What is Real-Time Visibility?
Real-time visibility (RTV) is the ability to track and monitor the location and status of goods as they move through the supply chain. It provides businesses with a complete view of their inventory, from the raw material stage to the final customer.
RTV is becoming increasingly important in today’s globalized economy, where supply chains are often complex and involve multiple parties. By providing businesses with real-time data on their supply chains, RTV can help them to improve efficiency, reduce costs, improve customer service, and reduce risk.
RTV offers a number of benefits to businesses, including:
- Increased efficiency: RTV can help businesses to identify and eliminate bottlenecks in their supply chain. This can lead to significant improvements in efficiency and productivity.
- Reduced costs: RTV can help businesses to reduce costs by optimizing their inventory levels and reducing waste.
- Improved customer service: RTV can help businesses to improve customer service by providing customers with real-time updates on the status of their orders.
- Reduced risk: RTV can help businesses to reduce risk by identifying and mitigating potential disruptions in their supply chain.
- Better decision-making: RTV can help businesses to make better decisions by providing them with real-time data and insights into their supply chain.
- Improved collaboration: RTV can help businesses to improve collaboration with their suppliers and customers.
Examples of How Real-Time Visibility Can Be Useful
Here are a few examples of how businesses can use real-time visibility to improve their operations:
Example 1: Kodak’s Supply Chain Transformation
Kodak, a global leader in imaging and film products, used GoComet’s RTV solution to revamp its shipment tracking process. By gaining real-time visibility into the location and status of their shipments, Kodak was able to:
- Reduce transit times , as they could identify and address potential delays proactively.
- Eliminate late deliveries, as they could accurately predict arrival times and make necessary adjustments.
- Improve customer satisfaction, as they could provide accurate and timely updates to customers, reducing frustration and uncertainty.
Example 2: Kelmer’s Inventory Optimization
Kelmer, a leading manufacturer of building products, turned to GoComet’s RTV solution to optimize its inventory management. With real-time visibility into their inventory levels, Kelmer was able to:
- Reduce inventory carrying costs, as they could identify and prevent excess stock, reducing storage and carrying expenses.
- Improve stockout avoidance, as they could proactively anticipate stock depletion and make timely replenishment orders.
- Reduce out-of-stock occurrences, as they could ensure they had adequate inventory levels to meet customer demand, preventing stockouts and lost sales.
Example 3: Polymers’ Operational Excellence
Polymers, a global manufacturer of specialty chemicals, leveraged GoComet’s RTV solution to enhance their operational efficiency. With real-time visibility into their shipments, Polymers was able to:
- Reduce shipment delays, as they could identify potential disruptions and take corrective actions to minimize delays.
- Improve on-time deliveries, as they could accurately track shipment progress and predict arrival times with greater precision.
- Reduce transportation costs, as they could optimize routing and carrier selection based on real-time data, leading to more efficient transportation decisions.
These examples showcase the diverse applications of RTV and its transformative impact on businesses across various industries. By implementing RTV solutions, companies can gain valuable insights into their supply chains, inventory, and shipments, enabling them to make informed decisions, optimize operations, enhance customer satisfaction, and achieve sustainable growth.
A recent study by McKinsey found that companies that implemented RTV systems were able to reduce their supply chain costs by up to 15%.
Another study by the Gartner Group found that 80% of companies that implemented RTV systems reported a positive impact on their business.
Challenges of Real-Time Visibility
While RTV offers a number of benefits, it also presents some challenges. These challenges include:
- Cost: Implementing and maintaining an RTV system can be expensive.
- Complexity: RTV systems can be complex to implement and manage.
- Data integration: RTV systems need to be integrated with other systems, such as ERP and CRM systems. This can be a complex and time-consuming process.
- Lack of standards: There is no single industry standard for RTV. This can make it difficult to choose the right system and to integrate it with other systems.
Essential Features to Seek in a Real-Time Visibility Platform
Real-time visibility (RTV) platforms have become indispensable tools for businesses seeking to optimize their supply chains, enhance customer satisfaction, and achieve operational excellence. To select the right RTV platform for your needs, consider these essential features:
- Comprehensive Data Collection and Integration: Gather data from diverse sources, including GPS tracking, ELDs, carriers, and internal systems, for a holistic view of shipments.
- Real-time Tracking and Monitoring: Monitor shipment location, status, ETA, and potential disruptions proactively to address issues promptly.
- Predictive Analytics and Alerts: Utilize predictive analytics to anticipate delays or disruptions and receive timely alerts to take corrective actions.
- Shipment Optimization and Routing: Optimize routing and carrier selection based on real-time data and predictive analytics to reduce transportation costs and improve delivery times.
- Exception Management and Reporting: Effectively manage exceptions and generate detailed reports to identify trends, improve processes, and measure supply chain performance.
- User-friendly Interface and Customizable Dashboards: Access and visualize shipment data easily through a user-friendly interface and customize dashboards to suit your specific needs.
- Scalability and Adaptability: Choose a platform that can adapt to your growing business needs and changing market conditions.
- Integration with Existing Systems: Seamlessly integrate the platform with your ERP, WMS, and other relevant systems for a smooth workflow.
- Secure and Reliable Data Storage and Access: Protect sensitive data with robust security measures and ensure reliable data storage and backup to prevent loss.
- 24/7 Support and Training: Benefit from comprehensive 24/7 support and training to maximize the platform’s features and benefits.
Real-time visibility (RTV) is a powerful tool that can help businesses of all sizes to improve their operations. By providing businesses with real-time data on their supply chains, RTV can help them to increase efficiency, reduce costs, improve customer service, and reduce risk.