UK-based technology company Track Genius is launching a smart shipment tracking tag that can reduce costly supply chain waste and give companies the visibility they need to reduce the costs of supply chain disruption by up to 50 percent.
“More than 87 percent of supply chain leaders say they lack end-to-end visibility into their supply chains, which creates inefficiency and leads to poor decision-making,” explained Stuart Tatters, head of global business solutions at Track Genius. “This lack of visibility contributes to poor production planning, and 10% of global manufactured inventories are unnecessarily wasted.”
The new Track Genius smart tracking tag, developed in collaboration with technology partner Sensos, provides the visibility businesses need to eliminate waste in their supply chain and achieve significant cost savings.
“We know that supply chain disruption costs a large company an average of $184 million per year, yet nearly 60 percent of companies lack the visibility needed to manage risk. Track Genius is the credit card-sized solution to this “The problem, and it’s really the solution that companies have been waiting for.”
The Track Genius brand uses GPS and cellular technology to track the journey of an intermodal shipment in real-time, providing end-to-end visibility, and operates in over 180 countries around the world. It confirms the time and location of each shipment’s arrival, delivery and opening, reducing insurance claims for lost, misplaced or undelivered items, and eliminating the need to contact the shipper to verify the location of the shipment. It can also report shocks, tampering and temperature during transportation and storage, reducing the risk of theft and cold chain disruption.
“By knowing where your goods and assets are in real time, and what condition they are in, you can identify problems early, make informed decisions faster, improve on-time deliveries, optimize your supply chain, and keep your customers informed in some way,” said Tatters. “This will convince them to stay with you.”
“From temperature-sensitive goods like pharmaceuticals to high-value electronics like semiconductors, the Track Genius smart tag provides comprehensive visibility into every shipment at every stage of the supply chain, enabling companies to reduce waste, improve customer service and save millions,” he concluded.
