When it comes to supply chain data, there’s an intriguing story to be told. If businesses have access to accurate data in real time about their supply chain operations, they have tremendous opportunities to increase efficiency, reduce costs, and grow revenue. Here’s a look at some of the types of supply chain data and the data story that supply chain analytics can reveal.
This includes information about the type, quality, quantity, and cost of raw materials and components used in the production process. Analyzing spend can help businesses identify areas where they can reduce costs and make data driven decisions about how to best allocate their budget. For example, real-time comparisons of supplier pricing can help sourcing teams negotiate more favorable prices.
This includes data about suppliers, such as their performance history, delivery times, and product quality. Supplier data is key to reducing order fulfillment issues and to identifying and proactively planning for supply chain disruption. Companies are increasingly leveraging supplier data in real-time to enhance their environmental, social and governance efforts.
This includes data about manufacturing processes, including production schedules, output levels, and equipment utilization and performance. Faster insights into production data can help optimize material availability, workforce and processes needed to keep production lines running. Businesses can also more quickly spot quality control issues and equipment problems before they lead to costly downtime.
This includes data about the quantity and location of inventory, inventory turnover and safety stock requirements. Demand forecasting using predictive analytics helps to determine the right level of inventory. Real-time visibility is essential to dynamically adjust production up or down as demand fluctuates and to offer promotions and sales for slow-moving inventory.
This includes data about the movement of goods from one location to another such as shipment tracking, transit conditions and times, and transportation costs. Predictive analytics can estimate transit times to determine the best possible routes. What’s possible today was inconceivable a decade ago: using sensors to track things such as temperature and safe transportation at any point in time to protect goods and improve driving habits.
This includes customer data such as order history, purchase behavior, and preferences. Companies can meet customer expectations and increase sales when they understand and anticipate what their customers need – and when they are able to create personalized experiences and quickly adjust the supply change based on constantly changing customer behavior.
This includes sales data such as revenue, profit margins and customer satisfaction. Companies use demand forecasting based on past sales to help them adjust production, inventory levels, and improve sales and operations planning processes.
Create Your Data Story
What’s your supply chain data story going to be? It all depends on the data platform you choose to process your supply chain analytics. The platform will need to be highly scalable to accommodate what can be massive amounts of supply chain data and must support real-time insights into supply chain events as they happen so decision makers can form next-best actions in the moment.
The Actian Data Platform provides data integration, data management, and data analytics services in a single platform that offers customers the full scalability benefits of cloud- native technologies. The Actian platform provides REAL, real-time analytics by taking full advantage of the CPU, RAM, and disk to store, compress, and access data with unmatched performance.