In the era of e-commerce, consumer expectations are driving demand for real-time data. That’s because having data about past events is no longer sufficient. Real-time data meets the needs of the moment and predicts future changes in demand, which is what makes it wanted.
A fact of the situation is that the new normal from 2020 onwards pushed organizations to realign their operations and supply chains in order to thrive. Their focus moved towards adaptability, speed, reducing risk, and sustainability while also adopting flexible sourcing and distribution strategies to focus on regionalization which is a rising trend. But most importantly, real-time data became the prime need without which nothing makes sense.
Other points of consideration include the increasing emergence of trend breaks, the shift of ecological and social imperatives, and customer advocacy that forces traditional supply chains to change. This makes the need for sustainability and resilience higher than ever before and we’ve only found a way through this with the help of data. The reason why supply chains should focus on all the factors mentioned above is that they shape the survival of the future of supply chains. But how can supply chains implement sustainability? Because last we checked, there’s no specific rule to attaining sustainability. But there’s always a first, Digital Transformation. This will enable cloud-based technology solutions to achieve a viable supply chain and data is the center point throughout.
Did you know how India is set to become an Integral Part of the Global Supply Chain?
The next point of discussion here is the lack of visibility of inventory. This again can be easily resolved with real-time availability of data. Whether static or in-transit, real-time data finds a way to track inventory beyond the scope of the company’s own supply chain. This is what makes it crucial today. It has the ability to achieve enhanced visibility of potential risks on a global level and enables organizations to react to near real-time incidents while planning and executing.
With real-time data, organizations have the ability to re-plan shipments wherever necessary and can easily avoid disruptions, and can pro-actively inform end customers of potential delays and delivery disruptions. This makes their services valuable, avoids loss of reputation, and protects their company’s top line.
Conclusion: Real-Time Data is key to achieving resilience for supply chains in 2021. Without knowledge of real-time data, no matter the strategies applied, companies will fail to grow sustainably. That’s because real-time data leverages control over data analytics which can help businesses in avoiding pitfalls.
Insufficient data and unreliable supplier payment processes mean that businesses are losing money and putting their supply chains at risk. This is why embracing the latest technology and data analytics become important. Companies can maintain vital supplier relationships, future-proof their operations, and can ultimately support smaller businesses through difficult times just with the help of real-time data.
Recommended Read: Supplymint Solutions for end-to-end retail distribution management