In today’s fierce competitive business landscape, when you are staunchingly working to ensure quality and on-time deliverance, you cannot afford to leave much room for error. Be it defective or poor quality products, failure in meeting production requirement, documentation fault, inconsistencies or shipping damages, no matter the cause, chargebacks are a profit-draining reality for
The chargebacks bestowed end up condemning rapid impact on the revenue of supplier/ manufacturer. Though the chargeback policies of each retailer/ consumer is different but penalities are applicable everywhere. If we trackdown the rooot causes of these chargebacks the explanation will leave us to strange places and sometimes the cause doesn’t fall under the immediate sphere of control. These issue can emerge at any point of supply chain impacting the quality or fuctionality of final output resulting in client dissatisfaction.
What are Chargebacks?
Compliance policies varies for different retailer and clients spelled out in lengthy documents or routing guides of how each step is processed and prepared. When these procedures are not followed it resulting into delyed deliveries, the retailer issues chargebacks to cover up the cost of the inefficiency and loss occured due to failed confinement.
So what can be done to combat these strict policies and conclusively avoid the chargebacks? Companies with the will and the resources to prevent and refute chargebacks can avoid hundreds of thousands, even millions, in lost profit.
Here are few ways to minimise chargebacks in the supply chain.
1. Empowering Team: To begin with ingrain compliance into your company’s culture and empoering your team. Enable them to search, review and interact with the necessary data to identify the ground of chargebacks.
2. Audit to find the root cause: Why delay deliveries, why defects, what is causing it. Set up internal audit to reach out to the bottom of the issue. This will enable you to understand the gaps in each procedures and problem areas.
3. Fix the gaps : With the initial gaps identification, note down the causes that lead to failed output. Once we know the issues, draw out planning to take corrective and preventive actions to reduce these errors to minimum.
4. Invest in the right tool: An apt digital solution that can optimize and simpliy the complex manaual procedures could literally transform your complete operations. A right tool can help gain visibility into your supply chain enabling you to overcome chargebacks.
This is where STITCH comes into picture. The right tool to prevent your chargebacks with cutting-edge digital solutions.
With a STITCH’s smart digitised solution manufacturers can:
– Inspect & Audit types by Factory/ Line/ Order at the end of line, measurement and packing
– Paperless production floor, has the tools to solve quality control documentation challanges.
– Predict patterns and anticipate defects.
– QR Coded Rework & Reject tracking with root cause analysis.
STITCH is designed to add value to your output and provide easy to read insights to help compliance, production operations and shop-floor. It provides you to interact more closely with your procedures to expediate corrective action, drive accurate analysis and ultimately reduce charge backs
Why not give it a try? Reach out to STITCH team to learn about the power of our smart system and what it can do for your business. Mail us at email@example.com.