The Consumer Packaged Goods (CPG) industry is changing how businesses operate; embracing remote operations, increasing its use of electronics, Internet of Things (IoT) and transforming at a rapid pace. Technological advancements are revolutionizing how customers shop, increasing demand for CPG companies to do more with less and create business value through the use of technology and data.
A primary challenge for most companies is redefining consumer expectations and behaviors. To succeed in this industry – with its retail expansion, e-commerce platforms, and quickly changing demographics – CPG companies will need to reach customers across various touchpoints, match their wants, reduce chargebacks, embrace marketing localization, and emerging technologies.
Having a real-time visibility feature in your supply chain tracking software can immensely help in taking your business to new heights.
The objective of real-time visibility is to have real-time data and all the necessary information at your fingertips regarding what’s going on with your business. Having this information will help in guiding the roadmap of any changes that need to be made across your business processes, such as deciding to ship your products to a different warehouse or packaging your products with a different material.
How Real-Time Visibility is Playing a Crucial Role in the CPG Industry?
The greatest negative impact on your supply chain due to lack of real-time visibility. The impact is on costs, customer service and satisfaction.
At the core of every successful business is the ability to see what’s going on at any given time and adapt to challenges or opportunities accordingly. In order to do this, you need a 360-degree view of your business — not just how your products are moving, but also where they’re being sold and how much they’re actually being sold for.
To create the most effective supply chain and logistics management system, CPGs need to have real-time visibility on their shipments. Real-time visibility enables them to make decisions based on actual inventory levels at stores, as opposed to estimates that can be off by several days. The significance of this is that it can help companies avoid out-of-stocks, which cost retailers billions of dollars each year.
Unpredictability and increasing demand for full supply chain visibility require the need for new technologies. At present, the most useful technology or discipline for CPG companies to cope up with business challenges is real-time data analytics. There are tons of benefits of real-time data analytics, which is also the fuel behind real-time visibility platforms. When implemented the right way, real-time data analytics can provide CPG companies with the right data at the right time. They can get insights and help companies act on the data instantly.
How Does Real-Time Visibility Drive Business Value in the CPG Industry?
Visibility acts as the primary driving force of CPG companies as it helps them constantly analyze and review their operations to find errors and improve business outcomes.
Here are benefits of real-time visibility:
Reallocate team members to more value-add workstreams
Streamline communications to create a more flexible workforce
Plan and track dependencies across teams
Get rid of the traditional check calls
Manage dock and warehouse personnel more efficiently
Rectify carriers with a history of poor performance
Discover areas with barriers and limitations
Alert teams to inbound loads and delays
Supply chain experts such as Monitor Pro understand clients’ challenges and guide businesses to uncover value via technology and fool-proof processes. Thereby, leading to reduced costs, increased productivity, and enhanced customer service (depending on how the logistics teams are integrated).
End to end supply chain integration, facilitates CPG companies in:
Creating business agility: Having access and visibility into comprehensive B2B transaction life cycles will assist in making better decisions.
Improving planning and inventory: Implementing AI-powered tools to collect and analyse data from various inputs results in improved planning and tackling inventory issues even before they occur.
Reducing risks and costs: New computing trends and technologies are reducing manual tasks and associated errors. In addition, optimised processes help inform, deliver, and measure the impact of efforts.
Leverage Monitor Pro to Gain Visibility and Control Across all Touchpoints
We have seen the challenges and benefits of having real-time visibility in supply chains. A question that arises now is – where and how can I start the process of achieving real time visibility or end to end supply chain integration? Identifying solutions, technologies, realigning the teams to learn, adapt and work in new environments can all be exacting. We understand this process all the way to the last detail.
At Monitor Pro, keeping your supply chain in check is our full-time job. Our supply chain tracking software will do the heavy lifting for you while you have enough information at hand to plan, pre-empt and react effectively. You won’t be grappling in the dark and will have enough power to keep your supply chain working optimally.
Monitor Pro gives you visibility into your supply chain no matter where you are. You can manage vendors, new vendor onboarding, track orders, schedule shipments, review your distribution locations, connect disparate systems, processes, devices and apply data insights to better your supply chain’s functioning.
We’re certain that you’ll have many questions, feel free to talk to experts at your convenience. We’ll be more than happy to answer all your questions and provide more information.