Connecticut companies (as well as others on the East Coast) who don’t embrace supply chain visibility are not only missing out on quality improvement, they could be missing out on customers—and revenue.
Supply chain visibility is, quite simply, the ability to track a product, part or component from its manufacturer departure point to its final destination. The final destination could be a warehouse, or it could be a customer’s front door. Whatever the case, it’s one of the most important parts of getting a product into your customer’s hands.
Think about it this way: if you send your customers a tracking number when their order is shipped, they can “stalk” their package as it makes its way to their door (with some carriers sending texts telling them what time their package will arrive.)
Supply chain visibility works the same way. If your customers can see when their packages arrive, shouldn’t you have the same capability?
Because a lot of companies have outsourced pieces of their supply chain, they no longer have control or visibility over some areas of it. But some industries even align their supply chain visibility with their disaster recovery plans.
So why is it so important? SCV is vital to prevent ordering mistakes, giving your customers a reason to take their business to another provider. With an increasingly competitive market, customers are less tolerant of mistakes and late orders. SCV can help your company identify problems and work to eliminate stoppages in your company’s supply chain.
Globalization has made supply chains a lot bigger and more complicated. This can make a formerly linear process a lot more complex. As important as SCV is now, it’s also a lot more difficult. But without it, your supply chain will let you—and your customers—down.
Benefits of SCV include:
· Alleviate interruptions—if you can find the interruptions in your supply chains, you can work to get ahead of any problems.
· Speed up your supply chain—when you make decisions based on your chain’s data, you know what to expect, and can move faster.
· Reduce your risks and your costs—SCV gives you more control over your company’s inventory, materials, and transportation. A recent survey from Supply Chain Insights LLC showed that 70% of companies who purchased supply chain visibility solutions saw their ROI within 13 months.
· Align with customer’s needs—SCV can help your supply chain adjust to your customer’s demands, whether it’s a seasonal upswing or a sudden uptick.
· Forecasting for your business—as your company collects data and information and develops your supply chain, your business planning and forecasting for business will also develop. More information can help you respond faster to changes in demand as well as other issues.
Knowing how your supply chain works, along with working to reduce risk and an input of user data can help increase the efficiency of your company’s supply chain. This is particularly important for companies who receive, ship and sell products that come in from out of the US, into Connecticut from everywhere in the world.
Paired with a third-party logistics company, your company can reduce costs, improve customer service and ultimately improve your supply chain.