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All PostsArticlesBlogSupply Chain
todaySeptember 5, 2023
Introduction
In today's rapidly evolving global marketplace, supply chain management has become a cornerstone of success for commodity traders and across industries business. With thinner margins on the trading side a solid grip on the supply chain can make the difference between a successful deal or a possible bleeder.
A well-optimized supply chain ensures products are efficiently produced, transported, and delivered to customers. However, one key factor that has emerged as a game-changer in the realm of supply chain management is visibility. Supply chain visibility refers to the ability to track and monitor every aspect of the supply chain in real-time, from raw material procurement to the final delivery of products. This article explores the significance of visibility in supply chain management, its benefits, challenges, and the technologies reshaping the landscape.
The Significance of Visibility in Supply Chain Management
Visibility in supply chain management requires a transparent flow of information and data across all stages of the supply chain. This visibility is crucial as it enables businesses to anticipate disruptions, make informed decisions, and enhance operational efficiency. With the global supply chain becoming more complex due to factors such as globalization, outsourcing, and just-in-time production, maintaining visibility has become paramount.
Visibility allows businesses to identify potential disruptions before they escalate into major problems. By closely monitoring suppliers, manufacturers, and logistics partners, companies can quickly react to unexpected delays, shortages, or quality issues. For instance, if a supplier faces a transportation disruption on sea-transport, a business with visibility can adjust its chain schedule with receiving warehouses, repacking and next-leg shipments to minimize the impact on customers and prevent additional costs.
Accurate and real-time information empowers supply chain managers to make well-informed decisions. By having visibility into inventory levels, demand forecasts, and production schedules, managers can optimize inventory levels, allocate resources effectively, and avoid overstocking or understocking issues.
Visibility directly impacts customer satisfaction. When businesses can provide accurate delivery estimates and updates to customers, it builds trust and loyalty. Additionally, real-time visibility allows businesses to proactively communicate any delays or issues, setting realistic expectations and minimizing customer dissatisfaction.
A transparent supply chain enhances operational efficiency. Businesses can identify bottlenecks, streamline processes, and eliminate wastage. By having a clear picture of each process's status, companies can minimize idle times and ensure resources are utilized optimally. Suppliers can be rated on performance.
Challenges in Achieving Supply Chain Visibility
While the benefits of supply chain visibility are clear, achieving it is not without challenges. Some of the common obstacles include:
Many supply chain processes are managed by different departments or even different entities within a larger network. This can lead to data silos where information is fragmented and not readily accessible to all relevant stakeholders. Overcoming these silos requires integrating various systems and platforms.
The lack of standardized communication protocols and data formats across different supply chain partners can hinder visibility efforts. Achieving a cohesive view requires collaboration and agreement on data exchange standards.
Implementing visibility technologies demands a certain level of technological infrastructure. Small and medium-sized enterprises might face challenges in adopting these technologies due to cost, resource constraints, or lack of technical expertise.
Sharing sensitive supply chain data among partners can raise concerns about data security and privacy. Ensuring data protection while still enabling necessary visibility is a delicate balance that needs to be addressed.
Human resistance to adopting new processes or technologies can impede visibility initiatives. Educating stakeholders about the benefits of visibility and involving them in the process can help mitigate resistance.
Technologies Shaping Supply Chain Visibility
Fortunately, technology has been a driving force in overcoming these challenges and advancing supply chain visibility. Several technologies have emerged as key enablers of transparent supply chains:
IoT devices equipped with sensors and RFID tags can track the movement and condition of goods throughout the supply chain. These devices provide real-time data on factors such as temperature, humidity, and location, ensuring the quality and integrity of products.
Blockchain technology offers secure and transparent data sharing among supply chain partners. It ensures data immutability and traceability, making it easier to verify the origin, authenticity, and movement of products.
Advanced analytics tools process vast amounts of data to provide actionable insights. Predictive analytics can help anticipate demand patterns, while prescriptive analytics can suggest optimal actions based on different scenarios.
Cloud-based platforms facilitate data sharing and collaboration among supply chain partners. They enable real-time information access, even across different geographical locations.
AI-driven solutions can analyse data to identify patterns, trends, and anomalies. Machine learning algorithms can improve demand forecasting accuracy, optimize routing, and detect potential disruptions.
Supply Chain Visibility and Sustainability
In the strive for a sustainable supply chain and a minimal carbon footprint, a proper Supply Chain Visibility contributes considerably to sustainability improvement programs.
