New Supply Chain Research: Item-level inventory traceability now a priority

A new report from Mojix indicates that item-level inventory traceability has become a priority for companies to stay agile and competitive in the global marketplace. Released today, “Enhancing Supply Chain Resilience: The Advantages of Supply Chain Visibility, Best Practices, and Technology Integration (www.mojix.com/download_enhancing-supply-chain-resilience)” assists companies in understanding the crucial reasons and benefits behind implementing such solutions within their supply chains.

“Traditional inventory visibility is often done only at the lot or stock keeping unit level and misses the mark when it does not offer visibility at the item-level. The Mojix platform empowers our clients to achieve end-to-end traceability by harmonizing the disparate data stored across their supply chain management tools, said Chris Cassidy, CEO at Mojix. “By stitching together dozens of key data elements with chain of custody events across the enterprise, we’re able to offer a true digital product passport.”

According to CSCMP’s State of Logistics Report, “Despite shifts in capacity, overall United States business logistics costs rose 19.6% to $2.3 trillion, representing 9.1% of the national GDP.” Much of this can be attributed to carrying costs. Filling shelves and miscalculating demand can have catastrophic effects in this economic climate, and ultimately, a negative impact on customer experience. The global culture is increasingly one of on-demand, single-day delivery, and all of it for free. This has driven the creation of a new category which is called real-time item-level visibility (RTILV). The granular data captured by RTILV is crucial in improving decision-making, optimizing inventory levels, and reducing waste.

“Understanding the movement of individual items helps in creating more accurate demand forecasts,” said Bart De Muynck, supply chain industry analyst and co-author of the research. “It allows organizations to analyze trends on a micro-scale, considering variables such as location-specific demands, seasonal trends, and consumer preferences, which can lead to better production planning and inventory management.”