Full supply chain visibility has gained a lot of importance due to the transformations that the global market is facing. Demand, globalization, disruptions, everything has grown exponentially, and this is reflected directly in international trade. If you want to know more about this, keep reading.
Full Supply Chain Visibility to Meet Demand Needs.
Demand has increased not only in relation to quantity but also to the quality of the products and services offered. 42% of customers claim that the main problem with buying online is that delivery arrives later than expected. Consumers want to know where their goods come from and what routes they take. Determining arrival dates and accomplishing them is necessary in order to meet your client’s expectations. What you need to achieve this is to be connected to all your supply chain partners and have E2E control over all your logistics.
Full supply chain visibility for your finances
The demands of the consumer market influence the demands of investors; after all, if customers are dissatisfied, the money does not come back. Besides, visibility in the supply chain is not limited to the monitoring of cargo and the compliance policy, it also involves the tracking of finances, the record of communications between employees and document storage, etc.
Visibility in finances and document generation is needed in order to track where your money goes and to have everything well stored in case of an emergency or disruption. Important documents sometimes are missed and as a consequence businesses suffer millions in losses. In addition, you also need to figure out why your ROI increases, decreases, or stays the same way. The answer is to have all your transactions and their results already tracked and analyzed.
Companies Bet on Digitalization
Despite the many reasons to have end-to-end visibility of the supply chain, the numbers still recently were meager. Before the pandemic, only 6% of the companies declared to have full visibility, meanwhile, 17% said they had extended visibility. Already 62% were assumed to have limited visibility and 15% only had visibility over production.
The main changes in the supply chain world between 2021-2022 point to a transformation toward the digitalization of logistics processes. 30% of companies around the world decreased associated supply chain costs, while 44% sought to increase supply chain speed. Communication between companies also revealed great importance, as 45% invested in improving collaboration with partners. The main reason companies started betting on digitalization is because they could improve their performance, communication, and data collection inside and outside their processes by adding digital technology to their activities. Which leads them to obtain full visibility of their supply chain.Companies around the world are betting on digitalization to gain full supply chain visibility Click To Tweet
If you are hesitating about how to get full visibility, digitalization is the right answer. Here you can find how to obtain the right technology for your business and improve the tracking of your finances, cargo, and documentation, in addition to getting better performance and communication.