Traceability Is More Important Than Ever
by Dalton Litzelman, on January 23, 2020
As a business leader, you may be wondering, what can I do to create new efficiencies while cutting costs within my organization? One clear cut answer to solve many business issues is to introduce an automated system. After all, who wouldn’t want to eliminate human error and avoid supply chain disruptions to improve time to market? One area for improvement, often overlooked, falls within your labeling process. Are you doing all that you can to keep up with labeling trends? (change intro)
Fortunately, Loftware recently released the 2020 Top 5 Trends in Labeling and Packaging Artwork. Now, you can successfully stay on top of the trends and propel yourself ahead of your competition! For this year’s 2020 report, Loftware polled nearly 1,000 professionals from organizations across all major industries and 55 countries to gather insights into the top trends transforming the market in 2020.
Previously covered in this blog, we discussed the first trend identified in the survey, the rise of end-to-end solutions. As a refresher, you may want to implement an end-to-end solution to help with the following:
- Eliminate redundancies between labeling and packaging art
- Adapt to ever changing customer and regulatory requirements
- Enhance competition by centralizing your processes
This leads us into trend number two, traceability is more important than ever.
That’s right, today’s global supply chain requires new levels of visibility as you add new partners, expand to new regions and attempt to meet ever evolving regulatory demands. Just think, by enabling transparency within your supply chain, you can ensure quality, safeguard products, protect patients, streamline location of inventory, and guarantee on-time delivery. Product recalls can severely damage your brand so it is important that you have a solution with faster reaction times to avert risks, presented by falsified goods and counterfeit products. Ultimately, labeling is an enabler to traceability which provides a full audit trail of a product from its parts/materials/ ingredients to its manufacturing and distribution to the end user or customer.
How Does Globalization Effect Traceability?
That is a good question, and extremely important to consider when globalizing. As your company expands, new, emerging markets for goods and services will appear. You will quickly realize the need for a more collaborative environment. There are multiple new touch points for you to consider from handling raw materials to the delivery of the goods. With many stakeholder in the process, it is critical to have access to common data, business processes, labeling solutions and label content, not only within the company, but externally with partners as well.
What Other Issues Arise from Transparency?
When respondents were asked about what they thought were the top risks associated with an inability of tracking products through today’s global supply chain, what do you think their most common response was? Respondents reported ‘lost products and inventory’ was the top concern with 44% emphasizing the issue. Supply chain disruption was the next highest at 40% and inability to effectively manage recalls at 37%. In fact, customers have come to expect full transparency after making a purchase. Purchasers want to know everything there is to know from the moment they enter their credit card information to the moment your product or service reaches their door.
What Should I Do to Enhance Traceability?
Have you seen Loftware's Traceability Report? You can download the report to learn how Enterprise Labeling with standards such as GS1 can help improve communications and overall visibility throughout the supply chain. Additionally, I would recommend checking out the 2020 Top 5 Trends in Labeling and Packaging Artwork so you can get more insight into this year's trends.