The modern consumer market is characterized by two trends. The first is a will to have the product in hand as soon as possible, and the second is a desire to ensure the provenance of the items. Companies that fail in these areas have a 70% higher likelihood of losing clients. This has long-term consequences because acquiring new clients is far more expensive than retaining existing ones.
Companies that do not automate their supply chain and do not track goods will almost surely face inefficiencies issues. A typical supply chain has an average of 40 points of crossing between different enterprises, implying that a significant amount of documentation is required to transport items.
Supply Chain Crisis
Reducing supply chain inefficiencies would increase global GDP by 5% and total commerce volume by 15% (a $2 trillion gain). According to some estimates, supply chain disruptions may have resulted in losses of up to $4 trillion.
The pandemic has consistently hammered the global supply chain. According to some projections, the supply chain crisis could last until 2022. It is essential to replace obsolete procedures with cutting-edge technologies; without cargo tracking and automation, the supply chain has no future.
To prevent supply chain losses, the world’s leading corporations have implemented cargo tracking. From fast-food conglomerates to established mineral exploration firms, the intricacies of the product’s transaction are important.
Transforming the Supply Chain with Tracking in shipment
Effective supply chain management necessitates the integration of multiple operations as well as their automation through the use of developing technologies such as operating systems and shipment tracking.
Transparency and traceability: Nobody wants to believe that the items they buy are the result of semi-slavery or polluting procedures. Can you demonstrate that the products you sell adhere to all ethical principles?
This worry develops as a result of the current supply chain’s lack of transparency. Therefore, having the correct technology will put you ahead of the competition.