Product recalls are a costly business reality. Added to that is the limited visibility into product storage and movement, legacy technology, and existing data siloes across the supply chain. These factors hinder recall efforts and can lead to reputational, legal, and regulatory issues. Product traceability can save businesses from the problems mentioned above, but companies need access to inventory movement in real-time to reduce the burden of costly recalls, fight counterfeits, control quality, and even save lives.
Besides data unavailability, there are other challenges impairing product traceability for businesses, such as:
Product traceability can easily track inventory movements effectively, right from where they are shipped or back through their operational and production stages. Traceability helps companies identify defective or unsafe goods in their offerings, timely locate and remove them before such items impact buyers negatively, and avoid product recalls damaging to a company’s reputation.
Product traceability solutions minimize costs arising out of rejected items, recalled contaminated goods, and compensatory costs for damage control.
For example, the TradeEdge Product Traceability solution helped Mars, a global manufacturer of confectionery, pet food, and food products, meet market traceability needs for the company’s digital supply chain initiative.
TradeEdge Product Traceability is a cloud-based and globally scalable solution designed to enable enterprises to control the inventory movement in near-real-time (Hold & Release Process).
Taking the above example of Mars here, the traceability transformation program was successfully implemented across all business segments worldwide to leverage agile ways of working in a decentralized business landscape. This enabled Mars to meet commitments regardless of Covid pandemic restrictions. TradeEdge implementation helped the global F&B company absorb and harmonize data from multiple ERP (Enterprise Resource Planning) and warehouse management systems agnostic, thus providing a unified business consumption layer to business users.
With its help, clients like Mars achieved:
In order for businesses to fully optimize such product traceability programs, they need to follow specific ground rules, such as:
Product traceability solutions empower businesses with real-time insights into their product supply chain and manufacturing units to address any issue arising from harmful items that need timely recall, replacing, or placing on hold. Such timely availability of crucial insights immunes businesses from damaging losses and poor reputations.