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Looking for the fastest, simplest, and most effective way to digitalize your end-to-end supply chain without the need for costly point-to-point partner integrations? Multi-enterprise supply chain commerce networks are the answer, according to Simon Ellis, Group Vice President and Leader of the Global Supply Chain Strategies Practices at IDC.
A special guest presenter during the recent TraceLink webinar, "The Fastest Path to a Fully Integrated Supply Chain: A Masterclass in Multi-Enterprise Networks," Ellis shared the results of IDC's 2024 Worldwide Supply Chain Survey and explained how multi-enterprise commerce networks help organizations reduce risk and disruptions by enabling real-time supply chain visibility and collaboration. Take a look at five key takeaways from the webinar and then fill out the form on this page to watch the entire presentation on demand.
1. Life sciences organizations continue to struggle with supply chain visibility and collaboration.
Software vendors and companies across the life sciences and healthcare industries have long talked about the need for end-to-end visibility and real-time supply chain collaboration. But those were just buzzwords—until now. Today, the technology to quickly and cost-effectively integrate with all of your supply chain partners to achieve real-time visibility and collaboration exists in the form of a multi-enterprise supply chain commerce network.
IDC's 2024 Worldwide Supply Chain Survey, which looked at the role of technology in supply chain transformation, found that 33.7% of life sciences companies are focusing on end-to-end supply chain orchestration to improve visibility and reduce risk. Ellis explained that multi-enterprise supply chain commerce networks provide the fastest path to end-to-end supply chain orchestration.
"If I am going to understand the breadth of my supply chain, and the breadth of my challenge and opportunity, I have to collaborate, I have to have visibility, and I have to have it from a full, end-to-end perspective," Ellis said. "The performance of my partners will drive the performance of my business. I have to be aware of that and I have to understand it in real time in many cases, in near real time in other cases. But I have to have that visibility and I have to have that collaboration."
2. Life sciences companies are taking steps to mitigate risk in their supply chain.
The IDC survey also found that several factors are creating supply chain risk and impeding the ability of life sciences companies to effectively respond to disruptions. These include the inability of supply chain partners to meet new requirements, inflexible, legacy IT systems that lack scale, and poor supply chain visibility.
As a result, life sciences organizations are taking several additional steps to increase visibility and reduce risk. Improving visibility through pharmaceutical product serialization and better supply chain planning are top priorities. Improving collaboration and visibility with transportation providers and Tier 1 suppliers are also key priorities.
3. TraceLink is the largest end-to-end multi-enterprise supply chain commerce network for the healthcare and life sciences industries.
Initially developed over 15 years ago to orchestrate global track-and-trace processes, the TraceLink multi-enterprise supply chain network now supports seamless integration and interoperable business transaction exchange between life sciences companies, raw materials suppliers, contract manufacturers, third-party logistics providers (3PLs), health systems, and retail pharmacies around the globe. Key network metrics include:
- 291K+ onboarded and authenticated network members
- 1,600+ customers
- 339K+ active network links
- $4.4B+ in customer savings from avoiding costly and cumbersome point-to-point integrations
With so many organizations on the TraceLink network, chances are your supply chain partners have already been onboarded.
4. IDC recognized TraceLink as a multi-enterprise supply chain network leader in a recent MarketScape report.
TraceLink's powerful "Integrate-Once, Interoperate with Everyone™" network model, massive scalability, and support for a wide range of business transactions earned it a top leadership position in the IDC MarketScape: Worldwide Multi-Enterprise Supply Chain Commerce Network 2023 Vendor Assessment. Here's a closer look at some of the key strengths that made TraceLink stand out as a multi-enterprise network leader:
- Integrate Once, Interoperate with Everyone™: With just a single integration to the TraceLink network for each transaction, customers can exchange business information with 100% of their trade partners in real time with complete interoperability.
- Continuous Integration: The TraceLink Network Success Team works continuously to maintain integrations to the network as partners change their required formats or new partners and products are added.
- TraceLink Multienterprise Information Network Tower (MINT): MINT improves visibility and collaboration with supply chain partners by enabling the real-time exchange of business information, including forecasts, purchase orders, invoices, and much more.
"TraceLink continues to be a really strong performer in this space," Ellis said. "TraceLink has both the credibility of endurance, having been in this market for a while, but also credibility in terms of having really good tools and really good capabilities."
5. TraceLink MINT is the fastest, simplest, and most cost-effective way to integrate with 100% of your supply chain partners.
TraceLink MINT uses the proven TraceLink network and its powerful Integrate-Once, Interoperate with Everyone™ capability to enable integration with 100% of your supply chain partners at a fraction of the cost and time of alternative methods like EDI or other point-to-point models. MINT enables the real-time exchange of purchase orders, invoices, advance ship notices (ASNs), production forecasts, and most other common business transactions. With TraceLink MINT:
- Each partner maintains a single integration to the TraceLink network for each transaction type.
- Each partner uses the integration format that works best for them, including EDI (ANSI X12, EDIFACT), IDoc, EPCIS, XML, CSV, and API. Customer-specific integrations are also supported.
- Partners are onboarded by the TraceLink Network Success Team at no additional cost to the customer, including the cost of ongoing maintenance.
TraceLink MINT is the most cost-effective and efficient way for trading partners to collaborate in real time, exchange business information with complete interoperability, and achieve end-to-end supply chain visibility.
Take our multi-enterprise supply chain network masterclass today!
