There is no question that data has greatly transformed the supply chain management industry. Having access to big data that provides clarity and insights into supply chains, that would otherwise be unavailable, is invaluable when needing to make quick decisions. Those who aren’t continually analyzing data to better optimize their supply chains will no doubt fall behind in the industry.
At TOC Logistics, our team understands the importance of analyzing data, and because of this, we have put together our recommendations of data metrics that you should be checking regularly in order to ensure success in your supply chain:
Geoanalytics allow you to view, merge, and optimize delivery networks. Geoanalytics are different from typical graphs and charts, as they allow you to view insight that is actionable in that moment. Traditional analytics often miss the “where” in data, but geoanalytics show the relationship between data and its location.
The maps and spatial date used in geoanalytics allow you to see data in a new way. This data will provide immediate help with insights and communication to both clients and your employees.
Sales, Inventory, and Operations Planning
Planning is the most data-driven process in the supply chain, however, it needs to be utilized frequently. Thanks to new planning tools, the planning process has been redefined to use both internal and external data to make real-time decision making more accurate.
Managing sales, inventory, and operations can be a large task, but if reviewed often and discussed regularly, the positive impact on your management greatly increases.
Predictive analytics are a huge asset in supply chain management, as they allow you to manage external situations, as well as internal. Predictive analytics are like a crystal ball for our industry, they allow you to make data-based decisions that will ensure you reduce risk and implement the correct solutions moving forward.
Not sure where to start when it comes to measuring your supply chain data? Reach out to our team today to learn how we can help you optimize your supply chain and implement unique solutions that meet your needs and save you both time and money. And remember, never underestimate the importance of data.