In contrast with the consumer expectation for instant fulfillment, the reality of today’s sluggish supply chain affects all participants—from suppliers and manufacturers to warehouse managers and final mile carriers. So to stay competitive, supply chain leaders need the ability to evaluate operations, address immediate concerns, and build steps that mitigate future challenges.
High-quality, real-time data provides supply chain leaders with a high-level overview of operations, as well as a proximate understanding of delays, bottlenecks, and issues of supply and demand. The ability to collect, synthesize, analyze, and act on this data—in real-time—marks the difference between a high-performing, empowered logistics team and an ineffective one.
In short: real-time visibility into the supply chain is no longer an added benefit. It’s a necessity.
Identify bottlenecks faster
GPS can effectively identify the best routes to a destination—rerouting drivers around detected traffic. The same is true of data in logistics, which can help supply chain leaders track shipments regularly—and anticipate problems on the horizon. If something goes wrong (which these days is a common occurrence), drivers with data are better equipped to strategize and find a solution.
Empowered with up-to-date information about the status of their shipments, supply chain managers can optimize dock scheduling, boost the efficiency of pick-ups and drop-offs, and reduce costly wait times. The impact is twofold: an optimized supply chain and fewer costs.
More strategic, informed decisions
Supply chain leaders lacking frequent, real-time updates about their operations cannot anticipate needs or plan effectively. As a result, they relegate their decisions to outdated information or old trends, which affects their overall strategy and success.
With a reliable TMS, carriers can send shipment updates immediately through a shared platform. These updates signal whether pallets will arrive at their destination on time or if there will be a delay. Supply chain leaders can then act accordingly to adjust the timeline, communicate better with carriers or warehouse managers, and continue prioritizing efficiency.
Strengthen forecasting abilities
The supply chain constantly changes as supply, demand, production, and distribution fluctuate. What’s more—pandemic-related disruptions to the supply chain have made it increasingly difficult to predict future outcomes.
Keeping on top of these changes without meaningful, measurable, and consistent data is impossible. It may be obvious when there is a sudden rise in demand for a specific product, but what happens when supply chain leaders get ahead of the competition by tracing and analyzing gradual changes in demand? These insights could be the difference between preparing inventory accordingly and outpacing competitors or not preparing in time.
Forecasting offers a welcome opportunity to improve efficiency, cut unnecessary costs, and get ahead of the curve.
Leverage real-time data
Supply chain leaders manage many things at once—regulations and compliance requirements, massive supplier networks, and customers worldwide.
Real-time data can make all the difference to a logistics team when managing these expansive networks while staying on schedule. A 2020 Oxford Economics survey of 1,000 supply chain executives found that 49% of supply chain leaders capture real-time data insights and act on them immediately. That’s almost half of supply chain leaders—meaning you can’t be competitive if you aren’t also aboard the data train.
A partner like CTSI-Global can help supply chain leaders harness this data to their advantage. With cutting-edge TMS apps and built-in BI capabilities like Honeybee TMS, CTSI-Global provides supply chain managers with the visibility and tools they need to leverage this data to become more efficient and boost their bottom line.
Get ahead of the curve with real-time visibility into the supply chain. Contact us.