Why Real-Time Shipment Visibility Is Critical for a Resilient and Sustainable Supply Chain
It is the mission of supply chain visibility company Tive to "ensure you know where your valuable shipments are and what condition they are in." For Tive, this is consistently about transparency and taking action in real time.
Tive's latest industry survey, 'The State of Visibility 2023,' sheds light on the current state of supply chain visibility and the challenges faced by companies in achieving end-to-end transparency. Conducted in March 2023 in collaboration with Shipping and Freight Resource, Supply Chain Radar and Charlie Pesti, the survey gathered responses from more than 260 supply chain professionals, 80% of whom are directly involved in supply chain operations and visibility.
The survey's results indicated that real-time shipment visibility is considered a must-have feature by 77% of respondents, yet only a quarter of that (25%) actually utilize it. This highlights a significant gap in end-to-end visibility, putting companies at risk for delivery disruptions, product damage, cargo theft, and customer dissatisfaction - all factors that can negatively impact their operations and bottom line.
Furthermore, 87% of respondents identified the 'in-transit' phase as the segment of the supply chain with the least visibility. A notable 74% of survey participants confirmed plans to either increase or maintain spending on real-time visibility solutions in 2023. This is especially significant for the 46% of respondents who indicated that shipment visibility is a mandatory requirement for their end customers, such as retailers.
Overall, the survey attracted respondents from various industries and roles, including transportation, logistics, and third-party logistics (3PL); these represented 51% of the participants, while 19% came from specialized industries (such as food, perishables, high-value retail, consumer and luxury goods). These industries are often targeted by cargo theft, a $35 billion sector.
'Supply chain leaders face pressure to improve transparency and traceability-to ensure resilience, meet sustainability goals, and provide superior customer experiences. Yet our survey results show that many companies still struggle to achieve real-time visibility across their global supply chain,' said Krenar Komoni, Tive's CEO.
Edited by Alex Passett
Future of Work Solutions Showcase Session