One of the key learnings from a recent Oxford Economics survey of 1,000 supply chain executives stated that 49% of Supply Chain Leaders capture real-time data insights and act on them immediately, while 51% use AI and predictive analytics to capture insights.
What Can We Learn from the Supply Chain Leaders?
Real-time information/insight is critical and this is where you should direct your focus to have the ability to look deeper in your multi-tiered supply chains.
In a dynamic market where same-day delivery or faster shipping options can make or break your business, your primary aim will always be to stay ahead of time. And, you can gain control of your supply chain in a time-sensitive environment by having access to the right data.
How to Gain Access to the Right Data, at the Right Time?
To have access to the right data, at the right time, all you need is an effective supply chain management solution.
Imagine you’re playing chess and you could know your opponent’s strategy beforehand. Well, this is exactly what a well-rounded supply chain management solution will offer. You could have information about the events currently occurring and events that could potentially occur (thanks to AI and predictive analytics). This will give you the advantage to quickly change strategies and act on it.
Such visibility will enable your company to take a deep look into operations and quickly identify potential shortfalls and issues before they become problems. By tapping into a robust supply chain management solution you’ll gain real-time visibility, which will help you to maintain operations, tackle market disruptions and uphold consistent customer satisfaction levels.
Can Real-Time Information Save Supply Chains?
Today’s supply chain is almost like a moody teenager, you never know what can come up. They’re complex with varying compliance requirements, logistical challenges, huge supplier networks and customers spread across the globe.
Despite well-defined plans, production programs and logistics structures; discrepancies and inconsistencies occur without much warning. The issues that occur eventually adversely affect your overall operational efficiency and customer satisfaction levels.
When you’re fighting against time and uncertainties having powerful tools and solutions to offer information without delay is key. Combining timely information with AI and predictive analytics can help you strategize, everything from facility and job allocation to material procurement and end-customer product delivery.
For example, let’s consider processing of an order. In a real-time supply chain built with integrated information systems and high-speed communication infrastructure, order data is simultaneously shared among supply chain partners including warehouse, factory and supply yards. Having access to the order data improves collaboration and coordination of supply chain activities.
Additionally, you’ll reduce unnecessary spends including chargebacks which are often caused by incorrect labeling, late shipment delivery, wrong product type/model, incorrect order number, etc.
Benefits of Real-Time Information
Effective Decision Making
Timely insights allow you to review your supply chain effectiveness immediately. Instead of waiting for monthly or quarterly updates, you can make decisions and adjustments if necessary, as and when needed.
Identify Inefficiencies & Demand Visibility
Combine prompt, in-detail information with AI to prevent and better respond to bottlenecks, breakdowns, and any other potential issues.
Know the overall demand and apply predictive analytics to identify trends, handle fluctuations and enhance productivity.
Promptly Handle Issues
Quickly find issues, reduce chargebacks and deploy suitable solutions before the issue turns into a huge problem.
Ensure Long-Term Success
Constantly monitor and make necessary improvements to keep your supply chain operations running smooth. By continuously tracking data you’ll understand, identify and foresee short-term and long-term challenges and opportunities.
Enhanced Customer Service
By applying analytics and setting an infrastructure that offers real-time supply chain information, your business will grow, ensuring you provide quality customer service.
Wondering How to make Sense of Real-Time Information in Supply Chains?
To make sense of raw gathered data, you’ll need tools. One such tool is MonitorPro.
It can support you to streamline processes, track millions of transactions and provide a single point of truth – a unified dashboard – which can be accessed by multiple employees having access rights.
Monitor Pro is a scalable, AI-powered tool. It uses machine learning to identify volume, velocity, and value-pattern anomalies and can moderate both success and failure scenarios.
Making the best sense of real-time data gathered, it identifies, prioritizes, and responds to supply chain challenges rapidly while also addressing costly problems before they occur. Additionally, it sends timely alerts, ensuring you’re always aware of the changes in your supply chain networks.
We’ve listed some features and benefits of Monitor Pro:
Automate all Order-to-Cash Processes
You can manage, monitor and maximize end-to-end visibility in supply chain purchasing and cash flow.
Maintain Visibility & Control Over Payments
With deep visibility into transactions, you can achieve synergy between procurement and supply chain processes.
Simplify Partner Onboarding
Use online forms to complete for onboarding, get a better view of your partner relationships, trade faster with partners and improve cash flow.
Hassle-Free Carrier Management
Broaden your application monitoring tools, tap into a central repository for carrier details and strengthen relationships with suppliers.
Monitor Pro is a tool that leading companies are using globally. Here is a case study, we recently worked with a leading food & beverage company, automating their old processes and assisting them with a visibility portal. Now using Monitor Pro, they’re able to see their business via a centralized platform.
Happy Customers is Paramount to Your Business Growth
Gaining visibility into your supply chain provides room for improvement. Continuous improvement leads to higher operational and financial performance, and most importantly higher levels of customer satisfaction.
Real-time information and visibility is truly a key attribute that can propel your business in the right direction. Knowing your supply chain and knowing your customer’s needs will empower you to meet their expectations.
If you’ve no idea where to start, feel free to talk to us and we’ll be more than happy to guide you.