Will insight in data improve my supply chain?

Posted May 03, 2023

A good governance of your data is always the challenge. It means that all departments of your organization share their data in a clear and consistent manner. It proves that investing time in collecting, exploiting, transferring and analyzing your data will result in a more optimized supply chain. Having a good understanding of your data will give you a higher visibility which enables you to enhance your performances and reduces your costs.

Once you have a firm grip on your data, you can use it to make sense of the business. This will be useful when making important decisions that drive performance in your supply chain. A data control tower is the central hub or brain of your analytics tools. The main purpose is to store, share and manage all your transportation data.

Data is changing the way companies do business.

This is where a data control tower comes in. It's a tool that puts the 5 V’s at the center of your strategy! It enables companies to not only manage the information they produce but also turn it into value.

1. Volume
   Companies are massively collecting and storing their data which allows them to generate more qualitative reports. These help also to better align the Supply Chain Management and marketing budget.

• Variety
  Compared to 10 years ago, data sources have more than multiplied. Whether they are suppliers, intermediaries, manufacturers, distributors or retailers. They all provide a whole pool of information that is valuable to your supply chain.

• Velocity
  Data is the foundation for all business decisions. Organizations that can use data to drive their internal processes are able to make changes faster and more efficiently, which accelerates the speed of innovation and improves their overall business performance such as reduction in delivery times, better inventory management, reduction in incomplete shipments, etc.

• Veracity
  The cross-referencing of multiple sources of information also reinforces the relevance and viability of data (veracity). This ensures that the information is accurate and remains relevant over time.

• Added Value
  Analytics are the new tools of success. Logisticians need insights from data, not just figures and spreadsheets.

Having a control tower enables you to start thinking in a structured way which has the potential to add value to your business by improving decision-making processes and even enabling you to save costs!