Not only distance between destinations but also the choice of routes and way of transport are important factors in
Conclusion
In the complex and interconnected world of supply chain management, visibility has emerged as a vital element for success. Businesses that prioritize supply chain visibility can anticipate disruptions, make informed decisions, enhance customer satisfaction, and improve operational efficiency. Despite challenges such as data silos, lack of standardization, and technological hurdles, advancements in technology, including IoT, blockchain, advanced analytics, cloud computing, and AI, are reshaping the landscape and making end-to-end visibility a reality. As the global supply chain continues to evolve, the organizations that embrace visibility will be better positioned to navigate uncertainties and achieve operational excellence.
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Written by: Commodities People
Client Content Supply Chain + Logistics Supply Chain Management
labelAll Posts todaySeptember 5, 2023
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ABOUT MOLECULE
Molecule is the modern and reliable ETRM/CTRM. Built in the cloud with an intuitive, easy-to-use experience at its core, Molecule is the alternative to the complex systems of the past. With near real-time reporting, 30-plus integrations, and headache-free implementations, Molecule gets your ETRM/CTRM out of your way – because you have more valuable things to do with your time.PARTNER
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SOS MEDITERRANEE is a European, maritime-humanitarian organisation for the rescue of life in the Mediterranean. It was founded by European citizens who chartered a rescue vessel in order to save people in distress in the Central Mediterranean – the in the world’s most deadly migration route. Our four headquarters are located in Berlin (Germany), Marseilles (France),
ABOUT WISTA Switzerland
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WISTA Switzerland is a key global shipping and trading hub, with regional clusters in the Geneva Lake area, Zug/Zurich and Locarno. The shipping and trading activity in Switzerland provides over 35’000 jobs and represents 3.8% of the Swiss GDP. Switzerland, and Geneva in particular, is also home to international organisations such as the World Trade Organization (WTO) and the European Free Trade Association (EFTA) and the United Nations Conference on Trade and Development (UNCTAD).
WISTA Switzerland was founded in Geneva in 2009 and incorporated according to the WISTA International statute in January 2010. The Association is active in both Geneva and Zug/Zurich chapters with the Board and Members meeting monthly to discuss topics of interest, exchange ideas and experiences. We also meet for networking events, conferences and member exclusive coaching sessions.Every year, several conferences are organized by Wista Switzerland on latest developments in the industry in both areas Geneva and Zug/Zurich.
Founded in 1983, the Club has been actively involved in the local and international Shipping and Trading community and presently is proud to have about 160 members including individuals working as shipowners, traders, charterers, logistics providers, agents, banks, insurers and lawyers as well as a large number of companies active in the market.Geneva is a global hub for Shipping and Trading and in an industry where network is key to one’s individual and to the industry’s success, the Propeller Club serves a vital role.
The Propeller Club organises a range of events which are open to the Shipping and Trading community both in Geneva and those visiting for work or pleasure. These events include monthly evening events focused on specific topics combining learning and networking opportunities. On a more social level, the Club organises networking events such as our annual events to celebrate Escalade, an annual outing on the Neptune on Lake Geneva and a summer lunch. The Club also organises drinks events to promote networking in the larger community.
The Propeller Club is in close contact with Propeller Clubs in ports and cities throughout Europe and further afield to coordinate our activities and to create value for the broader network.
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The Propeller Club – Port of Geneva is a professional association providing opportunities for Shipping and Trading professionals to network and develop their knowledge.
Founded in 1983, the Club has been actively involved in the local and international Shipping and Trading community and presently is proud to have about 160 members including individuals working as shipowners, traders, charterers, logistics providers, agents, banks, insurers and lawyers as well as a large number of companies active in the market.Geneva is a global hub for Shipping and Trading and in an industry where network is key to one’s individual and to the industry’s success, the Propeller Club serves a vital role.
The Propeller Club organises a range of events which are open to the Shipping and Trading community both in Geneva and those visiting for work or pleasure. These events include monthly evening events focused on specific topics combining learning and networking opportunities. On a more social level, the Club organises networking events such as our annual events to celebrate Escalade, an annual outing on the Neptune on Lake Geneva and a summer lunch. The Club also organises drinks events to promote networking in the larger community.
The Propeller Club is in close contact with Propeller Clubs in ports and cities throughout Europe and further afield to coordinate our activities and to create value for the broader network.
Gafta is the international trade association representing over 1900 member companies in 100 countries who trade in agricultural commodities, spices and general produce. Gafta is headquartered in London and has offices in Geneva, Kiev, Beijing and Singapore. More than 90% of Gafta’s membership is outside the UK. With origins dating back to 1878, Gafta provides a range of important services that facilitate the movement of bulk commodities and other produce around the world.
It is estimated that around 80% of all grain traded internationally is shipped on Gafta standard forms of contract and Gafta’s arbitration service, based on English law, is highly respected around the world. Gafta also runs training and education courses, manages Approved Registers for technical trade services and provides trade policy information, and events and networking opportunities for members.
