Transparent Paths proprietary platform keeps an eye on the supply chain for perishables, alerting producers, processors, transporters and retailers to problems so they can be fixed in transit reducing food waste and removing any doubts about freshness, quality or diversion.
Feb 28, 2022
Feb 28, 2022
When it comes to visibility, the food industry is completely underinvested. Businesses lack data on product origins, provenance or conditions during transport. This lack of transparency results in billions of dollars in food waste. Transparent Path uses continuously connected sensors and artificial intelligence to help food producers know when something goes wrong, act to fix it, and anticipate future issues before they occur.
Epic food waste amidst epic food insecurity. Youve seen the news: food waste is a US $2.6 trillion dollar problem annually. What most people dont know is that the majority of that waste occurs during transport.At the same time, 42 million Americans will be food-insecure in 2021.This level of waste, in the face of this level of need, is unsustainable and completely unnecessary. Supply chain visibility being able to see into food supply chains and intervene when things go wrong will help reduce this issue. Companies are losing money in the supply chain every single dayIn addition to wasted food and resources, were wasting money: billions of dollars worth of labor and investment.Much of this issue is because 69% of the supply chain for perishables is analog, or the data resides in silos (Gartner, 2020). Without the ability to see whats happening in real time, producers are faced with shipments rotting in customs. Malfunctioning refrigeration equipment. Seafood sitting at room temperature for days. And rejections by retailers.In the US alone, more than $31B in food is rejected annually (Walmart, 2020). And every time a load is rejected, shippers must employ a full time employee for weeks, reconciling paper data with driver logs and temp recorders. And the shipments go directly into landfills.Due to the extreme growth of both complexity and increased regulation, and because it operates on thin margins, the food supply chain is far behind other sectors when it comes to data frameworks, standards, and visibility. In 2020, businesses spent millions trying to manage their operations and supply chains using fax machines, phone calls, and emails.The COVID-19 economy exposed the fragility in the food supply caused by this lack of transparent data.Why has no one solved this problem? Razor-thin margins A market full of disconnected point solutionsDistrust among partners, who use opacity to their own advantage. For example, when food issues like contamination or damage arise, larger players often try to use their leverage to push their costs to smaller partners, regardless of fault, because theres no single record of truthImports/exports are dominated by manual-input, paper-based systems that include faxes. Often 50-300 paper documents can accompany one food import shipment. These paper records stop tracebacks in their tracks. (IBM, 2018)You cant manage what you cant see. This is the Transparent Path opportunity.
Transparent Path has created a proprietary hardware and software solution to provide real-time visibility into perishables as they travel through the supply chain. This platform consists of IoT sensors that feed a shared and secure data ecosystem, and a predictive analytics module to predict sourcing, transport or supply chain issues before they happen.