Loss Prevention & Freight Loss Have You on Edge? Put Your Mind at Ease with Real-Time Tracking

It’s no wonder supply chain managers in the United States might find it difficult to sleep at night. Rest won’t come easy with the wait of the nation on their shoulders. As economies emerge into a post-pandemic reality, customers grow increasingly impatient as orders fail to arrive on time. Frustrations reach a flashpoint when shipments get to their destination but are not in full or damaged.

In 2019, retail shrink among U.S. retailers totaled $61.7 billion. While much of these losses were due to shoplifting and employee theft, lost or damaged freight is a key contributor as well, and loss prevention remains a topic that keeps many retail supply chain managers up at night. It’s easy to understand why, with 128.5 million households, more than 7.9 million businesses, and 90,000-plus government entities relying on the efficient movement of freight.

No amount of meditation or melatonin will bring peace of mind. However, the good news is that real-time tracking solutions make loss prevention far more straightforward and effective. By providing complete visibility into a shipment's location and conditions, these tracking solutions help retail companies prevent lost or damaged cargo in several impactful ways. 

Our latest white paper, How Real-Time Tracking Is Revolutionizing Loss Prevention, Freight Loss, and Damage Claims, addresses this topic. Here are some highlights.

How a Lack of Visibility Hinders Loss Prevention

Freight loss and damage create no shortage of headaches for retail supply chain managers. Without the right visibility solutions needed to implement an effective loss prevention strategy, the challenges that retail companies face due to freight loss and damage include:

• Lost money on the product
• Unhappy customers
• Inability to accurately forecast demand and replenishments
• Always firefighting
• Increased fatigue
• Hard-to-prove freight claims and damage on the right party
• Loss of reputation
• Negative impact on OTIF numbers

How Real-Time Tracking Mitigates the Impact of Freight Loss and Damage

Robust technologies and platforms that enable companies to track their freight’s real-time location and conditions can be highly effective tools for mitigating the impact of freight loss and damage. Real-time condition tracking can help you:

• Identify and resolve recurring issues.
• Bolster customer service and inventory management strategy.
• Simplify and streamline freight claims process.

Hyper-accurate shipment location and condition visibility are achieved via hardware trackers placed inside containers. Once in place and activated, these trackers communicate detailed information regarding a shipment's location and conditions. The sensor data is sent to the solution provider’s cloud-based application, where customers can monitor and analyze shipments, benchmark carrier behavior, establish geofences, and other configurable alerts. 

There is certainly no shortage of trackers in this competitive market, but it is crucial to understand not all trackers are created equal. Our white paper goes into great detail about Tive’s industry-leading trackers and visibility solutions.

How Tive’s Real-Time Visibility Solutions Can Help You Take Control

At Tive, we are committed to helping our clients execute an effective loss prevention strategy driven by timely and accurate condition and location tracking data. Don’t lose another night’s sleep worrying about cargo becoming damaged or lost. Tive is here to help with real-time tracking solutions.

Learn more by downloading our latest white paper, How Real-Time Tracking Is Revolutionizing Loss Prevention, Freight Loss, and Damage Claims, today.