How to improve real-time supply chain visibility through stakeholder collaboration
A recent Deloitte survey spotlights the growing importance of collaboration in supply chain management, with 69% of Chief Procurement Officers (CPOs) prioritizing risk management and resilience and 61% identifying supplier collaboration as a key strategy. This emphasis on collaboration reflects a shift in how businesses view their supply chains — not just as transactional networks but as interconnected ecosystems, requiring cooperation and transparency to thrive in an increasingly volatile global economy.
Working together is fundamental to achieving complete transparency within the supply chain. By building solid relationships and exchanging up-to-the-minute data, companies can uncover weaknesses and anticipate possible obstacles within their networks. Deloitte’s exploration of supply chain resilience emphasizes that collaboration is essential at every stage, from assessing priorities and mapping the network to identifying and addressing risks. A proactive approach allows businesses to develop effective backup strategies and provides the flexibility to adjust to evolving markets.
What is real-time visibility?
Real-time supply chain visibility refers to the ability to access and monitor accurate, up-to-the-minute information on the location, status, and condition of goods at every stage of the supply chain. This includes the sourcing of raw materials, manufacturing, warehousing, transportation, and final delivery. Integrating various technologies, data sources, and communication channels across the supply chain network contributes to such transparency.
The role of stakeholder collaboration in real-time supply chain visibility
Real-time transportation visibility requires collaboration across the entire supply chain ecosystem — this means breaking down silos and fostering open communication between the stakeholders that contribute to a unified view of the supply chain.
Suppliers Suppliers are the first link in the supply chain, providing raw materials, components, and/or finished goods. Sharing this information in real time allows for proactive planning and mitigates the risk of stockouts or overstocks. Through collaboration, companies foster a more responsive and efficient supply chain that can adapt to demand fluctuations and unforeseen challenges.
Transportation providers Carriers, 3PLs, and drivers are responsible for the physical movement of goods. Real-time shipment tracking, ETA updates, and disruption notifications are essential for ensuring timely deliveries and managing customer expectations. Collaboration platforms facilitate smooth communication between shippers and carriers, enabling proactive problem-solving and reducing delays.
Internal teams Logistics, sales, and accounting departments rely on real-time shipment visibility data to make informed decisions. Logistics teams can optimize routes, manage inventory levels, and allocate resources effectively. Sales teams can provide accurate delivery estimates to customers, improving customer satisfaction and boosting sales. Accounting experts track costs, monitor financial performance, and ensure timely payments to suppliers and carriers. This transparency and information sharing helps improve efficiencies and overall supply chain performance.
Customers Customers expect real-time visibility and control of their orders. They want to know where their shipments are, when they will arrive, and if there are any delays. Providing this information through portals, notifications, and proactive communication enhances the customer experience, building trust and loyalty. If customers feel informed and in charge, they are more likely to do business with the same company again.
In an increasingly complex and unpredictable global marketplace, collaboration is the key to building a resilient, responsive, and customer-centric supply chain.
Benefits of Supply Chain Collaboration
Working together is fundamental to the success of an efficient supply chain. Here, every participant collaborates towards shared objectives, with benefits including:
Higher efficiency Removing communication barriers minimizes delays and inaccuracies, accelerating order processing. Giving stakeholders the ability to access up-to-date information simultaneously enables them to work together to refine processes and prevent expensive errors.
Cost saving Real-time visibility in supply chains also facilitates the early recognition of obstacles and inefficiencies, creating opportunities for cost reduction through route optimization, inventory management, and resource allocation. Collaborative planning also minimizes waste and excess inventory.
Greater customer satisfaction Timely and accurate deliveries and proactive communication about potential delays create a positive customer experience. Stakeholder collaboration also enables businesses to tailor services to individual customer needs, further strengthening relationships.
Increased agility Forging strong partnerships allows companies to quickly respond to unexpected events like natural disasters or disruptions. The result is more open sharing of risk information and joint emergency planning, allowing businesses to detect and address potential obstacles early. This decreases the chance of expensive hold-ups and improves overall business operations.
Informed decision-making By aggregating and examining data across different sources, companies can achieve a holistic view of their supply operations. Consequently, they can better recognize patterns, refine procedures, and take well-informed action. Collaborative efforts in planning and forecasting improve demand predictions, resulting in more efficient stock management and reducing the chances of inventory shortages.
Collaboration throughout the supply chain unlocks a new level of efficiency, as businesses create a dynamic and responsive ecosystem that thrives in the face of disruptions.
Improving real-time supply chain visibility through collaboration & communication
Achieving real-time supply chain visibility requires the right technology partner. Companies that strive for end-to-end visibility must prioritize solutions that integrate well with their systems, provide strong tracking and monitoring features, support informed decision-making through data analytics, encourage collaborative efforts, and enable proactive management of potential risks.
