Supply Chain Visibility Has Never Been More Essential
The digital transformation is in full swing, and it’s driving a strong need to improve supply chain visibility. This is one area where a lot of manufacturers have yet to make inroads, despite the fact that insufficient visibility is considered among the top five biggest pain points in supply chains.
There are plenty of benefits to be gained by improving your supply chain visibility. Perhaps the biggest one is the ability to create perfect orders and improve customer satisfaction while keeping return costs down. Another huge benefit is being able to collect the right data to make good business decisions quickly. Gaining a higher degree of supply chain flexibility with predictive analytics and boosting resilience can also help keep supply chain failure risks down. It can enable you to improve your working relationship with distributors and suppliers, building that all-important trust that can lead to future successful ventures.
Get Ready for the Digital Future
How can organizations improve their supply chains for the digital future? First, you need to examine the transparency of your supply chain. Ask yourself whether you’re satisfying customer demands and collecting sufficient data to make the most of predictive analytics. Determine whether you’re fully compliant with your industry’s track and trace requirements and consider whether you have downstream and upstream visibility into products, parts and raw materials.
Implementing end-to-end inventory visibility is something to take one step at a time. Define roles in your organization but realize they may shift throughout the process. Start by automating data collection in internal operations and put that data to work with predictive analytics to measure and optimize supply chain agility and responsiveness. It’s also time to start chipping away at those internal data silos; information should be shared easily throughout the departments in your organization.
Manufacturers that don’t start implementing digitalization now and fail to make improvements in supply chain visibility will find themselves losing out to those who are willing to make this supremely rewarding effort.