Supply Chain Visibility. It is not that simple as it seems to be
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The document discusses the importance of supply chain visibility, emphasizing that it goes beyond tracking goods to leveraging data and technology for operational optimization, risk reduction, and improved customer satisfaction. It highlights the current challenges faced by organizations, including a lack of clear understanding of digital supply chain concepts and the hidden costs associated with poor visibility. Key technologies enabling modern supply chain visibility include IoT, big data analytics, blockchain, and cloud-based platforms.
Supply Chain Visibility. It is not that simple as it seems to be
- 1. www.utahtechlabs.com +1 801-633-9526 Supply Chain Visibility. It is not that simple as it seems to be
- 2. www.utahtechlabs.com +1 801-633-9526 Supply chain visibility goes beyond merely tracking goods from point A to point B; it's about harnessing the power of data and technology to optimize operations, reduce risks, and enhance customer satisfaction.
- 3. www.utahtechlabs.com +1 801-633-9526 With unprecedented variability and economic uncertainty, the focus of supply chain leaders is, of course, financial viability. Embracing the Need for Change In a recent survey conducted by Supply Chain Insights, 48% of manufacturing companies with an annual revenue greater than 5B$ have a digital supply chain program.
- 4. It sounds like progress could finally happen to improve visibility. Right? www.utahtechlabs.com +1 801-633-9526 Unfortunately, the answer is not so fast: most leaders are unclear on what digital means today and mistakenly focus on improving supply chain visibility using traditional approaches.
- 5. www.utahtechlabs.com +1 801-633-9526 At its core, supply chain visibility is the ability to monitor and track every step of the supply chain in real-time. This means having access to data regarding the movement of raw materials, components, and finished products as they flow from suppliers to manufacturers, and then to distributors and customers. The Power of Supply Chain Visibility for Businesses
- 6. www.utahtechlabs.com +1 801-633-9526 This visibility extends not only to physical logistics but also to all the financial transactions, various inventory levels, and production schedules. Modern supply chain visibility is made possible through a combination of technology tools and platforms. These include: IoT (Internet of Things) -sensors and devices can track the location and condition of goods in transit, providing real-time data.
- 7. www.utahtechlabs.com +1 801-633-9526 Big Data Analytics - advanced analytics tools can process vast amounts of data to provide insights into supply chain performance. Blockchain - this technology enhances transparency and security in supply chain transactions. Cloud-Based Platforms - cloud solutions enable businesses to store and access data from anywhere, facilitating collaboration and information sharing among supply chain partners. And more.
- 8. www.utahtechlabs.com +1 801-633-9526 The Hidden Costs of a Lack of Visibility It's essential to first understand the consequences of its absence. When businesses lack visibility into their supply chains, they are vulnerable to a range of challenges, including: • Inefficient Operations • Increased Risks • Customer Expectations • Missed Opportunities
- 9. www.utahtechlabs.com +1 801-633-9526 The management of data in supply chain visibility should meet the needs of multiple roles across the organization. The supply chain is increasingly dependent on network flows (movement of goods and services through multiple nodes, communication channels, and trading partners).
- 10. www.utahtechlabs.com +1 801-633-9526 However, in most organizations, management teams have anything but a real team to work with and rely on. Supply chain… Read the full article on our blog