The Covid-19 eruption has revealed new levels of weakness in Global supply chains. We are all reevaluating what we thought were the best practices in supply chain management.
The world as a whole is trying hard to contain the Covid-19 pandemic. Supply chain professionals are reexamining their traditional practices. Below are a few important considerations we need to see in our supply chains in response to the current pandemic.
From the manufacturer to the logistics company, everyone needs real-time updates on shipments as the order moves from the place of origin to the eventual destination.
Surgical masks are crucial for medical professionals. Due to their high demand, they are expected to be at a higher price in the black market. It’s essential that these masks quickly get to the required destination as soon as possible. If all parties in a supply chain track shipment in real-time, the possibility of missing shipment is unlikely.
Leveraging a private jet into service to deliver emergency medical equipment is an example of how people are avoiding traditional supply lines in an emergency. This sort of creative thinking is necessary in times of crisis.
Everybody wants to be able to purchase essential goods when required. The disruption to the supply chain with panic buying is real and we have to learn to handle this irrational behavior. However, today, brands have fewer options for sourcing. They are getting only a portion of the quantities that they are ordering.
Supply chain visibility is critical to modern success. The issues existing within supply chain visibility go back to problems with tracking shipments after shipping to consumers. B2B customers expect more transparency in their supply chains. Therefore, to stay competitive, modern supply chain managers need to understand the importance of increasing supply chain visibility to achieve overall success.
Increasing customer trust with the company’s products is a vital aspect of today’s supply chain management. Customers’ expectations have grown exponentially in recent years due to advancements in technologies. The data sharing is only as valuable as the timeliness of data, so the demand for real-time information has grown dramatically.
Today’s consumers are socially conscious and they will not hesitate to move onward to more sustainable companies. Research shows that 75% of supply chain executives think that visibility & transparency are important to their achieving sustainable business practices.
Today’s consumers want more than just empty promises. Supply chains must evolve to provide improved visibility into the supply chain for consumers. Improvements in visibility reduce operating costs, which results in higher profitability.
Supply chain visibility means that a business has taken the necessary steps to track and trace information about a shipment from manufacturing through final delivery. Moreover, the supply chain visibility also tracks that the products function as expected upon delivery, and if required, track any possible returns through the reverse logistics supply chain. Monitoring goods from the kick-off of the supply chain to the end gives an immense value gained for consumers. By tracking a product’s full lifecycle from manufacturing through recycling or reclamation, companies can justify the value and benefits of their products. With the passage of time, IoT will connect shippers with more data and companies will gain additional insights and lower risk.
The future of supply chain visibility is proactively managing a shipment at any point in the process to mitigate risk and exceptions. Automation within the supply chain will grow orders, quotations & route optimization processes. As a result, supply chain partners should work together to manage orders proactively, reducing delays and increasing speed to market. Meanwhile, advanced technologies, including blockchain and cloud-based transportation management systems (TMS) are leveling the playing field to provide the same resources to businesses of all sizes. Today is an exciting time for supply chain management, and as technologies continue to evolve, companies can reap more significant benefits.
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