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Forty-five percent of companies that have invested in serialization methods have seen over 31% increase in sales due to serialization
Rockwell Automation (Milwaukee, WI) finds that digital transformation, sustainability initiatives, and customer experience (CX) improvements are among the top priorities driving the development of new corporate supply chain strategies, according to a new study conducted by Forrester Consulting.
While compliance remains a key driver of new investments in supply chain management, demands related to sustainability and customer experience have propelled these strategic shifts. In fact, 57% of supply chain decision makers have already implemented or are expanding initiatives that will reduce waste within their supply chain.
Key findings of the study include:
Sustainability and visibility lead the charge for better customer experience. Companies are turning to traceability to enable new sustainability and visibility related CX initiatives. Sixty-two percent of respondents said they are using traceability data to improve the customer experience and products.
Traceability initiatives remedy counterfeiting and diversion. Nearly half (47%) of respondents say their companies lose 11% to 60% of sales income each year due to counterfeiting, and 89% say grey market diversion is problematic for them. But the lack of clear ROI prevents 45% of respondents from implementing traceability and serialization, which can mitigate these challenges.
An enterprise’s success hinges on full supply chain visibility, swift product recalls, and better brand loyalty. Seventy-nine percent of respondents said full visibility into where products are in the supply chain are critical or important to their company’s success, while 78% said the same for the ability to quickly recall the right products. In addition, 77% cited brand loyalty improvement through better product management.
Matt Fordenwalt, vice president and general manager, systems & solutions, Rockwell Automation, commented: “This study confirms that enterprises are experiencing how traceability can nurture brand loyalty and optimize their supply chains, as well as mitigate the impact of counterfeits in key markets, among other priorities,”
To download a copy of the full report, click here.