How Track and Trace Technology will Revolutionize the Indian Market?

by October 24, 2018 0 comments

Authored By: Nitin Gupta, co-founder, CEO & CTO at NeuroTags

In India, the pharmaceutical Industries need to have a track and trace system in place to be able to able to export medicines to other countries. Indian government took this step to prevent the counterfeit drugs from entering the market and to maintain its leadership as one of the top pharmaceutical exporters. But a track and trace system does not only help in restricting the counterfeits, but it can also help in growing all types of businesses.

Currently, small to medium-sized businesses in India face a lot of challenges in managing and securing the supply chain and this results in loss of business in the form of shipment theft or insufficient stock with the end sellers. If Indian manufacturers can deploy a cost-effective track and trace system, then they can better manage the inventory of their products.

They will also be able to eliminate the counterfeits of their products, as the manufacturer, distributors, retailers and law authorities, all can track the origin of the product to ascertain its authenticity. If a manufacturing company can trace the products path and knows at what speed the products are being consumed in the market then they can better manage the manufacturing. The company would also be able to anticipate the right quantity of the products to be manufactured. They can also make sure that the sellers never fall short of product stock. Thus a track and trace system would also help in minimizing delays and increasing sales.

This technology will also help in preventing the product counterfeiting in rural areas to a great extent. It would also be much easier to recall the product, in case a faulty product is rolled out in the market. Track and trace technology would also help in marketing the products efficiently, as the company would know the key locations where the product consumption is higher and where it is not doing well. So the marketing teams would be able to take the right marketing decisions.

Track & Trace technology aids in guarding the supply chain and its steady functioning. A standard Track and Trace solution has features such as associating each level of product packaging with a unique identifier, recording events of product/package movement at various points in the supply chain, and performing the search, analytics and reporting on the obtained information.

There are several “track and trace” technology providers in the market but most of them require high investment in software and the hardware, making them viable only for big businesses. At present, there is a dire need of cost-effective technology providers so that small and medium businesses can afford them.

The advantages of Track and trace technology include improved overall business operations, efficient product recalls, better marketing, better managing the product stocks and so. So the Indian businesses should start adopting this technology and reap its benefits and take their business to the next level of success.

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