As consumer needs and expectations are rapidly evolving, businesses need to revolutionize their supply chain as well.
The entire globe embracing digital transformation has revolutionized product workflows. Enterprises need to have real-time visibility into their supply chain to make strategic changes, to their work processes, increasing their efficiency. An end-to-end transparent supply chain will minimize disruptions in the production and delivery process. Supply chain transparency has been an essential aspect of enterprises for ages, but business decision-makers still need to be vigilant to adapt to the evolving needs.
Disruptions in the supply chain during the pandemic and its aftermath have impacted business operations. A few enterprises already have already embraced tools for resiliency in their work processes to minimize the impact. Here are a few ways to develop a transparent and visible supply chain to increase business efficiency:
Develop transparent strategies
Enterprises need to evaluate their work processes to understand the supply chain management gaps. The current gaps in the production 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 keep the stakeholders, workforce, vendors, and others involved in the process in the loop to streamline processes. Businesses can adopt supply chain transparency at a strategic level, which will enable them to seize all opportunities to create a structural impact on workflows. Maintaining transparency throughout needs frictionless coordination from all the moving parties involved. It is crucial to understand the existing end-to-end supply chain gaps to make 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 enables them to gain material-level transparency. Implementing Blockchain technology in the entire production flow will help businesses to trace the raw material used in the finished product.
Enhance collaboration between vendors, partners, and competitors
Businesses need to set effective workflows to establish seamless coordination between vendors, partners, and even competitors to build transparency in the supply chain. 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 result in streamlining 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 transparent partnership goals
One size fits all policy does not work for enterprises; they need to set 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 need to share data and other best practices to ensure growth for all parties. Deploying resources in warehouse distribution plans will enhance visibility, efficiency, and sustainability.