In the modern business landscape, supply chain executives face more challenges and disruptions to their supply chain ecosystems than ever before. The latest events show that the world’s economic landscapes will be heavily impacted by the consequences of the pandemic, Russian-Ukrainian war, and other ongoing global shifts.
One thing in this equilibrium remains constant: the critical need for end-to-end supply chain transparency. It becomes even more crucial as companies struggle to navigate these uncertain environments and proactively manage exceptions. It’s time to redefine supply chain visibility in the modern world and examine practical solutions to keep supply chain operations transparent.
Organizations that have invested in complete end-to-end visibility for international shipping are realizing significant value in terms of operational efficiency, profit, and cost reductions. In addition, organizations that invest in end-to-end visibility will gain a competitive edge in their international shipping operations efficiency, particularly during current periods of intense supply chain disruption.
Why data is an integral component for modern-day visibility
Too many executives assumed that migrating old business logic, data, and analytics to the cloud would immediately enhance openness and transparency. However, digitalization doesn’t necessarily equal supply chain visibility.
Instead, the new focus for network visibility is data. Having the ability to retrieve, process, and dissolve volumes of data into actionable information units is vital for bringing visibility to global business ecosystems and extended supply chains.
Economist Intelligence Unit (EIU), together with The Association for Supply Chain Management (ASCM), generated a report, “The Resilient Supply Chain Benchmark: Ready for Anything? Turbulence and the Resilience Imperative”, which highlights essential insights about supply chain visibility:
- 50% of corporations rely only on their data
- 37% of firms say their visibility was hindered by their own data silos
- 57% of firms use data to build risk management plans for unpredictable events.
Processes that ensure granular, real-time data sharing at every critical stage in the supply chain took precedence and urgency.
Transparency must be transformed digitally to alter supply networks digitally. Transformational visibility is what leadership must examine. However, digitalization cannot give agility or dependability unless the leadership first provides data access, quality, and lineage. So, naturally, comes the question: how do we achieve this actionable information and turn it into business value?
Critical solutions for end-to-end supply chain visibility
Boosting supply chain transparency requires firms to innovate and broaden their toolboxes by adopting new approaches for obtaining visibility into their suppliers’ operations. They must also remember that this process takes more than just technological investments; it also necessitates business innovation to solve infrastructural and incentive alignment hurdles.
However, a mentality shift is required to reap the full benefits of transparency. Companies throughout the supply chain may benefit from increased efficiency, more collaborative relationships, and potential income possibilities by educating supply chain partners on the benefits of data sharing and openness.
Companies can put themselves in a better position to satisfy regulatory and activist needs, influence new market trends, and generate new commercial possibilities.
Prepare for new disruptions ahead
It is never too late to begin preparing for the disruptions. Discuss several possibilities, ranging from the most plausible to the most improbable. Encourage open conversation and identify any possible flaws.
This is not the same as discussing routine stress testing. These are also vital, but business should discuss larger-scale environmental and political risks so that, in the worst-case situation, a proper response plan for the supply chain is all set up.
Develop a digital global supply chain strategy
Transportation and logistics firms must understand that if their clients begin to pivot toward resilience and visibility, they must participate in that arena and develop competencies beyond logistics and assets.
Many firms are reevaluating their supply chain strategies and resetting priorities. Whatever the case, the need for proper visibility solutions has been greater than anyone could expect or anticipate.
Invest in technology for end-to-end supply chain visibility
A supply chain visibility (SCV) platform is a vital instrument for complete and coherent global supply chain management. It can assist firms in streamlining processes, tracking shipments, monitoring third-party, inbound, and outward activities in real-time, monitoring historical data, and assessing supply chain gaps.
SCV software also enables proactive management of multiple layers of supply chain exceptions. As a result, corporations use this tool to enhance their supply chains, improve on-time delivery rates, minimize costs, automate operational processes, and promote collaboration and communication with all vendors, distributors, and interested stakeholders.
Achieve end-to-end visibility with Agistix
Agistix can help your company meet all of your supply chain requirements with our complete visibility software. Our main benefit is a smooth connection that does not require changes to your normal business processes. You’ll notice results in as little as four weeks after adoption, with rewards such as:
- Reduced costs
- Automated operations
- End-to-end visibility into any transaction and shipment
- Improved order fulfillment and inventory
- Reduced labor costs
- A proactive approach to detecting supply chain gaps
We have a thorough understanding of the stumbling blocks in your supply chain. As a result, we can deliver a flexible, easy-to-use software solution that will enable unrivaled insight into your worldwide supply network.
Want to learn more? Then, get in touch with us right away.