Integrated Supply Chain Visibility Solutions for Connected Freight Management

Globalization and intense peer competition have led to increased complexities in global supply chain. The majority of players are under constant pressure to cut supply chain costs while meeting customer expectations. A lengthy supply chain with large number of suppliers involved results in uncertainties and disruptions. In order to overcome the aforementioned challenges, manufacturers across the globe are looking for ways to improve their supply chain visibility, making it cost-effective and competitive in a market where players are leveraging benefits from new technologies. 

Paradigm Shift from Liner Supply Chain Approach to an Integrated form for Freight Management

Supply chain visibility offers various advantages over traditional methods such as cost-effectiveness and improved supplier collaboration. With economies towards slowly reopening, 3PL service providers and shippers are opting for methods to improve transparency in order to gain maximum efficiency and to control costs. Shippers are now more aware of changing customer expectations and inventory costs. Adoption of new-age business models along with technological advancements has led to timely delivery of products in freight management. Furthermore, freight visibility can be improved with data-powered tools like real-time track and trace technologies that help 3PLs and shippers to keep operations moving. 

Nowadays, the focus has been shifted from estimating the shipment status and its arrival time to real-time track and trace features, for accessing more information on the condition of the cargo during transit. Actionable insights of shipments help logistic companies in right decision making in order to improve operational planning, performance benchmarking, procurement operations, risk mitigation strategies along with better customer experience across the supply chain.   

Technological Advancements to Play Pivotal Role in Freight Management

Technology is changing every aspect of how shippers and logistic companies operate. Nowadays digital fitness is prerequisite for 3PLs and shippers who can gain the benefits of new technologies, from data analytics to automation and platform solutions. Industry experts believe that logistics sector has more access to data than ever. There are vast opportunities to improve performance by adding machine learning and artificial intelligence techniques to improve supply chain visibility in freight management. Players across various end-uses are investing in new technology such as sensors that can monitor wear tear damages to environmental changes. 

For Instance, Honeywell Corporation has launched cost-effective sensor tag technology for tracking low-value cargo as a segment of its connected freight solutions.   

However, lack of digital culture and training possess biggest challenges faced by logistics service providers 

Companies are Looking for Strategic Collaboration for Integrated Supply Chain Visibility

Growing inclination of customers towards the supply chain visibility has put pressure on logistic companies and shippers to provide connected and secure digitized flow of information. Big 3PLs are now collaborating with IT solution providers to digitize their assets and have end-to-end visibility for monitoring capabilities for improved freight management. Therefore, it is necessary to have a stringent assessment process for visibility of service providers on aspects such as platform framework for integration speed, scalability, data connectivity, and security.

Conclusion

Logistic service providers and shippers for connecting freight management depend on the capabilities of software solution providers and value chain partners for integrated supply chain operations. To attain competitive advantage and significant strategic gains, it is essential for 3PLs and shippers to work closely with supply chain visibility solution providers to leverage remunerative growth opportunities in freight management.