The ability to trace a product’s journey to its source is intangible yet priceless. Tracing has already helped identify forged batches of Covid-19 vaccines.
The positive traceability results are a testament to the tools and technologies that are readily accessible to us in the current times. In the same vein, the traceability mechanism has been applied in today’s world trade markets, but it hasn’t yet been used to its complete potential because of many confusions and doubts amongst brand owners. ‘How will this help me?’, ‘Will it really make a huge difference?’. Such questions plague the minds of many brand owners who eventually decide to forgo the traceability option altogether.
Traceability: The Road to supply chain traceability
In case of perishable goods, brand owners usually face challenges when it comes to expiry date management of their products. A good traceability system allows them to manage their products distribution through the FIFO model. This helps brand owners distribute those products to the retailers whose expiry date is nearing and thus avoid business loss.
There are several actors one needs to consider before opting for a traceability system. Factors such as different costing models, vast catalogs of products with different types/shapes/sizes, varying regulatory compliances across countries/states, and distinct health safety rules need to be accounted for. So, if you are tracing products, even for a single manufacturer, you need to process numerous dynamics and create a seamless platform that accounts for everything. And, you need to do all that while keeping the expense manageable.
Despite these seemingly insurmountable challenges, traceability is essential if you want to succeed in today’s highly competitive business world. The good news is that there are organizations that have already implemented the traceability process successfully, and allowed manufacturers/brand owners to function transparently with complete accountability of every product.
Employ Registered Traceability Options for Best Results
The vast scope of the traceability process in retail makes it hard to be implemented by an isolated vendor, reseller, aggregator, or product manufacturer. The good news is that GS1 India a standards body already has a readymade platform in place for traceability. All the complexity of the process is eliminated through a layer of abstraction, and you get to build a bond of trust with your clients effortlessly.
Key attributes of a dedicated traceability platform are:
- Ability to track the location of a particular product at any given time
- Better inventory management by keeping track of expiry dates
- Global acceptance of products within local and international markets
- Integrated with various relevant databases for quick product information access
- Compliance with major national/international rules and regulations
A dedicated, well-established, and more importantly – internationally recognized – platform becomes hugely important when you are entering new markets. GS1 India provides your brand with an unmatched level of transparency, which in the long run has many amazing benefits for your business.