November 2, 2022
Leverage data you already have to make smarter inventory decisions
There are millions of events that take place daily across your business operations, and they ALL impact your supply chain operations. So, what happens if there is a disruption or bottleneck in this chain, such as raw materials shortage halting production. Well, because of siloed, legacy systems, it simply takes too long to move from noticing the problem to understanding it, deciding what to do, and finally addressing it. This often entails hours — maybe days — spent manually gathering data, emailing, and calling back and forth, before any progress is made.
The near-term issues that arise as reality deviates from plan don’t get anyone’s attention until it’s too late. Supply chains get surprised again and again because operators like you do not have real-time insights or visibility.
And in today’s world, there’s been an explosion in the amount of supply chain event data businesses are collecting — fueled by increased digitization and complexity. Event data is raw and it is flowing in at high volumes, making it extremely hard to integrate into legacy analytics systems. So, your business may only be able to use it for specific, siloed use cases, like analyzing your supply at hand at a particular distribution center or POS transactions at a particular retail location.
“Through 2024, 50% of supply chain organizations will invest in applications that support artificial intelligence and advanced analytics capabilities” Gartner Supply Chain
The true power of event data is when you can use it to understand your supply chain operations, regardless of how many different sources the data originates from. Bringing this data together unlocks supply chain intelligence: a new concept that describes how raw supply chain event data created in the past seconds, minutes, or hours, along with external data sources, can be used to drive insights and make smarter decisions in real-time or near-real-time.
In enterprises, such business context tends to be in multiple systems: ERPs, 3PLs, POS, etc. The ability to collect, unify, and activate data across these systems is difficult, but it is the key capability for effective analytics.’ With all your data at your fingertips — you can make better data-driven decisions. You can explore new analytical questions and unlock insights by combining what you know about your supply chain in real-time with what you know about it historically.
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