SALT LAKE CITY, June 14, 2023 /PRNewswire/ — RizePoint, a technology leader in the food safety, quality management, compliance, and social responsibility space, says that real-time supply chain monitoring is increasingly crucial for organizations of all sizes, providing numerous benefits, such as improved visibility, risk mitigation, and overall protection.
“Real-time supply chain monitoring can help optimize operations, safety, efficiency, and performance throughout the supply chain. By leveraging real-time data, organizations can identify potential disruptions in the supply chain and take prompt, proactive measures to address them,” said Paul Damaren, Executive Vice President, Business Development at RizePoint.
Damaren offers the following tips and best practices:
Utilize advanced technologies. Tech solutions, such as RFID tagging, GPS tracking, and sensor-based monitoring technologies, are effective in providing real-time visibility and data analytics. Example: Walmart has successfully implemented RFID tagging to enhance real-time inventory tracking, which optimizes their supply chain.
Adopt a SaaS-based supply chain management solution. Software-as-a-Service (SaaS) solutions offer real-time visibility and data analytics capabilities, enabling organizations to make more informed decisions, based on data. Example: Nestlé implemented a SaaS-based supply chain management solution to gain real-time insights into their operations to enhance efficiency.
Proactively identify and mitigate risks. Continuously monitor and analyze real-time data to identify potential risks, such as natural disasters, labor disputes, and supplier issues. Example: Coca-Cola’s real-time supply chain monitoring enabled them to swiftly respond to a labor strike, minimizing disruption and maintaining supply continuity.
Optimize operations through data analysis. Leverage real-time data to identify bottlenecks, inefficiencies, and areas for improvement within the supply chain and take corrective actions. Example: Amazon utilizes real-time data analytics to optimize warehouse operations, improving order fulfillment speed and customer satisfaction.
Damaren also cites the significant benefits of real-time supply chain monitoring, including:
Enhanced risk management. Prompt identification of potential disruptions allows organizations to respond swiftly, minimizing the impact on the supply chain and safeguarding their reputation and finances. Example: Toyota effectively mitigated the risk of a major earthquake in Japan by leveraging real-time monitoring systems and quickly shifting production to alternative suppliers.
Operational optimization. Real-time visibility enables organizations to identify inefficiencies, streamline processes, reduce delays, and improve overall supply chain performance. Example: Dell implemented real-time supply chain monitoring, reducing lead times, and improving delivery accuracy.
Cost savings and efficiency improvements. Real-time data analysis facilitates better decision-making, reducing costs associated with excess inventory, stockouts, and transportation inefficiencies. Example: Procter & Gamble achieved significant cost savings by leveraging real-time supply chain monitoring, optimizing inventory levels, and improving demand forecasting accuracy.
“There have been instances of brands doing this well and not as well. For example, Starbucks successfully implemented real-time supply chain monitoring to ensure coffee bean quality and traceability, enhancing their brand reputation and consumer trust,” Damaren explained. “But in 2015, when Chipotle faced severe food safety crises due to E. coli outbreaks, the consequences of inadequate real-time monitoring and response mechanisms resulted in extensive store closures, financial losses, and damaged brand reputation.”
“Real-time supply chain monitoring offers organizations improved visibility, risk mitigation, operational optimization, and cost savings,” Damaren added. “By adopting best practices and leveraging advanced technologies, companies can enhance their supply chain performance, reputation, and overall success.”
About RizePointFor 22+ years, RizePoint has offered quality management software solutions that help companies keep brand promises through their quality, safety, and compliance efforts. A technology leader in the food safety, quality management, compliance, and social responsibility space, RizePoint helps companies, including Starbucks, McDonald’s, Marriott, and more, keep brand promises through their quality, safety, and compliance efforts. Customers gather better data, see necessary actions earlier, and act faster to correct issues before they become costly liabilities. Check out RizePoint’s new website to learn how these solutions can help your company.
Contact: Adrienne Walkowiak
RizePoint
[email protected]
603/659-9345
SOURCE RizePoint
