Strategies to Develop Transparent Supply Chains
As consumer needs and expectations rapidly evolve, businesses need to revolutionize their supply chain.
Revolutionizing product workflows has transformed the global adoption of digital solutions. Unprecedented market shifts have left even agile transportation companies using incomplete or irrelevant data. Businesses need real-time visibility into their supply chain to make strategic changes to their work processes, increasing efficiency. Both ends need accessibility to information to minimize data bottlenecks. Supply chain transparency has been an essential aspect of enterprises for ages but is more vital than ever.
Disruptions in the supply chain during the pandemic and its aftermath have impacted business operations. A few enterprises already have embraced tools for resiliency in their work processes to minimize the impact. Here are a few ways REVO develops a transparent and visible supply chain to increase business efficiency:
Mind The Gap
Enterprises need to evaluate their work processes to understand the supply chain management gaps. The current openings in the production or communication flows will help to integrate resiliency into the business continuity. Evaluating end-to-end production workflows will help to spot all the improvement opportunities. It is essential to create accessibility for the stakeholders, workforce, vendors, and others involved in the process to the appropriate data. Businesses can adopt supply chain transparency at a strategic level, enabling them to leverage all opportunities to create a structural impact on workflows. Maintaining transparency throughout needs frictionless coordination from all the moving parties involved. Understanding the existing end-to-end supply chain gaps is crucial to making strategic changes to increase business ROI.
Enterprises can integrate a robust technology stack with the Internet of Things (IoT) to track physical product movements in real-time. Radio-Frequency Identification (RFID) tags are one of the best tools to embrace transparency in the supply chain. Businesses can implement RFID tags to enhance the traceability and visibility of goods throughout their product lifecycle.
As RFID tags enable businesses to get transparency at the product level, Blockchain technology allows them to gain material-level clarity. Implementing Blockchain technology in the entire production flow will help firms to trace the raw material used in the finished product.
ELD Electronic log systems for trucks help you analyze your fleet and logistic safety and efficiency to build a workforce that has visibility on how well they are performing. What gets measured gets improved.
Enhance collaboration between vendors, partners, and competitors
Businesses need to set effective workflows to establish seamless coordination between vendors, partners, and competitors to build supply chain transparency. Vertical collaboration between vendors, third-party logistics services, and retailers is essential for enterprises of all sizes. Developing scalable and long-term relationships with business partners will streamline data flow throughout the supply chain, offering better visibility. Horizontal collaboration between competitors in the industry will help to get a competitive edge by getting more visibility in the demand burden and gaps in the distribution infrastructure.
Establish customized partnership goals
One size fits all policy does not work for enterprises; they need to set customized transparent partnership goals with the vendor to enhance transparency. An integrated communication tool can enable seamless communication between suppliers and other parties. Gathering and processing a higher volume of data from business partners will assist in analyzing the market trends. Enterprises must share data and other best practices to ensure growth for all parties. Deploying resources in warehouse distribution plans will enhance visibility, efficiency, and sustainability.