The time for transparency in supply chains is here
In todays world of fast fashion, retail consumers hold the power. The race is on for a truly omni-channel, transparent supply chain.
Theres a new date in the Fashion Calendar now - Fashion Revolution Day which was on 24th April 2015.
What is it? Its a global campaign, which encourages transparency across the supply chain. Fashion fanatics and the up rise of socio-economic-political conscious consumers are now challenging fashion brands all over the world about where their products are made and are rightly so demanding transparency from their favorite clothing brands.
On top of that consumers today also want choice and flexibility they seem to hold the power in retail today. They want more colors, more sizes, more options, more value, and more choice of how to buy and where to pick up from. And when retailers cant meet their needs they lack patience and are quick to shop someplace else. This is the challenge of developing a truly omni-channel supply chain, where all inventory is visible across selling channels. And if retailers dont pursue this their customer service will suffer and their inventory costs will rise.
We are now living in a world where the consumer rules and for the majority of fashion retailers that translates to the need for transparency which means having complete supply chain visibility first.
Imagine a very dark room (your supply chain) now turn on the lights. When you turn on those lights what will you see? If you have complete visibility you will be able to see all your trading partners and suppliers around the world. Youll be able to communicate and collaborate with them to identify in-transit inventory status and optimize inventory, adjust production and delivery volumes to match consumer demand, reduce markdowns and improve service levels and customer satisfaction.
The age of transparent supply chains is here. These are the eight important factors converging right now that will help companies who want transparency.
1) Consumers are starting to demand transparency
2) Regulations will enforce it
3) Companies need it
4) Networks require it
5) Cloud is enabling it
6) The Internet of Things will turbo-charge it
7) Incentives will encourage it
8) People deserve it
This short video goes into each one of those eight factors in more detail.
