Last month, we started a discussion on supply chain data and how you might not be effectively using the information at your fingertips. We looked at the 2017 whitepaper “Effectively Managing Big Data in Your Supply Chain” by SaaS logistics TMS platform Keubix, which carefully scrutinized the role of big data in the supply chain.
A highly insightful read, the whitepaper shared five interesting ways shippers are using big data to simplify operations. Part two of the series covers the benefits companies are enjoying by devoting more resources to their efforts.
5 Ways Companies Are Reveling in Their Big Data Investment
The whitepaper shared examples from Spend Matter’s “5 Data-Driven Supply Chain Challenges to Overcome in 2016” to highlight major advantages currently realized by companies that have already invested, including the following:
- Meet rising customer expectations
- Increase cost-efficiency
- Monitor and manage supply chain compliance and risk
- Make supply chain traceability and sustainability a priority
- Remain agile and flexible in volatile times
Start Using Your Data
Chances are, your company has been collecting copious amounts of data for years but has no idea what to do with it. It’s time to create a strategy that will boost your supply chain and your business. The white paper acknowledges this will likely be easier said than done for many organizations, but it’s an investment well worth your time and money.
“Where the largest Fortune 100 firms may have good data management programs in place,” said Keubix CEO Ray DeSabato, “as you begin dropping down to midsized and smaller companies, the ability to extract data from those silos and actually use it to your advantage becomes less and less.”
Working past this challenge is a multistep process. In the whitepaper, Keubix recommends first taking inventory of data currently available, then determining how it can be used to support business goals. More than just a nice tactic to test drive, working big data into your strategy will help you keep pace with the rest of your industry.
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