How Can B2B Supply Chain Visibility Solutions, Improve Supply Chain Issues in 2023?

Over the last several years, we've seen a massive advancement in the complexity of supply chain technology solutions. The enormous problems that people in the supply chain business encountered inspired much of the transformation we've witnessed. 

Editor’s Note:

Shippers tried to find out where their cargo was and when they could arrive as the epidemic progressed – those who couldn't swiftly limit disruption suffered the agony of a disordered supply chain. 

According to a poll conducted by Carl Marks Advisors in collaboration with SupplyChainBrain, 75% of supply chain executives indicated supply chain difficulties have either severely or very badly affected sales at their organisation during the last year... The interruptions have had a significant impact: 80% of respondents reported their supply chain expenses increased by 20-60% between December 2020 and December 2022. 

In response, businesses have increased their investment in logistics technology to understand their supply chain better. According to a recent McKinsey poll of global supply chain executives, "businesses can manage their supply chains only when they have a comprehensive view of each connection." In this area, firms have made substantial progress: 67% of respondents have adopted digital dashboards for end-to-end real-time supply chain visibility. And those firms were twice as likely as others to avoid supply chain issues caused by early 2022 interruptions. 

According to McKinsey's analysis, "comprehensive, reliable master data is vital to both supply chain visibility and successful scenario planning." Over half of those polled said the data quality in their supply chain planning systems was sufficient or 'high,' indicating that many businesses still have space to enhance their data gathering and management procedures. 

Let's look at how B2B real-time supply chain visibility solutions will help address supply chain difficulties in 2023. 

Importance of Visibility in a B2B 

Companies must concentrate on visibility to develop awareness and credibility in a business-to-business (B2B) scenario. There are many methods for increasing awareness, and each firm should personalise its strategy to its goods, services, and objectives. However, some popular techniques for raising awareness include presenting at trade events, authoring thought-leadership pieces, and participating in social media. 

Increased visibility aims to reach new prospects and turn them into leads. Companies may portray themselves as industry experts and attract new clients by improving their reputation and awareness. 

Exhibiting at trade exhibitions is one approach to getting attention and reaching out to new prospects. Trade exhibitions allow you to meet prospective consumers face-to-face and create connections. They are also an excellent source of fresh leads and information about industry trends. When selecting trade exhibitions to exhibit at, make sure they are relevant to your company's goods and services. 

Enhances overall efficiency 

It is much simpler to spot inefficiencies and target areas for improvement when you know precisely when, where, and how things are moving through the supply chain. The sooner a company can identify bottlenecks and delays, the sooner such supply chain interruptions may resolve to increase supply chain efficiency. 

High SCV also improves supply chain agility and robustness by allowing you to proactively make adjustments in the face of new trends or unanticipated calamities. 

Reduces expenses by reducing trash

Without an understanding of your supply chain's product flow and operating capabilities, it's simple to overpay, lose time, and miss possibilities for improvement. 

Real time supply chain visibility and insight into inventory management, warehousing procedures, and shipping destinations may save a company money by revealing areas where slight changes can result in significant savings. 

You can detect and discharge deadstock to reduce holding costs if you have insight into inventory levels; similarly, if you have information about order destinations and transit durations, you can strategically store products to minimize shipping costs. 

Better choices = real-time data

Modern supply chain software provides customers real-time data for crucial supply chain tasks. Businesses can make better judgments when they have real-time visibility. 

Real-time inventory monitoring, for example, offers firms the most accurate inventory counts available, allowing them to know when to replace stock and how much to purchase. 

Similarly, with real-time data on shipping destinations, a company may more efficiently select where and how to distribute products to satisfy client demand strategically. 

How Visibility Ensures Maintenance of Compliance and Mitigates Carrier Schemes 

Nowadays, we all expect personal packages to be visible: Amazon enables you to follow your driver's whereabouts, even down to the number of stops. The expectation of visibility is the same for commercial shipments and good causes. Knowing the actual position of your shipment requires more openness and quality from your transportation partners and carriers. 

The year 2020 will be regarded as the Pandemic Year. As a result, it will remember as the year that highlighted the significance of logistics and supply chain management. The epidemic has seriously affected the global supply chain and highlighted several flaws in the system.

For a variety of reasons, visibility is critical in supply chain management. For starters, it assures compliance across the supply chain. It is because visibility enables monitoring items and materials as they travel through the supply chain. This monitoring may help detect bottlenecks and possible areas of noncompliance. Furthermore, visibility may aid in the mitigation of carrier schemes. When carriers or logistics providers modify the terms of their service agreement without alerting the shipper, this refers to a carrier scheme. It has the potential to cause substantial disruptions in the supply chain.

Bottom Line

As the new year approaches, many organizations ask how they might boost real time supply chain visibility. After all, as organizations have grown more dependent on global supply networks, supply chain visibility has become more vital. 

There are many reasons why supply chain visibility is critical. For starters, it may assist firms in identifying issues and possible dangers in their supply chains. It is significant because it may assist firms in avoiding supply chain interruptions. 

Second, supply chain visibility may assist companies in optimizing their supply networks. It is significant since it may assist firms in saving money and improving their efficiency. 

Third, supply chain visibility may assist firms in developing consumer trust. It is significant because people are becoming more curious about where their goods come from and how they create. 

Forth, real time supply chain visibility may assist organizations in meeting regulatory requirements. It is significant because regulatory compliance is becoming more vital as firms function in a more regulated environment.