Supply chain visibility is crucial in any business that works with a chain of supply. Therefore, you must increase the ability to track every phase of transit from the manufacturer to the final destination. Improved visibility strengthens the supply chain by providing instant data to all the stakeholders including customers.
The term strengthen refers to increasing transparency and visibility. In any supply chain business, there will be a lot of third-party collaboration. Lack of transparency will affect the efficiency and the stakeholders as well. Visibility is important at every juncture to have a better supply chain management system. Statista states almost 70% of companies concentrate on supply chain visibility. Visibility is important at every juncture to have a higher level of clarity and real-time updates.
Breakdown the meaning of visibility
In a supply chain management, visibility is crucial at every leg of the total process. Having clear visibility identifies areas where there are delays. These can be improved to enhance your supply chain management. The supply chain management is a process that has multiple points of supply with various parts and components, and finally finished products.
The visibility factor includes knowing your inventory status, and status of parts, components or products at every phase of the supply chain. End-to-end transparency is essential for a robust supply chain that eliminates delays which impacts timelines and can also affect product pricing. In addition, timelines affect your business reputation so it is essential to strengthen your Supply Chain Management (SCM).
Why visibility in supply chain management?
1. Better inventory management
Inventory shortage can lead to delays at various stages of your supply chain. This happens when there is a disconnect between what is required and what is available. To avoid any issues with inventory shortage, you must have better visibility to meet inventory requirements. This will help forecast demand and anticipate inventory requirements. Real-time visibility also helps take corrective action faster.
2. Eliminate delay and cut cost
Visibility in the supply chain management system minimizes the risk of delay. Improve your bottom line by cutting down the cost. Streamline every phase of your delivery management with better visibility. Visibility of data like tracking the supplier networks, transit details at every stage of transit will help you streamline every phase of your delivery management. This helps you expedite timelines and cut costs to improve your bottom line.
3. Meet customer demands
Modern day customers have more choices to opt from and the right to demand more. To meet such on-demand deliveries businesses need a transparent system with comprehensive view of the supply chain management. Clear insights on the inventory, each stage of your supply chain, delivery partner tracking and status of the parts, components and final products can cut expedite your timelines to meet customer demands.
4. Regulation and compliance
Some supply chain software that provides visibility also provides notifications of changes in the government regulation and compliance. Organizations that operate globally can utilize these notifications to improve operations and stay compliant. Such tools can also help predict the new regulations that pertain to industry and modes of transportation.
Visibility issues are common in a supply chain management. The fallout is delay in deliveries, lack of proper status update and more. Overcoming these challenges through clear visibility helps with timely deliveries, corrective action in case of a delay or lack of availability, and better inventory management which ultimately impacts your bottom line.
Imagine the competitive edge your business gains with improved outcomes due to visibility in supply chain management. It is a win-win situation for you. Eradicated delays, clear track of data, real-time status and bird’s eye view of your ecosystem to all stakeholders improves timelines and cuts costs. This keeps customers satisfied and coming back for more.
Looking for a robust software that takes care of your supply chain management better? IGotIt is a cutting-edge delivery management software with top notch delivery features including ePoD (electronic Proof of Delivery) and real-time visibility to improve your supply chain. Get in touch to know more about how we can help you ace the delivery game.