Good data management allows companies to more efficiently and effectively orchestrate their global supply chains. The good news is that leading organizations have found ways to harness their data in creative, intelligent ways and, in return, have gained competitive advantage.
Here are 4 ways that companies are taming their big data and using it to their advantage:
1. Connecting all of their business partners on a single, integrated, cloud-based platform. By connecting all of your business partners, suppliers, customers, and other entities via a single, cloud-based platform that’s accessible 24/7/365, all parties gain extreme efficiencies and improved data management capabilities.
2. Leveraging the data to improve global logistics planning. Look at how incoming data can be used to plan logistics movements (e.g., freight, ordering, carrier relationships, etc.), then consider how your company can be more efficient by leveraging the data housed in its central repository. This, in turn, leads to significant transportation and logistics efficiencies.
3. Gaining real-time supply chain visibility by breaking down information silos. By gaining real-time visibility over the information, and then sharing those insights with all stakeholders (e.g., suppliers, customers, carriers, accounting, logistics, warehousing, etc.), companies can effectively break down any existing information “silos” within their supply chains.
4. Optimize internal processes using regular audits. Don’t just set it and forget it. Continually ask questions like, “Was there a better way we could have moved this freight?” or “Were there other, more cost-effective modes available?” The answers will help you find better ways to do things in the future.
For companies that want to break out of data fatigue mode and begin leveraging their valuable data, the best first step is to take inventory of current, available data and then decide how that information can be parlayed into actionable business intelligence. Then ask yourself what data—from a strategic perspective—will truly help your company achieve its current and future goals.
The Kuebix Team recently released a white paper on effective management of supply chain big data. Download it for free here