Supply chain management is a complex process and a critical aspect of business operations. Through out the process one thing that takes priority is to keep a track of the entire process in order to ensure that the goods or services are accounted for at every stage. It doesn't matter at what stage your business is at, you can't keep track of everything without some help. In order to get this help many businesses are now leaning towards technology especially with the new focus on integration of AI.
One such company that offers help in streamlining operations and enhancing decision-making capacity is GS1.
GS1 India streamlines operations and enhances visibility for transportation and logistics organizations by enabling unique identification of each supply chain component and standardizing information.
"GS1 standards enables traceability systems that record and communicate data on product movement, offering end-to-end visibility and boosting supply chain resilience," said Sachidanantham Swaminathan the CEO of GS1.
He also added, "Businesses can ensure globally unique and consistent identification, making inventory management easier, lowering errors, and facilitating information sharing between trading partners."
Let's first understand what is GS1.
GS1 is a non-for-profit, international organization that develops and maintains its own standards for barcodes and the corresponding issue company prefixes. The organization is best known for the barcodes which is a symbol that is printed on products that can be scanned electronically.
GS1 India is a subsidiary of the global organization, GS1, formed in collaboration with the Ministry of Commerce and Industry, Government of India, and well-known industry associations, including CII, FICCI, ASSOCHAM, FIEO, IMC, APEDA, Spices Board, IIP, and BIS. It was established in 1996 with the goal of helping businesses in India improve their supply chain processes and increase efficiency through the use of standardized systems.
The supply chain streamlining using GS1 standards highlights the value proposition of implementing GS1 identifying keys such as Global Trade Item Numbers (GTINs) and Global Location Numbers (GLNs).
"GS1 systems decrease human data entry, lower errors, and enable automated data capture to improve efficiency. These solutions' improved visibility and transparency encourage better collaboration, allow quick decisions, and enhance supply chain management," said Swaminathan.
Use of Technology
When we talk about data management we also need to take in consideration technology as it has changed and impacted numerous sectors. With the adoption of blockchain-based traceability systems it is easier to enhance trustworthiness and transparency.
GS1 utilises cloud technology as a Software-as-a-Service (SaaS) based solution. According to Swaminathan the company is already looking into integrating artificial intelligence (AI) to help their customers streamline their operations.
Swaminathan said, "GS1 India is actively embracing technology to drive innovation in the supply chain sector. To fulfill this objective, the company has set up a software development lab in Chennai that serves as a center for creating business solutions."
"GS1 India focuses on creating solutions for efficient product master data management and is also exploring the integration of AI technology to streamline operations, provide predictive analytics, and enhance decision-making capacity," he added.
GS1 Approach toward PM Gati Shakti
In the context of India's infrastructure development, Swaminathan expressed support for PM Gati Shakti, the National Master Plan for Multi-Modal Connectivity. He emphasized the significance of a robust transportation and logistics system in facilitating the smooth movement of people and goods, ultimately driving economic growth.
He said, "A key objective is to decrease the current logistics cost, 16 percent of the Gross Domestic Product (GDP), to a global average of 8 percent by 2030. Projections suggest that the Indian logistics market will witness significant growth, reaching a value of approximately $215 billion within the next two years, compared to its current value of $160 billion."
"The Investment Information and Credit Rating Agency of India Limited (ICRA) estimates that the sector will experience a Compound Annual Growth Rate (CAGR) of 10.5 percent until 2025, following a growth rate of 7.8 percent over the past five years," added Swaminathan.
Return on Investment
When asked about the Return on Investment techniques, he said, "We aim to provide value through standardized processes, improved efficiency, and enhanced supply chain visibility. While ROI is not the primary focus, adopting GS1 standards and solutions like DataKart can contribute to cost savings, reduced errors, improved productivity, and enhanced customer satisfaction."
