WITH the pressures on supply chains mounting, it is more vital than ever for shippers, carriers and 3PLs to keep innovating. Companies must constantly adapt and evolve not only to gain competitive advantages but to survive.
A report by New York's FreightWaves highlighted that soaring warehousing costs have created incentives for shippers to trim inventories, making shipment visibility and velocity critical. Volatile trucking spot rates have raised the stakes of potential service failures - in recent quarters, 40 per cent of S&P 500 companies have said that freight costs are among the most substantial risks to their earnings.
"We believe that multi-partner collaboration will usher in the next wave of digital transformation in the supply chain space for several reasons. The first is that the supply chain's fragmentation has led to a proliferation of inefficient, error-prone manual communications processes, even for shipments moving relatively smoothly, and has caused disputes over exceptions to be prolonged and wasteful," the commentary said.
"The second reason is that customer service has become a differentiator for transportation and logistics providers: shippers and consignees put a greater premium on transparency and collaborative decision-making than ever before."
In FreightWaves' view, Slync's approach to cloud-based supply chain software perfectly positions the company to help its clients unlock the next step changes in digitisation, collaboration and operating efficiencies. Slync's products sit as a complementary layer on top of internal and legacy software like Excel, SAP, Oracle, and JDA, and serves as a platform for creating multi-partners views into data and insights.
"We took a different approach by integrating to and leveraging existing internal and legacy systems rather than replacing them," said Slync CEO Chris Kirchner. "Doing so enables Slync to fill missing gaps in multi-party visibility, apply predictive AI to find hidden data trends and take action through automated workflows."
Slync's software aggregates historical data and builds predictive analytics on top that multiple partners can see, to create a 'shared reality' that removes friction from collaborative decision-making and dispute resolution.
"Recent studies show predictive AI to grow to over 75 per cent adoption across supply chain companies within the next five years," said Slync chief product officer Raj Patel. "We have engineered a product that can help customers get started today."
Slync's capabilities will accelerate collaboration between supply chain partners, whether that's providing immutable temperature records for the biopharmaceutical cold chain or building artificially intelligent bots to help shippers identify the least efficient distribution centres in their networks. The company listens to its customers' pain points and then designs bespoke products that allow the customer and its partners to open up and leverage the data they already have.
Slync's approach to the market demonstrates the company's understanding that despite the rise of big data and the internet of things, productive relationships are still necessary to get things done and move freight through the supply chain.
By verifying the data on which collaboration is based, automating communication processes and sharing intelligent analytics with multiple parties, Slync removes friction and adds value to partner relationships.