They say you can’t manage what you don’t measure. In regards to the supply chain, this could not be more accurate. Because when things go wrong, and they do, a business will need to sound an alarm and pinpoint the cause, followed by a swift solution.
The FBI reports that less than 20 percent of stolen cargo is ever recovered, and is considered a low-risk, high-reward type of crime carrying minor criminal penalties. Moreover, cargo theft costs the US roughly $15 to $30 billion-dollar each year, according to Loss Prevention Media
, reports Gigastartups
. While this might sound bleak, there is hope on the horizon.
Startups such as Algo.ai
, a sophisticated workflow automation platform that helps to detect anomalies in the supply chain and be proactive, and rfxcel
, a leading track and trace company, are innovating in this space to give companies an omniscient view of their product’s journey throughout the supply chain.
Tea Rajic, Sr. Product Manager of rfxcel
In a recent interview in StartupBeat
, Tea Rajic
, Sr. Product Manager of rfxcel, highlighted a case study where their track and trace solution had proven to be advantages stating: “During one of our pilot programs with a large pharmaceutical company they wanted to see where the package was. After opening our web application they noticed that the package was sitting outside for hours.”
She goes on to say: “The 3PL’s did not adhere to our customer’s mandate and split the shipment allowing portions of their product to sit on an airport tarmac during the heat of the day. After our customer saw that, they called the 3PL immediately to move the package inside. The customer was able to see live how the package was moved from airport tarmac to a closed and safe room. rfxcel’s system delivers full visibility of product shipments through any 3PL!”
To understand more about the importance of detecting anomalies in the supply chain we reached out to Rajic who said: “Anomalies and potential issues in the supply chain are a concern for a number of reasons and the key factor surrounding those concerns is how quickly and effectively can you locate where this anomaly/issue has occurred and how much visibility do you have? Often times, serialization is overlooked as an effective aspect in supply chain visibility. At rfxcel, we believe that traceability is the core component of any supply chain visibility software implementation. Through the smart deployment of fully integrated solutions, forward-thinking organizations are looking at the bigger picture, and using serialization as a catalyst for operational efficiency and enhanced partner engagement.”
She adds: “Whether your organization is rooted in pharmaceuticals, food and beverage, retail or consumer goods – any issue can be one of a serious nature and carry with it health or safety concerns for your patients/consumers. rfxcel’s Supply Chain Visibility software is not industry specific and can be implemented in any industry. We offer a variety of modules that will provide organizations with the ability to generate, track, verify, and manage serial numbers. Our software will also allow you the opportunity to create, track, report and manage regulatory data to the appropriate agency or trading partner as well as help your organization account for where items are located and recall them at a moment’s notice. By implementing rfxcel’s supply chain visibility software, organizations can locate a product effectively at any stage within their supply chain.”
For businesses that rely on the supply chain, it is important to know where your product is and who is responsible for it. Without this, products can be stolen or damaged which might result in profits taking a hit along with the business’ reputation.
Disclosure: This article includes a client of an Espacio portfolio company