This empowers efficient decision-making and streamlined supply chain processes.
A standout attribute of Syncrofy is its unparalleled capacity to facilitate cross-document correlation. This functionality enables users to effortlessly track and correlate metrics such as ordered quantities, adjusted quantities, shipped quantities, invoiced quantities, and received quantities. This potent feature equips supply chain professionals with invaluable insights for informed decision-making, enabling them to proactively address potential discrepancies before they materialize.
"Supply chain visibility still remains unattainable for so many organizations," said Michael Rabinowitz, CEO of CoEnterprise. "This poses incredible challenges in effectively monitoring orders, reconciling discrepancies between orders, shipments, and invoices, and often culminates in issues such as vendor chargebacks, delayed shipments, and, ultimately, delayed payments."
"Syncrofy 2.0 emerges as a pivotal solution, strategically designed to empower organizations to address potential supply chain issues proactively. We take immense pride in the fact that all our customers have embraced this latest version and it stands as a testament to our dedication to enabling businesses to navigate their supply chain with foresight and precision, regardless of the prevailing uncertainties."
With Syncrofy, organizations can expect to:
• Reduce revenue leakage by up to 30% due to late shipments (for retailers)
• Reduce chargebacks by up to 30% by correcting errors before they happen (for suppliers)
• Eliminate late payments to suppliers, saving an average of 2% on payments
• Guarantee suppliers are paid on time, ensuring negotiated discounts (2% or more) while improving credit worthiness
• Achieve an ROI of up to three times their initial investment within 60 days
"Syncrofy has been a true game-changer for our organization," said Brian Blood, Managing Partner at Graceblood. "The enhanced performance and resilience of 2.0 coupled with the added value have exceeded our expectations. It's not just an upgrade, it's a leap forward in efficiency and intelligence for our supply chain and B2B operations."
For businesses seeking to drive supply chain efficiency, eliminate errors, and enhance overall operational effectiveness, Syncrofy offers a transformative solution. For more information about Syncrofy and its groundbreaking capabilities, please visit https://www.coenterprise.com/solutions/syncrofy/.