Supply chain visibility is critical to becoming an industry leader and not just a follower. Leaders capitalize on the awareness of their products throughout the supply chain. They leverage visibility to make faster decisions and enhance communications in-house and with vendors and end-users. Supply chain visibility is key to improved processes and sustainable growth.
Be a Leader
Many companies have not optimized their processes for supply chain visibility. Industry leaders face the same concerns but are better at eliminating process and technology gaps within their processes and extending throughout their global network. In the recent Aberdeen survey, “Supply Chain Visibility: A Critical Strategy to Optimize Cost and Service”, 63% of surveyed companies with predominantly global supply chains stated that one of their high priorities is supply chain visibility. Supply chain visibility is a high priority and makes an impact on all areas within the chain. Another Aberdeen survey, “Supply Chain Visibility and Segmentation: Control Tower Approach”, compares the effect on performance between Leaders and Automation Followers. Leaders delivered complete orders to customers on time outbound 95.4% of the time, while Automation Followers’ delivery rate was only 86.4%. That is a 9% increase in performance that affects your bottom line and customer satisfaction and retention. This is a similar trend for orders received from suppliers that are complete and on time. Leaders perform at 94.6% while Automation Followers were at 84.8%. There is almost a 10% difference between the Leaders and Followers. What does it mean to your business to not have stock or incomplete shipments? What time-consuming hassle occurs to remedy the situation, find additional vendors and contact customers about delays? Lead, prevent headaches and retain hard-earn customer loyalty.
Think of Enhancing Supply Chain Visibility
For companies willing to look hard at their organization, focus on these strategic actions:
- Improve B2B Connectivity in the supplier side processes. Look to communicate better with suppliers, 3PLs and trading partners.
- Streamline processes for faster and simpler monitoring, effectiveness and heightened usability.
- Integrate improved internal cross-departmental visibility into supply chain costs and transactions.
- Improve communications about timelines and accurate exchange of data about transactions.
Run a tighter, leaner ship with the right data at your fingertips.
Benefits of Supply Chain Visibility
Supply chain visibility promotes better practices within an organization and allows quick response to address any issues in a timely and productive manner. There are additional gains to be had from the implementation of this process.
- Companies can make money faster. Recognizing revenue is usually tied to the shipment or delivery of product. Timely visibility allows booking of revenue faster. That is more cash in the coffers.
- Product availability and order fill rate increases. Don’t lose a sale because of unavailable inventory. Know when to order sooner and complete more customer orders. More sales and additional customers are desirable outcomes.
- Better service will increase sales and retain customer loyalty.
- Be proactive with unavoidable problems. Know and communicate issues sooner which allows companies and customers to work together to create a better outcome.
- Connect the dots between supply chain operations and overall strategy. Supply chain processes can be effectively built into high-level strategy when the processes are optimized, well-managed and clearly defined. Link operational KPIs for the supply chain to overall strategic objectives to maximize effectiveness.
Achieve Better Visibility Now
Without internal processes in place, companies still operate. They simply don’t operate as effectively and efficiently as they could and too many issues become an emergency. It’s a great thing to achieve growth and additional sales. At the same time, it is also possible to reduce seemingly unavoidable issues and work in a productive professional way. The right internal processes can help stop financial leaks and optimize processes for scalable and sustainable development in the future. Benefit now and later from supply chain visibility.
How to Begin
It is possible for large-scale organizations to set up steps in-house and hire key individuals to support supply chain management. Many people don’t want to admit that they don’t know where to start and have difficulty finding the right people to handle the situation because of a lack of expertise in this area. We all start somewhere. Learn from some of the best with Flash Global.
Flash Global has a revolutionary development in supply chain visibility- FlashView. This is the first and only technological solution delivering global, proactive track and trace management for all third party shipments from origin to final destination. Know what is happening in real time at all key milestones. The sooner the right data is in your hands, the sooner you can make the strategic decisions that empowers your enterprise to deliver the best service to customers and the clearest communication with all invested parties. Outpace the competition by implementing supply chain visibility into your strategic business operations.