Data is a fundamental component that is spearheading breakthroughs in supply chain management today.
To ensure that the supply chain remains agile and future-ready, business enterprises in this segment must invest in analytics. Data needs to be effectively mined for insights that are intuitive and valuable, ultimately facilitating smart and intelligent decision making.
Keeping up with this trend, a survey by Gartner found that 43% of business enterprises are willing to continue with their journey of digitizing and integrative innovative technologies across all company processes and systems. What this actually means is that analytics will completely transform supply chain management in the coming months.
Why Is Digital Reinvention Necessary Today?
To ensure that enterprises retain their competitive edge, digital reinvention is a necessity today. The benefits of digital transformation are over and beyond simply enhancing the performance and productivity of supply chain management.
There are already several proven case studies that highlight the successful application of analytics in supply chain that has facilitated better collaboration between humans and machines. Large corporates have used analytics in supply chain to wield more control in the integration of internal data with external data from partner ecosystems in real-time. This enables the corporates to derive more value from analytics whilst attaining more visibility in the end-to-end systems.
In the long run, companies that implement analytics will be able to improve agility, manage supplier and vendor relations effectively and boost reach and exposure. All of this will contribute to intelligent decision making for the corporate.
How Can Businesses Benefit by Leveraging Analytics into Supply Chain Management?
Supply chain organisations need to bring about a fundamental change in their perspective on data handling in order to implement data-based decision making. This involves a series of digital activities and innovative technologies that support the implementation of data analytics and derive optimal value and intelligence from it.
To make this transformation, here’s what you should be looking at:
Make Sure That the Business Strategy Is Linked to Organizational Goals: Your digital transformation roadmap cannot be developed in siloes. It should be linked to business priorities, objectives, goals and investments that help spearhead the implementation of this reinvention across enterprise-wide verticals and departments.
Ensure That the Methodology Is Agile: Digital transformation in the supply chain supported by analytics is a long-term project. Make sure that the strategy is well defined that is backed by an agile approach. This will help the company is able to reduce future losses as a result of taking up this reinvention and is able to demonstrate a positive return on investment.
Plan the Implementation and Integration Strategically: Data analytics can be instrumental in helping supply chain organizations to adopt a holistic and integrated approach when it comes to the implementation of their digital transformation initiatives. This can also help them identify and address both challenges and opportunities right from procurement to sales. With analytics, you can drive integration embedded with additional processes and workflows that can help transform insights into actions.
Transformation in supply chain is only possible if business enterprises are willing to explore the value of analytics in combination with processes, technology and experience.
If you are keen to take on this proactive journey of transformation, be sure to check out the range of analytics offerings by MDSap.