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Why is real-time data important in the supply chain?

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Shivangi

Regardless of the best-laid plans, the most important occurrences in the manufacturing supply chain often happen without any notice or warning. Though companies take all the measures to deploy smart-planned production programs and transportation strategies to ensure punctual delivery and consumer satisfaction, sometimes they are bound to face breakdowns, production hurdles, or bottlenecks.


This is where the importance of real-time occurs in an integrated supply chain. Whether discussing the planning strategy, material purchase, job allocation, or container management, real-time insight into the supply chain through smart solutions can prove helpful for managers in leveraging productivity and efficiency.


As the rules of the production program are fluid and can change anytime from the arrival of raw material to the production of the product, manufacturing companies need better agility to respond to the varied nature of planning and production procedure. Real-time offers manufacturing companies the flexibility needed to compete in a variant-filled industry.


The significance of real-time in a globally-linked supply chain is mentioned here. Companies can leverage real-time power in many ways to gain a competitive advantage.


Demand awareness and visibility

Real-time data doesn’t just help manufacturing companies see up-to-the-minute customer requirements but also helps them plan and deal with any possible bottlenecks in the supply chain.


Real-time windows into demand allow organizations to recognize trends or changes in the demand for components parts and adjust accordingly before fluctuation hits productivity. For instance, real-time can help a production company in Germany know the downward trend in demand for spare parts with customers in Mexico and reallocate the resources according to the trend instead of producing at the same levels. 


Better planning and management

Real-time information enhances accuracy and precise planning abilities in the short and long run. As insights into the current demand are visible and assessable, managers can use the information to draft better production plans in the coming future, depending on the present trend lines.


Good planning strategies vibrate through all touch points of the supply chain, from transportation to customer management. This is why planning ability is important to gain competitive benefits through real-time data platforms.


Reduced risks

Real-time insights at every logistic step and supply chain help businesses minimize the risks. Real-time visibility in the supply chain helps acknowledge risks and take corrective steps before losses.


Mitigating risks in the right offer higher productivity, improved reliability, and enhanced transparency and profits in the long run. 


Enhanced customer experience

Customers today are smarter and decked with technology. They demand faster and better delivery experiences from companies. And because customer satisfaction is the company's ultimate goal, they make their logistic operations customer-centric.


Real-time shipment visibility empowers companies to offer live delivery details to customers. It also allows tracking last-minute changes in customer delivery and addresses the same easily. 


Data-driven decision-making based on real-time data analytics and collaboration has become the preferred option to handle supply chain daily operations. Supply chain real-time visibility helps to leverage such information to make calculated decisions in sync with your company goals.


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