Tracking-and-tracing of products takes into account supply chain efficiency and also looks at completely functional solutions that target customer pain points for organizations. Track-and-trace solutions, especially digitally, don’t just add value towards a cohesive supply chain but they also contribute towards Return on Investments for businesses in various ways through strategic reasoning, such as:
- More Efficient Risk and Asset Management
- Greater Customer Service and Engagement
- Better decision making via accurate data
More Efficient Risk and Asset Management
In order to understand an organization’s security structure, it’s important to evaluate it’s internal systems and services. There are many methodologies to do so which help businesses determine the strengths and weaknesses of what type of risk treatment they’re using. Understanding the risks allows organizations to have a clearer idea of what they are and how to address them beforehand. With regards to serialization, a lot of countries have already put into effect regulations for manufacturers to ensure serialized products are given unique codes. In case this product specific data is not available digitally to track-and-trace, then the regulators are at risk for paying penalties for non compliance.
Through track-and-trace solutions, assets can be readily available and reliable. Traceability increases the visibility of a supply chain, improves quality control systems and reduces any risk. Suppliers are able to react at the earliest towards any issues owing to properly maintained records of the entire production and distribution history of products. These records allow for transparency, control and their state of operations in real time over their location and operations. By using the data from these records, businesses can get insights that can lower costs (maintenance of assets) and operational risks (lesser equipment repairs and downtime).
Greater Customer Service and Engagement
Track-and-trace solutions help organizations with the maintenance of their records. It allows data to be readily available when needed and also makes it easier to authenticate and share accurate information of products. When operations are running smoothly and there are fewer recalls of products, it has a positive impact on the entire company, including the customer service a business provides. Organizations are able to offer better service and be more proactive when there’s transparency towards the assets, I.E. in cases like when companies can take preemptive measures towards maintenance of products. Uninterrupted services also let’s businesses focus on more effective communication with partners and stakeholders; which then results in building more trust towards ROI and for future track-and-trace investments.
Better decision making via accurate data
When track-and-trace solutions are efficient, businesses can benefit by making quicker and more coherent decisions. The analytics and insights from the data allows organizations to look at various aspects of operations and activities such as taking stock and maintaining inventory, work allocation and delegation, setting performance metrics and ensuring there’s proper customer service management in place.