A company’s supply chain hosts thousands, if not millions, of pieces of valuable data. From the early stages of product conception, all the way through to distribution and sales, every process provides insights into how operations can be improved or increased efficiencies. While many businesses have taken the first step to implement analytics throughout the supply chain, what they don’t realize is that the data they’re tracking doesn’t paint a complete picture.
To take a step back, it’s important to take a look at how data is currently collected. Many businesses have already made some investments into technology; however, these systems primarily focus on only one function of business operations (i.e., product design and management, vendor management, finance, etc.) By siloing data by individual processes, decision-makers are unable to marry data across all the functions of their businesses efficiently. For example, if you are only tracking the data on a production level, you may be missing data on raw goods or material supplier delays, pre-production delays, and any issues that arise during distribution. To truly understand the supply chain, companies need an end-to-end view to connect all pieces of the puzzle.
COVID-19 exposed that now is the time for technology investments to sustain successful business operations. To make prescriptive, and eventually, predictive changes to a business, companies need to leverage relevant reporting and analytics. So, decision-makers need to decide if they are going to add a layer on top of their current tech stack to unify all platforms or invest in a single solution that can provide an end-to-end view of the supply chain. While this isn’t an overnight decision, executives need to run a full audit on the current systems in place and how effective they are across their teams and how easily accessible the data is. From there, they can work through which organizations require a new solution.
As the market recovers from the pandemic, companies that are willing to invest in a technology solution to provide them with these reports are ensuring that they stay ahead of their competition. By taking a tech-first approach to business and making truly data-backed decisions, companies can quickly create solutions for any issues throughout the supply chain and optimize their team to have a maximum level of efficiency. With the supply chain analytics market predicted to be worth over $7B by 2023, there has never been a better time to become a truly data-driven company.