In the supply chain, having inventory visibility is a crucial factor for operational success. Advanced technology will help streamline efficiencies to drive overall improvements within the supply chains while simultaneously empowering businesses to expand. Total efficiency will be exceedingly reachable with technological advancement, acknowledging the benefits that will arise throughout numerous aspects. In any business, the superior outcome is to have a positive experience for the customer and excel in performance and customer growth through lulls and peak shipping season. To achieve inventory visibility and numerous other beneficial results for the supplier, advancement in technology is the best option.
Connection Between Visibility and Technological Advancements Within the Supply Chain
The last place supply chain professionals want to be is in a position where their supply chain is incapable of keeping pace with business activities. However, by enhancing technology, there is a more positive outlook on inventory visibility, which will positively impact the efficiency of the supply chain. According to Global Trade magazine, technology assists in any mishap — for instance, terminal overload or miscommunication -- involving freight forwarders, 3PLs, transportation providers, and terminal operators. The goal is to continually grow a business, reach more customers, and establish more direction in which to prosper, and the best way to do that is through advancement in technology.
Problems Poor Visibility Causes Within the Modern Supply Chain
When there is a lack of visibility in the modern supply chain, it increases the risk for a wide variety of complications. A few of the biggest concerns associated with poor inventory visibility are the possibility of insufficient data being available, service interruptions, and even having the supplies sent to the wrong supplier. Without technological advancement, it would be more difficult for the supply chains to forecast their demands leading to too much or insufficient inventory for the orders. Improper stock due to inadequate data would lead to a lack of throughput, upset customers, decreased unity, and more difficulty in predicting the risk of supply chain hurdles or challenges. These adverse outcomes can be dismissed with a straightforward solution, proper inventory visibility, with advancement in technology.
Benefits of Technological Advancements and Implementation
Many benefits of implementing technology can dramatically boost inventory visibility. Pushing visibility to its fullest extent makes it easier to:
- Drive Results with Data: By removing the need to keep track of manual updates given to a supplier, it decreases the risk of outdated data, wasted time, and neglect of risks.
- Enhance Customer Satisfaction: Providing the flexibility that customers seek allows for better accommodation whether a company chooses to ship freight internationally or leverage inland intermodal shipping. Having advanced technology to manage beyond Tier 1 suppliers will enable the supply chain to collect all data correctly.
- Improve Performance and Productivity: Leveraging software that encourages collaboration with existing technology helps improve productivity and decrease delays.
- Decrease in Disruptions: An easier way to communicate aids in having a solid foundation for the supply chain while allowing tasks to be immediately addressed.
Maximize Efficiency With Proper Technological Onboarding and Integration Practices
To achieve inventory visibility, advancements in technology will provide the most beneficial outcomes and allow the best products for the supply chains. Performance, productivity, and accurate data results are just a few key benefits of innovative supply chain technology. When businesses grow and gain more customers, the only solution is to adapt. In doing so, the company’s lack of errors and problems result in growth in consumer confidence and inventory visibility. Connect with Port City Logistics to learn more today.