Precision Starts with Visibility
The new must-have supply chain qualities are speed and accuracy—and the cost for not measuring up is unequivocally high. Manufacturers have been given a seemingly simple choice: maintain optimal levels of accuracy, dependability, and responsiveness, or pay the hefty price. Assuming success will be easy is a costly mistake.
As big and small retailers alike up the ante on supplier expectations—as well as the fines associated with the inability to meet requirements—organizations are realizing the one roadblock to quickness and precision is a lack of visibility. To overcome these challenges, businesses are leveraging data analytics powered by the right technology.
The Crux of the Problem
The "I want it and I want it now" mentality has taken hold of the supply chain. Our society expects everything with lightning speed, to the point where a slower internet connection, or three-day delivery instead of two, is unacceptable and frustrating. That sentiment has seeped its way into nearly every aspect of modern life—including the supply chain.
With cutthroat expectations, suppliers need to adjust operations to meet these stringent standards. But a major roadblock is firmly planted in the path to achieving these optimal performance levels: lack of visibility into the supply chain. A recent Deloitte study reveals up to 90% of organizations rate visibility into their supply networks as moderate to very low.
With such a clouded view into operations, manufacturers and suppliers have no way to know where problems lurk and what improvement is needed. Without knowing the problem, how can you possibly find a solution? The bar has been raised for supply chain managers, and the answer lies in achieving visibility.
The Heart of the Solution
The demand has been set, so much so that 63% of supply chain professionals list "getting real-time visibility" as their top priority to increase supply chain agility and resilience. To protect customer relationships, brand reputation, and revenue, suppliers need to guarantee speed and accuracy. Managers must be able to pinpoint the exact agitators causing friction in their chain of operations.
Enter analytics. With millions of data points, dozens of touchpoints, and constantly changing information, the ultimate driver in the success of operations comes with investing in the right analytics platform. From analyzing your supply network and flagging potential threats to integrating and streamlining complex EDI data, the right tech and analysis will pivot you from a reactive to proactive approach.
Integrating powerful technology will provide your organization with an explicit view across your entire network, putting the power in your hands to anticipate and successfully avoid any future trouble that may come your way, and ultimately putting you on the clear path to achieving the speed and precision you need to keep up with—and exceed—demands, landing you on firm footing for future success.
The complexity and challenges around the supply chain continue to rise, but the value of technology concurrently continues to mount. As vendor and customer expectations grow increasingly high, the power of speed and accuracy is undeniable.
The right tech and data-driven analytics put manufacturers in the pilot's seat, allowing them to rise above their operations and access the clearest possible view, and providing them with predictive insights to act before problems arise.
While the events of 2020 taught us the future can be fickle, the shifting attitudes and transition to digitization are here to stay. Now is the time to build resiliency, agility, and longevity for the long term. With the right tech in place, there's no question about your ability to succeed.