Last week Systech hosted an insightful webinar on track and trace: Why it’s key to solving your supply chain challenges featuring guests from IDC, Simon Ellis and Travis Eide. The session explored the critical role of track and trace in addressing modern supply chain complexities highlighting the transformative potential. By investing in visibility and technology, organizations can improve their resilience, efficiency, and competitiveness in today’s dynamic market.

Here are some of the key takeaways from this informative event that included industry feedback from some of the recent surveys done by IDC for the companies in manufacturing sectors:

Importance of track and trace in supply chains

Track and trace systems provide real-time visibility into the movement of goods, enhancing Transparenz across the supply chain. This visibility helps in identifying bottlenecks and inefficiencies, allowing for timely interventions. With increasing regulatory requirements, track and trace ensures compliance by providing detailed records of product journeys. This is crucial for industries like pharmaceuticals and food, where traceability is mandated by law. This combined with performance reliability and meeting regulatory requirements is by far the top priorities. Other trends in the manufacturing industry include supply chain resilience, Automation, Digitalization, product innovation and operational excellence.

Technological integration

“52% of global manufacturers indicate increasing visibility and transparency as a key use case for improving supply chain resilience.”

AI capabilities is one of the top priorities for companies looking to explore the benefits and ways to implement it in their organizations whether regulatory processes or just making the process more efficient. The integration of Internet of Things (IoT) devices and blockchain technology is revolutionizing track and trace systems. IoT devices provide real-time data, while blockchain ensures data integrity and security. Advanced data analytics tools are being used to analyze the vast amounts of data generated by track and trace systems. This analysis helps in predictive maintenance, demand forecasting, and optimizing supply chain operations.

Benefits of implementing track and trace

“93% of organizations have deployed track and trace in the supply chain.”

• Enhanced efficiency: By providing real-time data, track and trace systems help in optimizing routes, reducing delays, and improving overall supply chain efficiency.
• Cost reduction: Improved efficiency and reduced delays translate to significant cost savings. Companies can minimize losses due to theft, spoilage, and non-compliance fines.
• Customer satisfaction: With accurate tracking information, companies can provide better service to their customers, leading to higher satisfaction and loyalty.

Challenges and solutions

“Implementation complexity and high costs impede investments into track and trace solutions.”

• Data management: Managing the vast amounts of data generated by track and trace systems can be challenging. Implementing robust data management and analytics solutions is essential.
• Integration with existing systems: Integrating track and trace with existing supply chain management systems requires careful planning and execution. Companies need to ensure compatibility and seamless data flow.
• Cost of implementation: While the benefits are significant, the initial cost of implementing track and trace systems can be high. However, the long-term savings and efficiency gains often justify the investment.

Future trends

“More than 90% of organizations consider track and trace technology an investment priority.”

• AI and machine learning: The future of track and trace lies in the integration of AI and machine learning. These technologies will enable more accurate predictions, automated decision-making, and further optimization of supply chain processes.
• Sustainability: Track and trace systems will play a crucial role in achieving sustainability goals. By optimizing routes and reducing waste, these systems contribute to a greener supply chain.

The webinar concluded with a Q&A session, where participants discussed real-world applications and shared their experiences with track and trace systems. The insights provided by Simon Ellis and Travis Eide highlighted the transformative potential of these technologies in modern supply chains.

Implementing track and trace is not just about compliance; it’s about building a resilient, efficient, and customer-centric supply chain. As technology continues to evolve, the importance of track and trace will only grow, making it a key component of supply chain strategy.

To know more, get access to the on-demand recording of the webinar available for download.