A 2023 survey revealed that 44% [1] of companies were compelled to adjust their supply chain structures in the preceding year due to logistical issues, and nearly half reported that disruptions had led to significant planning difficulties. 

This ongoing struggle requires digital transformation with real-time monitoring and data analytics. This blog outlines those innovative solutions in supply chain visibility. Let’s begin. 

Real-time monitoring with IoT

DHL uses this method in the logistics industry. With IoT and sensor technology, DHL tracks shipments in real-time and monitors temperature and humidity. This enhances their procurement process and the quality of goods.

Furthermore, IoT devices enhance supply chain security, protecting against theft and loss by monitoring warehouses, vehicles, and cargo. It also improves efficiency and reduces costs, ensuring a smoother, more secure supply chain operation.

Data Analytics: Key for efficiency  

Recent findings [2] show that 63% of companies need technology to track their supply chain performance. However, 81% of supply chain professionals see the value of analytics in reducing costs. It’s observed that companies with efficient supply chains tend to outperform in revenue growth compared to their industry average.

The use of statistics is critical in addressing supply chain challenges. By applying descriptive and inferential statistical methods, insights into improving operations and reducing costs emerge.

Look for supply chain management software.

Supply chain vulnerabilities span from internal disruptions, exemplified [3] by the 2011 Sony PlayStation Network outage, to external pressures like the geopolitical shifts in the US-China trade war. Research [4] indicates up to 40% of cyber threats emerge indirectly via the supply chain, yet more than 23% of security leaders engage in real-time monitoring of cyber risks among partners and vendors.

Companies can utilise Vendor software tools featuring updates and security assessments to present a method for addressing these challenges. 

Moreover, in managing a large vendor base, procurement data inconsistencies and price variations often lead to business hurdles. For this to resolve, consultation with experts in these scenarios has resulted in 5-10% direct cost savings.

Final Words

These are the starting steps for leaders to revamp their e-procurement process in the digital transformation of the supply chain. Also, consider using RFID tags to track, manage, and analyse your supply chain. 

With that in mind, the first step is to understand what your company needs to move to the next level. You can promptly consult with Moglix to learn more about your prospects. 

References: 

1. https://www.mckinsey.com/capabilities/operations/our-insights/tech-and-regionalization-bolster-supply-chains-but-complacency-looms
2. https://onlinedegrees.mtu.edu/news/how-statistics-are-used-in-supply-chain-management
3. https://www2.deloitte.com/us/en/insights/economy/us-china-trade-war-supply-chain.html
4. https://aag-it.com/the-latest-cyber-crime-statistics/