How to achieve supply chain visibility with the help of technology?

Transparent supply chain management, along with effective supply chain visibility, plays a vital role in the continuous growth of the company and successful brand recognition. The major responsibility is to handle the scheme of accountability with transparent supply chain management that facilitates all the requisite information and practices for all the members involved in the supply chain procedure.

The evolution has taken place over supply chain management, and the underlying technologies utilized by supply chain leaders have brought about a paradigm shift in the operation of the supply chains.

A complete array of supply chain visibility technologies, from the Internet of Things (IoT) to big data analytics, enable supply chain leaders to make informed decisions.

What is the importance of Supply Chain Visibility?

A catalyst for any organization was the impact and circumstances of COVID-19; for the companies, it was the situation to revisit their global supply chain strategies and speed up the adoption of Digital Supply Network models. Supply Chain Visibility has been companies' desire over the years, but the pandemic has severely increased its importance.

The latest trends in technology can help in increasing Supply Chain Visibility.

While many industries are already adopting technological trends that include Artificial Intelligence, Big data, Internet of Things (IoT), and Blockchain Technology, logistics is the only remaining sector that has just begun to leverage the value of analytical tools to maintain profitability.

Players who have been already making the operations in the supply chain and logistics industry are now realizing the potential of the latest technologies. The capability of resolving the complexities of running a global logistics network is the prime factor.

Harnessing the power of IoT

IoT solutions result in a decrease in operational costs in the fleet management space.

The details related to your fleet, including- location and real-time tracking, remained unknown. But in the real-time scenario, enabling geo-fencing permits you to track a cargo’s journey right from its loading to its destination, even ensuring its security by enabling geo-fencing. This increases the visibility of the business processes and streamlines the decision-making capability. So, with connected vehicles, there are endless opportunities.

The value of the Internet of Things (IoT) lies in its ability to facilitate visibility into every aspect of the supply chain process. Initiating from individual packages to entire containers, companies become handy to monitor the location, condition, integrity, and other critical information about their shipment that is not ordinarily available in the realm of traditionally managed logistics.

Counting On Cloud Technology

One of the latest technologies in the world, Cloud technology helps overcome the recurring problem of aggregating data. APIs (Application Programming Interface) available from cloud vendors provide the entire process of uploading and downloading data from systems of thousands of partners and providers. Along with this, the technology is also standardizing the data from those partners, whether from mobile devices or data lakes.

Blockchain

The processes of creating systematic ledgers have always been significant for documenting shipments and offering a paper trail when things do not work accordingly in the right direction. Until a few years ago, a paper trail was acceptable, often in handwritten documentation.

Technology has digitized a similar process at the other level, though compatibility issues have now plagued the supply chain. One proposed solution that arose in the system is blockchain.

Blockchain is a coded digital ledger used to document information in a way that can’t be edited or modified. Each product is assigned a specific code that follows it from the factory to the end user. This code is visible to all, and once the information is logged, it can’t be changed later.

Artificial Intelligence (AI)

Companies can now access the information on whether their product is at risk. This is all thanks to AI and sophisticated analytical tools. For instance, if a shipment of refrigerated products is at risk due to unexpected equipment failure, a company can now be informed in real-time. By utilizing this data, appropriate departments can make better judgments on responding to the issue, including rerouting deliveries.