Sales and Fulfillment
The importance of real-time data in supply chain fulfilment
Companies and logistics service providers are finding it increasingly difficult to keep track of the various operations throughout the supply chain. Supply Chain Visibility (SCV) enables logistics service providers to make accurate decisions about their business operations and anticipate supply chain disruptions. Supply chain management platforms use modern IT infrastructure and, cutting-edge technologies such as AI and the Internet of Things (IoT), and a vast number of data points to help companies make faster and more informed decisions. From the real-time tracking of goods and freight analytics to sensor data from transportation assets, and more, logistics companies now have access to massive amounts of data throughout the supply chain.
Modern IT infrastructure has completely transformed the logistics sector and enabled logistics service providers to have complete visibility of their operations
Challenges in traditional supply chain management
From insufficient data and insecure transactions to a lack of visibility and lengthy processes, traditional supply chain management was wrought with challenges. This is why modern logistics companies are increasingly relying on real-time data to ensure supply chain fulfilment.
Restricted visibility
The lack of real-time insights forces companies to react to disruptions rather than taking preemptive steps, relying instead on predictions and estimates.
Slower decisions
Outdated information results in slow decisions and more errors. Delays in the supply chain result in increased costs, reduced sales, and customer dissatisfaction.
Lack of flexibility
Traditional supply chains cannot adapt quickly to dynamic market trends, disruptions, or sudden changes. Inflexibility due to a lack of real-time data results in companies being unable to meet consumer demands efficiently.
Benefits of supply chain visibility
According to a report from 2022, only 31% of logistics companies in the world were using real-time data to monitor their supply chains. Real-time SCV is growing in popularity every year. This is because real-time data allows companies to adapt to dynamic market trends and anticipate potential supply chain disruptions faster than their competitors, giving companies that invest in a strong real-time data strategy a competitive edge. Here are some benefits of effective SCV:
Enhanced supply chain optimisation
Utilising real-time supply chain analytics enhances the inventory management and predictive capacities of logistics companies. With accurate and quick data, companies get instant insights into supply chain operations and can prepare for potential supply chain disruptions.
Reduced costs and increased efficiency
Real-time data on developments in the supply chain allows logistics companies to make informed decisions rather than predictions. Real-time data and effective supply chain visibility help identify wasted workforce time, inventory levels, unexpected market disruptions, and more.
Regulatory compliance
Supply chain visibility ensures that all the necessary legal and regulatory requirements are complied with. This includes all relevant government, import-export, environmental, and worker safety regulations. Having real-time data on supply chain operations helps logistics companies prevent potential penalties and other repercussions, ensuring supply chain efficiency.
How logistics companies can improve supply chain visibility
Navigating the complexities of real-time data processing in logistics operations can be a daunting task for businesses. However, the benefits of a data-driven supply chain make it certainly worth the investment.
Leveraging cutting-edge technology
Leveraging technology to increase supply chain visibility affords greater agility and business continuity to companies. Platforms that integrate various functions into one cohesive system, predictive data analytics tools, and cloud computing models that analyse real-time streams of data could be game-changing additions to supply chain management operations. IoT devices and sensors that monitor the conditions of perishable goods and more could also provide companies with valuable insights that increase efficiency and improve strategies.
Utilising inspection teams to deliver real-time insights
Technology alone cannot fully deliver the full depth of the various benefits that real-time SCV has to offer. Modern supply chain management requires a blend of technology and human elements to deliver instant and on-ground data to companies. Mobile technology allows trained inspection teams to provide instant feedback on goods and compliance requirements, which are relayed directly to supply-chain management systems for analysis. This ensures high quality standards and precision across the supply chain.
Monitoring progress
Increased supply chain visibility using real-time data allows companies to monitor every step of the supply chain. Advanced monitoring systems allow companies to map their supply chain and identify various pain points. This gives logistics companies constant opportunities to improve and refine their logistics processes.
How can Infosys BPM help you improve supply chain visibility?
Infosys BPM enables our customers to transform their end-to-end logistics management through our comprehensive suite of supply chain solutions that leverages cutting-edge technologies and advanced data analytics to provide real-time data insights that enable companies to make informed decisions and prevent supply chain disruptions. Infosys BPM also gives companies access to a global logistics talent pool and ensures continuous improvement of the logistics process.
