Home » Blog » Essential benefit of Supply Chain Technology: Transparency
We are currently experiencing a transformation within our industry, where companies and consumers are shifting and adapting to the new normality. Supply chain technology is one of the big players in this transformation. And one of the essential benefits technologies provide is transparency.
Companies and consumers have changed, but one thing that hasn’t changed is their need for complete reliability and trust with the partners they decide to do business with. Transparency is the most efficient way to obtain your clients’ trust since they’re able to physically see and understand what’s going on with their shipments. Through technology, we can get valuable data and provide it to our clients to have some peace of mind.
Why is transparency important?
Let’s talk about three reasons why transparency is essential to build a strong bond with your suppliers and customers.
Being transparent with your customers and logistics partners will help them feel reassured. As consumers become more demanding, they expect to know where their purchase is and when it’ll arrive. Your business must have platforms to help your customers search for information and available channels for open communication.
Your logistics partners will require real-time data as well to have a full grip of the process and be able to make informed decisions on their next steps.
If your customers cannot see or find the information they require, they’ll begin to worry, and customer satisfaction will decrease instantly.
When working with logistics partners, it’s essential for all the parties involved to be on the same page. By being completely transparent with your information, you’ll effectively communicate with your partners and create a streamlined workflow that benefits every part of the process and positively impacts your company’s service quality.
A streamlined operation creates more robust bonds with your partners and increases the chances of working together constantly, building long-lasting, mutually beneficial relationships.
As you start building trust with your customers and long-lasting relationships with logistics partners, you’ll create brand loyalty, and customers, as well as suppliers, will review your services positively. This will directly impact your competitiveness since you’ll have the word of those whom you’ve worked with.
Trust is something everyone looks for in a partner; therefore, it’s well regarded in every industry. Giving your clients information they need to feel comfortable may become your unique selling point, help you increase your customer base, and allow you to stand out from the crowd.
How does the supply chain technology provide transparency?
These are some ways supply chain technology provides transparency and trust in your work relationships.
Supply chain technology gives you the chance to visualize data and information to generate trust. Through data, you’ll be able to give your clients accurate reports on their shipments, which helps them make informed decisions for the benefit of their business.
Traceability through blockchain
Companies are starting to invest in blockchain within their supply chains more recently. This trend allows businesses to trace goods and all the transactions the product goes through until it is delivered to its destination. As everything is in the system, you’ll be able to go back and see where the different products are coming from, the journey they went through, and provide accurate information to all the parties involved in the process.
Through predictive analytics and algorithms, companies can now analyze vast amounts of data to provide possible outcomes within their processes. This information allows business owners to communicate openly with their customers and keep them informed. Additionally, it will enable them to create strategies based on what happened in the past and what may happen in the future and generate more efficient services for their clients.
In general terms, technology is an incredible tool that provides companies with transparency and the information they need to execute higher quality services, generate trust, and increase the likeliness of customers and logistics partners to continue working with them.