Data is the new precious metal and it is becoming more essential than ever before. Technological leaps like blockchain, artificial intelligence and machine learning run on data. They’re already beginning to transform supply chain operations across many sectors.
Is your supply chain organization prepared to adopt these emerging technologies and generate the operational improvements to deliver the anticipated ROI? As we’re seeing, digital technology in the supply chain enables end-to-end decision-making, visibility into supply-demand information across the network and supports the operational level response in plants, DCs and retail stores.
Sometimes it takes an outsider to ask the obvious questions about processes that employees no longer question. Whether the questions have to do with routing guides, packaging practices or distribution center locations, it is often helpful to get an independent perspective. One of the main benefits of sharing data with a third party is an objective perspective that can cut through the culture and the “We’ve always done it that way” syndrome. A trusted Enterprise Logistics Provider with deep technology and operational experience can provide that objective view of the data and make recommendations without regard to internal influences.
Careful and Regular Data Collection is Critical
Data management is not a “set it and forget it” activity. A culture of continuous learning will be the key. Your enterprise must continually evaluate the integrity of your data collection and management programs not only against your internal requirements but also external developments. Are there gaps or inconsistencies in your data? Will it be available in the formats necessary to support adoption of relevant technology? For example, inventory optimization relies on a body of robust, accurate data. Without it, the results will be skewed and potentially damaging to your supply chain. Is your enterprise able to ensure your data is accurate and up to date? Garbage in will get you garbage out.
Look to Industry Professionals for Guidance
Rather than investing in technology tools directly, a trusted Enterprise Logistics Provider with deep technological expertise can support data management and analysis capabilities as a value-add in the partnership. As a solutions provider, the Enterprise Logistics Provider can stay up to date on the latest developments and evolution, reducing the need for ongoing investments in IT infrastructure.
Creating a comprehensive plan to clean and structure existing data and capture as much data as possible going forward will deliver benefits across the enterprise. As the digitization of the supply chain continues, those who aren’t able to ask the right questions could be left behind. For help determining if your data is ready to support the next level of technology, contact us today.