The Importance of Supply Chain Visibility
It’s only natural to want to know what’s happening around you. And it’s the same with supply chains in your business. Knowing that things are running smoothly, and seeing what’s happening, puts your mind at ease.
But a recent report from the Economist Intelligence Unit (EIU) says that more than half of companies lack end-to-end visibility in their supply chains, making them vulnerable to unexpected risks.
It’s not just about seeing what’s going on around your business. Having a clearer picture of your supply chain and where your products come from also dramatically impacts your bottom line. As well as your reputation within your industry.
- Research has shown that customers are willing to spend up to 10% more on products when they know where they’ve come from. As well as what materials and ingredients were used and where they were sourced.
- More and more companies are being asked to be open and share information about their supply chains. Not having that information on hand can seriously impact your reputation and play into the hands of your competitors who do.
- With hybrid and remote working on the increase, your teams need to access supply chain data from various locations on various devices. Not being able to offer them this option can mean them missing out on additional sales.
- CFOs are under constant pressure to manage costs and productivity. But it’s harder to make smart business decisions when you don’t have the data or insights into what’s happening.
The right business management tool gives you complete visibility across your entire supply chain. Everyone—from suppliers to customers—can easily see everything they need to know and more, whether it’s customer information, stock levels, past purchases or quotes.
Sage consolidates your work systems into one solution, allowing for better collaboration for in-office and remote teams. It also reduces repetitive tasks through automation, saving your staff time and improving efficiency. Want to learn more? Contact Yeo & Yeo Technology today.
Information used in this article was provided by our partners at Sage.