Gafta promotes free trade in agricultural commodities and works with international governments to promote the reduction of tariffs and the removal of non-tariff barriers to trade, as well as a science and evidence-based approach to international trade policy and regulatory decision making.
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Gafta is the international trade association representing over 1900 member companies in 100 countries who trade in agricultural commodities, spices and general produce. Gafta is headquartered in London and has offices in Geneva, Kiev, Beijing and Singapore. More than 90% of Gafta’s membership is outside the UK. With origins dating back to 1878, Gafta provides a range of important services that facilitate the movement of bulk commodities and other produce around the world.
It is estimated that around 80% of all grain traded internationally is shipped on Gafta standard forms of contract and Gafta’s arbitration service, based on English law, is highly respected around the world. Gafta also runs training and education courses, manages Approved Registers for technical trade services and provides trade policy information, and events and networking opportunities for members.
Gafta promotes free trade in agricultural commodities and works with international governments to promote the reduction of tariffs and the removal of non-tariff barriers to trade, as well as a science and evidence-based approach to international trade policy and regulatory decision making.
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The International Trade and Forfaiting Association (ITFA) is the worldwide trade association for companies, financial institutions and intermediaries engaged in trade and the origination, structuring, risk mitigation and distribution of trade debt. ITFA also represents the wider trade finance syndication and secondary market for trade assets. ITFA prides itself in being the voice of the secondary market for trade finance, whilst also focusing on matters that are relevant to the whole trade finance spectrum.
ITFA presently has close to 300 members, located in over 50 different countries. These are classified under a variety of business sectors, with the most predominant being the banking industry. Others include forfaiting, insurance underwriters, law firms, fintechs as well as other institutions having a business interest in the areas of Trade Finance and Forfaiting.
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Founded in 1972, ANRA is the Italian Corporate Risk and Insurance Managers Association. The main goal of the Association is to promote the establishment and development of risk management knowledge in Italy and to strengthen its own reputation of privileged interlocutor as well as institutional representative for matters concerning risk management. ANRA intends to offer to its members professional update programmes and the opportunity of exchanging experiences.
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The Society of Technical Analysts (STA) www.technicalanalysts.com is one the largest not-for-profit Technical Analysis Society in the world. The STA’s main objective is to promote greater use and understanding of Technical Analysis and its role within behavioural finance as the most vital investment tool available. Joining us gains access to meetings, webinars, educational training, research and an international, professional network. Whether you are looking to boost your career or just your capabilities – the STA will be by your side equipping you with the tools and confidence to make better-informed trading and investment decisions in any asset class anywhere in the world. For more details email info@technicalanalysts.com or visit www.technicalanalysts.com
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CTRMCenter™ is your source for everything ‘CTRM’. This online portal, managed by leading CTRM analysts – Commodity Technology Advisory LLC (ComTech), features the latest news, opinions, information, and insights on commodity markets technologies delivered by some of the industry’s leading experts and thought leaders. The site is visited by more than 1500 unique visitors per week. CTRMCenter also includes free access to all of ComTech’s research in the form of reports, white papers, interviews, videos, podcasts, blogs, and newsletters.
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Trade Finance Global (TFG) is the leading trade finance platform. We assist companies to access trade and receivables finance facilities through our relationships with 270+ banks, funds and alternative finance houses.
TFG’s award winning educational resources serve an audience of 160k+ monthly readers (6.2m+ impressions) in print & digital formats across 187 countries, covering insights, guides, research, magazines, podcasts, tradecasts (webinars) and video.
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HR Maritime, founded in 2008 by Richard Watts, is a Geneva based company providing services to the International Trading, Shipping and Trade Finance Industries. With a client base both within Switzerland and around the globe we offer guidance and implement tailored solutions to the range of problems besetting a company involved in the Trading, Shipping or Financing of commodities. We work with Commodity Traders, Importers and Exporters, Ship Owners and Managers, P&I Clubs, Insurance Underwriters, Trade Financiers, Lawyers and a number of associated service providers. With our broad knowledge and experience across many areas of business, geographical regions and various commodities, we are able to approach nearly any problem or situation with a practical, pragmatic and innovative solution. We are equally at home working on enhancing efficiency within the largest trading companies as with small exporters or importers looking to break into the international markets. Our services focus on Consultancy, Outsourcing and bespoke Training.
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Headquartered in Switzerland, Commodity Trading Club is the world's largest community of professionals in commodity trading, shipping, and finance, spanning the entire globe. We provide a broad spectrum of benefits, including exclusive business networking events and a cutting-edge commodity trading platform, fostering members' career and business growth.