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.Lausanne, Switzerland, December 14, 2022
The biggest problem is visibility; manufacturers do not know where their products are and 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 can help you make proactive decisions about rerouting or alternative sourcing.
The shipping industry relies on as many as 30 parties involved in single-container transport. Each party can have a different operating model to process the information linked to the shipment, which results in a great challenge in getting visibility. Many phone calls and emails are done to get the location of a single container. Boston Consulting estimates that lack of visibility and guessing about container whereabouts cost $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 spending on IoT technology and track-and-trace grow 24% between 2017 and 2023. Inventory and supply chain management will increase spending by 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 decisions quickly and before issues occur.
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