Supply Chain managers say that tracking and tracing products is a nightmare with the level of transparency today. Shippers can ship their products across the globe, but they lack key data about shipment location and status as packages move from port to port.
This lack of transparency is a mounting challenge that affects efficiency and decision making.
The biggest problem is visibility, manufacturers do not know where their products are, what conditions they are in right now, if there are delays, severe weather conditions or performance issues. This lack of visibility can be costly, knowing where products are and at what stage they are can help you make proactive decisions about rerouting or alternative sourcing.
The shipping industry relies on as much as 30 different parties involved in single container transport. Each party can have a different operating model to process the information link to the shipment and results in great challenge to get visibility . Many phone call and emails are done the get the location of single container.
Boston Consulting estimates that lack of visibility and guessing about container whereabouts is costing $20 billion annually.
Research among Supply Chain managers suggests that the industry is ready to gain greater visibility into the chain through the Internet of Things. Companies will see the spend on IoT technology and track-and-trace grow at 24% between 2017 and 2023. Inventory and supply chain management will increase spending 20.2% during the same period.
Our Solution offers all the data needed to have the greatest visibility into your Supply Chain. Know What, Where, Why and How your products are moving across the globe. Gain the information to make decision quickly and before issues occur.