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Information sharing is the process of sharing relevant business or production information with partners in your supply chain to achieve a common goal or to gain mutual business benefits. Typical supply chains will share only information that is necessary for normal business transactions, such as contact information and invoice costs.
However, in a value chain, where multiple businesses collaborate strategically to achieve a collective competitive advantage in the market place, information sharing is critical to help gain financial and operational efficiencies that may increase profit margins for each partner.
Examples of using your traceability system as part of your information sharing network include connected inventory management systems for scheduling and logistics, sharing product and process improvements, as well as sales or research data that will help your business to add value to your product and ultimately improve your bottom line.
Learn more about the benefits of information sharing in a value chain using traceability systems:
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