How to mitigate supply chain risks with real-time insights?
Most of the significant events that end up disrupting global supply chains happen without a note of warning and carry the potential to disrupt the best of plans.
Although organisations put their best foot forward when planning their supply chain operations, with a wide range of stakeholders involved in the network, overcoming breakdowns remains a challenge.
According to a recent Oxford Economics survey of 1,000 supply chain executives, 49% of supply chain leaders (the top 12 % of respondents) can capture real-time data insights and act on them immediately. Whereas 51% use AI and predictive analytics to capture insights.
Another report by Gartner states that by 2023, 50% of global product-centric enterprises will have invested in real-time transportation visibility platforms. Undoubtedly, the emphasis is on leveraging real-time insights to deal with bottlenecks— from individual customer complaints to large scale disruptions.
The perfect trinity: Agility, resilience and real-time insights
By deploying solutions that enable real-time visibility into supply chain operations, manufacturing companies gain the much-needed flexibility to respond to possible headwinds.
For instance, when the Suez Canal blockage affected hundreds of ships, both East and Westbound, we noticed that our customers leveraged our tracking platform to get real-time information on which of their shipments were affected. It helped them estimate the delays and adapt to the disruption quickly and efficiently.
Let’s now take a closer look at how live insights make it possible for companies to enhance productivity and efficiency:
Taking demand forecasting to the next level
With real-time information, organisations can access up-to-the-minute updates from markets worldwide. Accordingly, they can plan their production cycles while also being mindful of possible bottlenecks.
They can also keep track of the latest trends and fluctuations in demand on a single window and rapidly alter operations, relocate resources to suit the changing patterns.
Future proof planning and management
Real-time information facilitates in-depth and accurate planning as insights are based on events as they unfold—the benefits of prompt strategic planning further trickle down to the entire value chain.
Some competent tools capture data in real-time and have the capability to analyse these data points in real-time. So, in today’s fast-paced environment, you don’t have to wait until the end of the month to receive a report on your company’s developments.
You can access up-to-the-minute data and auto-generated reports at any time from anywhere within a single click. This functionality helps enhance cross-organisational communication and collaboration, making way for increased process efficiency.
Besides, these platforms enable automation across workflows, eliminating the need for countless spreadsheets and the laborious process of entering data manually.
Improve customer experience
As a shipper, when you have real-time access to information on your shipment’s movement, you can keep your customers informed with tracking updates on their specific order around the clock.
Along with real-time shipment visibility, you can also monitor processes such as RFQ management, shipment planning and invoicing with the right system in place.
This will allow you and your customer to gain unprecedented deal transparency and pave the way for better communication and customer service.
The bottom-line
In a nutshell, some of the key benefits of real-time insights are:
- Greater transparency and visibility into overall supply chain operations
- Enhanced agility and resilience
- Seamless collaboration with stakeholders
- Improved communication within the organisation as well as with third parties
- Increased cost-saving opportunities via better strategic planning
The fact of the matter is that no supply chain can ever be fully fortified from or prepared for shocks of great magnitude such as the ongoing pandemic. However, with greater visibility into various supply chain functions, organisations can reduce the impact of these events.
For information on how GoComet’s suite of supply chain solutions can help you gain and leverage real-time insights, contact us here.