The supply chain has never been so far-reaching and complex. And, undoubtedly, it is thanks to this global and efficient network that manufacturers can meet the increased customer demand for convenience and speed.
At the same time, as the global supply chain grows, so are the risks associated with it – for manufacturers and consumers alike. Real-time product supply chain tracking can be a powerful tool to enable product protection, ensure authentication, enhance customer experience, and boost brand image. How? Learn about the importance of real-time product supply chain visibility and tracking in this guide by Authena.io.
To understand why real-time product supply chain tracking is essential in today’s economy, it is important to understand two key factors:
So, now that the supply chain is no longer restricted to local producers and regional supplies, how can manufacturers ensure the authenticity, efficiency, and safety of each product to their end-users? Nearly 95% of today’s customers base their loyalty to a brand on the level of transparency offered.
Real-time product tracking solutions and technologies help manufacturers achieve real-time visibility of each unit through the supply chain. In turn, this allows them to monitor, track and schedule the journey of each product to the end customer.
The ability to track each product through the supply chain and to know where each unit is at any given time offers endless benefits to manufacturers and consumers. These include:
With the trade of fake goods accounting for nearly 4% of the global market, more accurate tracking and reduced chances of counterfeiting are vital to protect brand reputation, customer experience, and income.
Real time tracking product solutions should be part of your overall supply chain management strategy. These systems utilize a wide range of technologies, from enabled devices to location tracking.
End-to-end technology, such as Authena’s, is entirely designed with your brand’s supply chain needs in mind and can help prevent diversions, reduce bottlenecks and provide better customer service.
Real-time and unit-level supply chain traceability has always been essential. However, when the supply chain was limited to local manufacturers and supplies, there was no need for sophisticated tracking software or devices.
Now that brands rely always more on global chains of supply, manufacturers need to adapt by investing in connected devices and AI. These emerging technologies allow manufacturers to streamline the supply chain, maximize its efficiency, and secure every product handoff.
Automation is a vital aspect of real-time tracking technology. Through AI, manufacturers can collect vital data that is infinitely more accurate, relevant, and current than anything that can be connected manually. This data can be used in a variety of ways, including reducing waste, predicting sales, maximizing income, and boosting efficiency.
But even more importantly, automation allows manufacturers to become highly scalable and adapt to the changing needs of customers.
Connected devices are undoubtedly beneficial for manufacturers looking to protect their products. But they can be instrumental to users looking for improved transparency as well.
Connected devices often work when paired with a smart packaging solution. For example, a customer’s smartphone might be able to read an RFID, NFC, or QR label.
The secure exchange of information between the two parts of this system allows customers to access information about each product’s supply chain. When shopping for medicines, fragrances, FMCGs, and skincare (especially online), learning about each product’s supply chain journey can give a user the information needed to make a safe and informed choice.
Retailers should consider building loyalty by providing transparency. And they can do so by investing in customized supply chain tracking solutions, such as the ones designed by the product authentication experts at Authena.
Emerging technologies are playing a key role in helping manufacturers and end-users improve the visibility and tracking of the global supply chain.
In particular, blockchain supply chain solutions allow for each transaction to be recorded securely and immutably. In turn, this limits the chances of forgery and diversion attempts by bad actors across the supply chain.
Here’s why blockchain supply chain solutions are so revolutionary in the field of real-time product traceability.
To understand the role that blockchain plays in making the global supply chain safer and more efficient, it is important to understand the unique features of this digital ledger.
Blockchain technologies – which are better-known to be the technology underlying cryptocurrencies like Bitcoin – are so revolutionary because they allow for each transaction and product handoff to be recorded in real-time, securely, and immutably.
This means that, once a transaction happens, a digital record is created, which cannot be tampered with, modified, or erased.
In turn, when manufacturers use blockchain technology, they can access the record of transactions and check each step of a product’s journey from the supplier, through the supply chain, and to the end-user.
Unlike other information systems, blockchain technologies – when paired with smart packaging solutions and connected devices – allow both manufacturers and end-users to visualize the entire journey of a product through the supply chain.
Unlike with other labels and information systems, users extracting information from the blockchain can be sure that each piece of data is authentic. In turn, this can offer unparalleled transparency and help brands build loyalty and reputation.
When looking to secure and optimize your entire supply chain, it is essential to partner with an expert company that can help you avoid unnecessary costs and maximize your investment. Thanks to the solutions provided by Authena L1VE™, all you could do on the most powerful IoT platforms for cargo monitoring, now it is possible at the individual product level.