Supply chain visibility increases the ability to track an order right from its sources of production to its final destination. This includes logistics and transport activities as well as the state of events that take place before, during, and after transit. The objective of supply chain visibility is to optimize supply chain processes by making information easily accessible to every stakeholder and even customers. Supply chain visibility enables different supply chain departments to access real-time information regarding stock, orders, and deliveries.
The Rise of Supply Chain Visibility
Supply chain visibility is one of the most sought-after ideals for the logistics world. With innovations and advancements in technology businesses are ramping up their supply chain management investments to achieve better visibility into supply chain processes. As such, supply chain managers now expect faster communication and a smoother access to valuable information. In the last decade, we have witnessed the steady integration of global supply chains with the digital world. But this integration has been slower than expected due to the complexities involved in merging old processes with the latest technology. While the demand for supply chain visibility is high, many businesses are still in the initial stage of improving process efficiency to achieve the desired level of visibility into supply chain processes.
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Gaining visibility into supply chain processes has become very crucial as businesses now have complicated and interdependent supply chains. Supply chain visibility solutions promote quick response to change by allowing users and stakeholders to take prompt actions based on demand-supply fluctuations. Before we dive into the current needs and future supply chain challenges, let us understand what exactly is meant by ‘visibility’ in this case, what issues does this visibility solve and why is it important to global supply chain managers.
The process of transforming raw materials into finished goods and delivering them to the end-user involves several third parties. The lengthier the supply chain process is, greater is the complexity and number of third-parties involved. And if more people are involved, communication becomes complicated and difficult. In an ideal situation, all third parties and stakeholders involved must have access to data at any point in time.
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Seven properties of a highly productive global supply chain
- Connectivity and communication
- Flexibility and execution
- Visibility and calculation
What Makes Visibility in Supply Chain Possible?
Supply chain management solutions often allow companies to connect and access benefits such as collaboration, optimization, flexibility, and execution. An organization in order to achieve visibility in the supply chain needs to analyze several factors. These include supply chain data interpretation and data sharing. But a global supply chain with end to end visibility will always possess the power of quick and efficient decision-making. An efficient team that works optimally to communicate with stakeholders and suppliers and decodes information contributes greatly to promoting the visibility of supply chains.
8 Questions every supply chain manager must ask themselves:
- Are you able to keep pace with constantly changing freight data?
- Are you able to track different currencies and cost models that are included in the global supply chain that you are a part of?
- What is your contact risk mitigation strategy?
- Do you have access to historical and current market rates?
- Do you have actionable target rates to win a negotiation?
- Does your global supply chain have the potential to save while facing a fluctuation period?
- Are you missing breakthrough opportunities?
- How can you demonstrate the areas where you are doing exceptionally well?
Our world-class supply chain analytics solutions can help you to find answers to all these questions. Also, our domain knowledge and subject matter expertise gained by working with leading Fortune 500 companies over the past decade come in handy when solving complex supply chain related issues.
Learn how enhancing supply chain management can help you maximize revenue and reduce cost-to-serve. Request for more information now!
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