The importance of real-time visibility in supply chain management
Real-time visibility in supply chain management improves business performance and has made lives easier in recent years. But what exactly is it, and how can it aid those in charge of supply chain management? Let’s find out below.
What is real-time visibility?
Real-time visibility in supply chain management refers to monitoring the status and location of goods as they move through the supply chain. It incorporates the live tracking of data and insights regarding products, equipment, and processes. This level of visibility has never been more critical, as companies must be able to meet customer demands for greater transparency and faster delivery times to remain competitive in today’s fast-paced supply chain.
There are plenty of benefits to real-time visibility. Whereas previous methods of tracking and recording data were tedious and time-consuming, real-time visibility methods now involve advanced technology that is constantly updating, making it possible for businesses to keep tabs on their inventory at all times.
What’s behind this change in supply chain management?
While the popularity of online shopping was already at an all-time high, the onset of the pandemic only boosted this even further. Now that people are doing most of their shopping online rather than going out to retail stores, it has become imperative for companies to keep up to date with all their transactions, shipping processes and stock levels. Not only to minimise risks and disruption but to improve customer satisfaction too.
The benefits of real-time visibility in supply chain management
A Cloud Supply Chain (CSC) solution that offers real-time visibility, like the one developed by IFC, has several benefits, including:
1.Increased efficiency: Real-time visibility helps reduce costs and increase efficiency by allowing companies to optimise their transportation routes, track their inventory levels and monitor supplier performance. CSC provides this information in an easy-to-understand way, allowing organisations to improve their logistics operations performance even more.
2.Improved customer service: When companies have a clearer idea of their supply chain, they can also keep their customers better informed. It’s never been easier to provide customers with updates regarding their orders, from specific delivery windows to possible delays.
3.Greater adaptability: Before, it would have been hard to stop disruptions in the supply chain from having substantial knock-on effects, but thanks to CSC, it’s never been easier for companies to respond to unexpected events and adjust their operations accordingly. CSC can be integrated to allow organisations to recognise and respond quickly to the presented information.
4.Improved risk management: Because they have a more transparent overview of the supply chain, companies can identify potential risks in advance, allowing them to put plans in place that can mitigate these risks should they arise, from quality issues to delays.
5.More collaboration: Every supply chain member – from the manufacturer to the supplier to the delivery driver – has access to the same information, reducing the risk of errors and improving overall performance. IFC’s Cloud Supply Chain solution allows supply chain members at every level to access relevant logistics information, seamlessly extending business systems.
To learn more about real-time visibility and how IFC’s Cloud Supply Chain solution could benefit you, contact us at email@example.com.BACK TO NEWS