There is a lot of talk about digitization of supply chain data, but what does this mean? It is more than just a trend—there is a real reason companies why should be compelled to shift towards digitization.
In today’s world, digital is the new normal. We do our shopping, banking, communicating, and socializing online. This digital world means things can get done much more quickly, on a global scale, and more efficiently—which is perfect for modern supply chains.
As of today, many brands, retailers, and their suppliers share product information, from materials and certifications to facility location and contact details, via email and Excel spreadsheets. While this may have been the best method in past decades, it is now too slow to tackle today’s supply chains, which involve multiple stakeholders in multiple countries with tight deadlines.
Dependence on email and spreadsheets introduces the possibility of inaccuracies, multiple versions of the same data, and old information, ultimately leading to greater risk. By consolidating supply chain information in a single source and digitizing the data so that it is available online, updated instantly, and accessible globally by all parties involved, we eliminate these issues.
How to go digital
Proper digitization involves more than simply inputting information into a system. In addition to their own data, businesses must be able to request and view information from direct and indirect suppliers for a comprehensive view of their supply chains. In addition, they must ensure that the digitized data they are seeing is accurate and verified.
Transparency-One can help businesses digitize their data by:
- Identifying and mapping suppliers at one or multiple levels
- Capturing product and supplier data in a single platform
- Providing necessary onboarding support to ensure suppliers understand the process
- Verifying certifications, in partnership with SGS, to ensure validity
- Automatically following up with suppliers with missing information
Transparency-One provides the “single source of truth” our customers need to reduce risk and save time collecting and managing supply chain data. They can capture and consult information in a single system and know that it is up-to-date, accurate, and verified. Given that crises can arise from one missing certificate or a single piece of erroneous information, a digitized, centralized, single source of truth is invaluable.
Digitization of supply chain data is more than a trend. By consolidating comprehensive and verified information in a digital platform, supply chains become safer, more efficient, and more reliable.