How Real-Time Tracking is Revolutionizing Loss Prevention
Issues like port congestion and unprecedented increases in demand for shipping services have led to rises in both cargo theft and cargo damage. In today's disrupted supply chain, loss prevention has never been more important for retailers and shippers seeking to minimize these costly exceptions.
Even when the technology to track the location of any shipment is readily available, lost cargo remains a crucial problem, as many retailers have still not implemented the solutions needed to track the real-time location of their freight. Without real-time tracking solutions, it's all too easy for cargo to become temporarily or permanently lost.
This guide covers key insights that retail companies and shippers need to know about preventing loss with real-time visibility, including:
- The challenges of loss prevention that arise from a lack of visibility
- How real-time shipment location and condition tracking mitigates the impact of freight loss and damage
- How to implement real-time visibility technology and compare available solutions
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Key Takeaways
- Cargo theft and case damage are on the rise - according to freight insurance specialists at TT Club and the team at BSI, third-quarter cargo theft data shows that storage facilities are targeted in 45% of reported cases — up from 20% of recorded cases in the third quarter of 2020.
- When a lack of visibility leads to cargo loss, retailers and shippers face financial losses, unhappy customers, demand/replenishment challenges, and loss of reputation.
- Shipment visibility solutions for retail are key to minimizing freight loss and damage, but it's important to understand that not all solutions are created equal: retailers should seek out solutions that offer real-time data (rather than passive data logging), hyper-accurate location tracking, and real-time, actionable alerts in order to get the most value.
