- What is Supply Chain Track and Trace in Logistics?
- How does tracking the supply chain help businesses grow?
- What are the Common Challenges with Track and Trace
- Smart Ways to Improve Supply Chain Tracking Process
- Future Trends in Supply Chain Tracking
- The Shiprocket Cargo edge: Real-time tracking, seamless shipping!
- Conclusion
The track and trace technology enables tracking shipments as they move from the warehouse to their final destination. It provides accurate information about the movement of goods, owing to which businesses across industries are adopting it. Reports suggest that the global track and trace solutions market stood at USD 4.84 billion in 2023 and is expected to reach USD 18.11 billion by 2032. How exactly does this technology work? How is it helping businesses grow? What are the challenges in using this technology? What are the upcoming trends in supply chain tracking? Let’s find out all this and more about the supply chain track and trace technology.
What is Supply Chain Track and Trace in Logistics?
Supply chain track and trace technology offers precise information about the whereabouts of goods on the move. It consists of advanced hardware and software systems that leverage GPS (Global Positioning System), RFID (Radio Frequency Identification), and bar code scanners to track shipments in real time.
The enhanced visibility helps overcome any hurdles on the way. Businesses can take corrective action immediately to prevent delays and safeguard the goods to facilitate smooth movement. Additionally, the system provides access to essential data that can be utilised to assess the supply chain performance. This offers a scope of improvement and enhances supply chain operations by enabling businesses to make informed decisions.
Ultimately, this helps serve the customers better, avoid potential losses and establish goodwill in the market. No wonder businesses around the world are leveraging this technology. The market size of track and trace solutions is expected to grow at a CAGR of 15.82% between 2023 and 2032.
How does tracking the supply chain help businesses grow?
Supply chain tracking and tracing offers numerous benefits, enabling businesses to flourish. Here is a look at the various ways in which it furthers business growth:
Enhances Business Efficiency
Track and trace technology is mainly used to track the movement of shipments in real time. By gaining visibility, businesses can optimise their supply chain operations. Any issue or delay can be identified quickly, and necessary action can be taken to address them. Potential delays at any step of the process can thus be averted to ensure timely deliveries. Reports suggest that real-time tracking can lower the chances of delays by up to 58%.
Improves Customer Service
With this technology, customers can be updated about the precise location of their goods as they move from their point of origin to their destination. They can easily determine when the orders will reach them and plan the receival accordingly. This ensures transparency and builds trust among customers.
Using this technology, customer service executives are also better equipped to answer questions related to product delivery.
Reduces Overall Expenditure
Since track and trace tools help avert possible damage to goods and avoid delays, they prevent unnecessary expenditure. Businesses require spending less time and amount in resolving issues when they are identified timely. Research shows that real-time tracking can help businesses lower their expenditure by 5-15% annually.
What are the Common Challenges with Track and Trace
While track and trace is helping businesses improve their supply chain operations, it does not come without its challenges. Here is a look at the common issues that businesses face with this technology:
Set-Up Cost
The technology helps reduce businesses’ overall expenditures by enabling them to take necessary measures to prevent damage or delay. However, the cost involved in setting up this advanced system can be a challenge, especially for small and medium-sized businesses.
Professional Guidance
The technology is complicated and cannot be set up and managed without professional guidance. It needs to be integrated with the existing system, and accomplishing the process requires expertise. This is a hurdle for businesses that cannot invest as much time and money in seeking professional guidance.
Data Security
The system requires businesses to invest in robust security measures. This is because it collects sensitive data that requires protection. Without putting stringent security measures in place, businesses are likely to put data at risk and lose customer trust.
Training
The supply chain track and trace system is not as easy to understand. Training your staff members is necessary to enable them to use the system efficiently. Conducting extensive training sessions can be challenging, particularly for businesses that are low on budget.
Smart Ways to Improve Supply Chain Tracking Process
Here is a look at some smart ways to improve the supply chain tracking process:
Use the Latest Technology
Use the latest tracking tools and supply chain technologies at every step of the supply chain process. This is necessary to get accurate information about the real-time location of the goods.
Invest in a Robust Security System
As mentioned above, the track and trace system stores sensitive data that can be at risk due to poor security. Robust security measures must be taken to protect the data.
Train Your Employees
Invest in training your employees to use the system resourcefully. There is no point in spending on the system if your employees cannot use it properly.
Track and Evaluate Performance
It is recommended that you track and evaluate the performance of your track and trace system regularly. Seek professional help in case it lags or does not offer precise information. It may require an upgrade or fixing at times. By tracking its performance, you can identify issues that need to be addressed.
Future Trends in Supply Chain Tracking
Supply chain tracking in real time has become a necessity for businesses. It is necessary to track shipments, mitigate potential risks, and enhance customer satisfaction. Eventually, both big and small businesses will have to invest in supply chain tracking tools.
Track and trace technology is likely to undergo further advancement in future. It shall be able to provide deeper insights into the supply chain data. This will help businesses plan their moves more effectively, optimise their logistics process, and reduce expenses. Certain processes may even be automated to ensure greater efficiency. Moreover, businesses won’t have to bother about data security, as blockchain technology will be used extensively to ensure its safety. Thus, storing and sharing data at different levels in the supply chain process will be possible without risking its integrity.
The Shiprocket Cargo edge: Real-time tracking, seamless shipping!
Shiprocket Cargo is considered one of the most reliable and efficient shipping companies. We ensure transparency by offering precise visibility of shipments in real time. Our powerful real-time tracking system enables businesses to monitor the movement of their cargo from pickup to its final delivery destination. This transparency helps reduce uncertainty and improves communication with customers. It also helps in the faster resolution of issues that may arise.
We seamlessly integrate real-time tracking systems into your existing platforms to ensure better control over your operations. We aim to improve your supply chain process and help your business grow. We handle high volumes of shipments and will thus be available to support you even as you scale your business. We partner with different shipping companies to fulfill our clients’ diverse needs.
Conclusion
Track and trace technology ensures accurate visibility of shipments by offering end-to-end tracking in real time. From manufacturers to last-mile delivery, every step can be monitored through this advanced system. This helps handle issues that may arise on the go and reduces the chances of delayed deliveries. The system also provides essential data that helps businesses devise better strategies and reduce expenditures. However, it involves substantial investment. Besides, to use it efficiently, companies must provide rigorous training to their employees and regularly monitor the system’s performance.
Shiprocket Cargo uses the latest technology to track your shipments as they move from one place to another. It helps streamline the supply chain process by offering reliable shipping services at an affordable price.