Advanced technologies for supply chain collaboration
Emerging technologies can facilitate real-time communication and data sharing, making them critical in achieving end-to-end visibility. These technologies may include:
Cloud-based platforms. Cloud-based supply chain management solutions centralize data from across the network and provide stakeholders with instant access to critical information regardless of location. They often offer a suite of features, like real-time tracking, smart analytics, and integrated communication solutions, creating a more connected and efficient ecosystem.
IoT sensors. Internet of Things (IoT) sensors enable real-time tracking and monitoring of goods. Sensors attached to products, pallets, or containers collect data about location, temperature, humidity, shock, and light exposure. This granular level of information enables companies to proactively monitor goods in transit, identifying potential delays or damages and promptly applying mitigation measures.
Real-time tracking systems. Real-time tracking solutions offer continually updated insights into the whereabouts and condition of shipments. This transparency enables companies to monitor transit times, anticipate potential holdups, and actively inform customers about the status of their orders. This capability is vital for aligning with customer expectations and guaranteeing punctual deliveries.
But collaboration alone isn’t enough. To truly benefit from real-time visibility, businesses need to turn this collaborative data into insights, which is where data integration and real-time supply chain analytics come into play.
Data Integration and Real-Time Supply Chain Analytics
A robust supply chain visibility platform collects and consolidates data from various systems, such as ERP, TMS, WMS, and IoT devices. A single data repository ensures timeliness and accessibility for all parties, eliminating the need for manual data reconciliation and creating a single source of truth.
By investing in advanced analytics tools, companies benefit from:
Predictive demand forecasting, anticipating market fluctuations with precision, optimizing inventory levels, and mitigating the risks of costly overstocks.
Dynamic inventory optimization thanks to live visibility into stock levels at every supply chain node.
Intelligent transportation optimization that identifies the most efficient routes, optimizes carrier selection, and reduces fuel consumption.
Proactive risk mitigation, as predictive analytics and machine learning models can detect patterns and anomalies in real time, providing early warnings to potential disruptions.
Performance measurement and continuous improvement due to a comprehensive view of supply chain performance, tracking key metrics like on-time delivery, order fulfillment accuracy, and inventory turnover.
These benefits help establish a culture of collaboration, where stakeholders can work together to identify opportunities for improvement, implement data-driven solutions, and achieve a transparent and resilient supply chain.
Collaboration for risk management and contingency planning
Risks are inevitable — from natural disasters and geopolitical events to supplier bankruptcies and unforeseen demand fluctuations. Fortunately, with a collaborative and communicative approach, businesses can upgrade risk management from reactive to proactive.
Working together facilitates an early detection system, authorizing stakeholders to pinpoint and communicate potential hazards before they trigger setbacks. This early detection system enables preemptive strategies like identifying alternate suppliers, redirecting shipments, or modifying production timelines to reduce the impacts of delays. As the network grows in size and diversity, managing risks becomes more complex. Collaboration and visibility platforms provide a unified space for sharing critical information, ensuring everyone has access to up-to-the-minute data and insights.
Choosing a real-time supply chain visibility solution
Choosing the right supply chain visibility solution can significantly improve your business’s efficiency and ability to withstand challenges. It’s not merely about picking a technological platform; it means selecting a partner who grasps your distinct challenges and can provide a solution that matches your strategic objectives.
Key considerations for choosing a visibility partner:
Ensure the solution integrates with your ERP, TMS, WMS, and other relevant platforms, ensuring smooth data flow and a single source of truth for all supply chain data.
Prioritize solutions that offer comprehensive, real-time visibility into shipment locations, inventory levels, and supplier performance.
Look for a solution that delivers actionable insights through advanced analytics and customizable reporting.
Choose a platform that facilitates accessible communication and information sharing between stakeholders.
Pick the visibility solution that can scale together with your company.
Ensure the platform has an intuitive interface to maximize user adoption, and that all stakeholders can easily access and utilize its features.
Agistix offers a comprehensive visibility platform that integrates seamlessly with over 4,000 systems, ensuring compatibility with your existing infrastructure.
Agistix Visibility centralizes real-time cost estimates and tracking updates across all carriers and modes, serving as a single source of truth for managing all inbound, outbound, and third-party shipments, ensuring comprehensive visibility into supply chain performance. This enables businesses to proactively identify and resolve potential disruptions, optimize routes, and enhance customer satisfaction.
Agistix Microsites offer customized applications tailored to specific user groups within the supply chain. These microsites empower stakeholders to access critical data throughout a shipment’s lifecycle, significantly reducing the workload of supply chain teams and improving data accessibility.
Experience the transformative power of real-time, integrated visibility with Agistix. Request a demo today!
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Author
Trevor Read
President at Agistix based in San Francisco. I am an entrepreneur with a passion for data, and technology. I am results-oriented and committed to developing fast-deployment solutions to help customers seize the new opportunity coming from big data in the global supply chain.
