Mar 23, 2023
Businesses are increasingly being pressured to show visibility across their complex and multi-level supply chain so that various stakeholders and customers have whatever information they want. Now supply chain has always been under innovation so that it serves the company, industries and sectors better and more efficiently. Traceability and transparency are two concepts at the forefront of a complete and whole some supply chain system. But why are these two concepts important and what do they really offer?
Lets break down the terms. Traceability in simple terms means the ability to track a product right from the beginning of assembling of raw materials, to the delivery of the finished product. It records the entire journey of the product up until it is delivered to the customer or even after if the product needs servicing or returning. This feature offers security and opportunities to make the supply chain efficient. A lot of industries like pharma and agriculture require high amount of security due to the nature of the product.
Transparency is basically making information about the product, the phase it is in and the stakeholders involved with it, available to people in the supply chain. So, they know answers to the who, the what, the where about the product. This feature boosts security and can help tackling the counterfeit products that circulate around in the supply chain. It also eliminated the need for third parties.
1. Economical management of supply chain:
Both traceability and transparency make supply chain management cheaper and easier. They shave off a lot of overheads for the businesses and make it lighter to maintain.
2. Customer Satisfaction:
Since customer awareness is an all time high, they want to know every possible detail about the product they are buying. This is one of the first ways that a business engages with their targeted customer base and this visibility of making of the product enables brand loyalty.
These two factors promote sustainability because it makes business scalable in a lot of ways. It allows them to forecast demand and supply issues and stock their inventory accordingly. Sustainability is the main driving force of innovation in industries and traceability and visibility help them gain ground tremendously.
These two factors also combat counterfeit and fake products. QR codes are one of the many add on security detail that can be added to the product so that its easier to differentiate between fake and original products. It also helps us trace the origins of the product via scanning it. New and modern problems require new and modern solutions and that is what we provide at MSRVantage.
At MSRVantage, we engineer your supply chain to be as optimal as possible while making the best use of traceability and visibility options. Businesses can create a stable and loyal brand name with original, authentic products delivered by an efficient supply chain.
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