Why is visibility important for creating a resilient supply chain for your chemical sourcing b.docx
Supply chain visibility is the ability to manage and track its products and services throughout the complete lifecycle – from raw materials through delivery. Businesses need to remove all complex supply chain bottlenecks for better supply chain visibility and customer service, helping organizations improve customer service, control costs and mitigate risks.
It can be nearly impossible for companies to gain supply chain visibility without automation. Only 6% of companies claim to have complete supply chain visibility while 69% lack visibility. Visibility can help companies save money by reducing unnecessary warehousing costs if implemented correctly. It also improves customer service and increases employee productivity. Real-time visibility helps in selecting the best suppliers/distributors based on several factors like sustainable goals, ethical practices and cost efficiency.
Importance of supply chain
The factors below highlight the importance of supply chain visibility.
- Measurable KPIs – Last-minute logistical disturbances affecting profit margins can be avoided by monitoring the supply chain in real time with relevant key performance indicators.
- Compliance – It’s important to monitor the movement of goods through the supply chain and ensure they are compliant in every way.
- Competitive advantage – Relevant data on trackability of product allows a company to know precisely when the product needs to be ordered, time to contact the suppliers and the delivery of the product.
- Customer satisfaction – Customer satisfaction can be maximized through inventory management by meeting customer requests.
- Forecasting – The real-time data of the complete supply chain helps improve business operations, tracking raw materials and delivery of information to the customers.
Supply chain visibility is pivotal to digital transformation
Having the right technology and processes will let you have access to real-time information flow. Supply chain visibility plays a pivotal role in customer experience. You will have happy customers if they get what they need when they need it. They will come back to deal with you again and share among their friends about your excellent service.Benefits Of supply chain visibility
- Make better decisions
- Improve product quality
- Improve customer service
- Reduce costs
- Improve supply chain efficiency On-time deliveries mean a significant reduction of huge fines from customers and is, therefore, a key to providing outstanding customer service.
What To Look For When Buying Chemicals On Marketplace
Ways to achieve supply chain visibility
Elchemy can help your organization increase supply chain visibility into supplier data and performance with its sophisticated supply chain solutions, offering the best way to manage your entire supply chain, including:
- Personalized dashboards: Business users can plan their own operations with dashboards that offer transparency into supplier performance, contact information, capacity, compliance, risk management, etc.
- Access to supplier data: Supplier risks can be minimized by tracking multi-tiered supplier information, costs, etc leveraging Elchemy’s supply chain solutions.
- Single source of data: It lets users aggregate the data into a single, highly customizable application by eliminating heterogeneous systems and silos.
- Shorter lead times: Elchemy provides fast turnaround times with lead times that are as short as a couple of days.
Aspects of Supply Chain Visibility Data
Rising supply chain visibility through data encloses a variety of data collection activities, following are some of them. - Status of Order: Real-time visibility of cargo movement ensures operational efficiency, as the company knows the delivery time of goods.
- Audit records: This includes various compliance and regulatory information critical to ensure that there are no legal complications.
- Shipping details: It includes real-time data on shipment of goods.
Conclusion
Supply chain visibility is important for various processes including supply chain and customer service, helping organizations for better inventory tracking, improving operational efficiency, and providing superlative customer service.
Companies need to have clear visibility of the supply network to generate control. They must diligently track the same information all the time. This clarity is important for better organizational efficiency and profitability while never compromising on excellent customer service.
By investing in supply chain visibility technology is the best possible way to get this type of visibility. Leverage Elchemy’s supply chain solutions to improve your supply chain visibility for organizational competency.
