Incorporating a data-driven approach into supply chains is an ongoing, ever-evolving process. As the internet of things continues to grow, so too does the way we use data and new technologies to enhance and streamline processes. Those businesses that are slow off the mark to truly embrace data-driven processes have felt the pain, with the challenges and changes that both the pandemic and Brexit have brought to the movement of goods. By embracing data, businesses can improve processes and adapt better to the new challenges their industries face.
If You Want To Increase Security…
Supply chain security doesn’t just mean ensuring that customers’ data is secure, it means safeguarding. all the data moving between different parties involved in the chain. While incorporating new software and technologies throughout a supply chain can improve processes. modern processes now have to be ready for, and hopefully able to prevent, data breaches, ransomware attacks and malicious activities. As of last year, 88% of UK companies had suffered breaches in the last 12 months1. Unfortunately, there won’t be an everlasting solution to these breaches and attacks. Hackers are constantly probing for new weaknesses, meaning software and technologies have to continuously be updated to combat this.
This is why staying at the forefront of digitisation is so important. A data team can implement effective tools like encryption, tokenisation, data loss prevention, and file access monitoring and alerting. Similarly, as new more secure versions of software and technologies are created, strong data teams can help you transition to these quickly and avoid disruptions to the business.
If You Are Building It For Collaboration…
Data creates effective collaboration through more visibility in the process. By visibility, we mean exposing the key data making it far easier to identify parts of the supply line that can be improved and streamlined. More importantly, it makes it far more agile when dealing with supply and demand. This means should any issues occur, they can be identified quickly and resolved, reducing the chance of costly delays.
Businesses can then be more transparent with customers, informing them if there are delays or changes to actual stock levels and delivery times. This helps them manage customer expectations which in turn maintains customer satisfaction.
If You Are Building It To Be Agile…
Due to the number of moving parts, if a supply chain is not agile, there can be internal issues that can occur along the way. While sales and discounts can create a planned increase in demand for products, external sources can also put a strain on various points in the process due to the rush on stock. A number of different factors can affect quantities of stock, for example, in supermarkets small changes to the weather can create a rush on certain products like sun cream and disposable BBQs on a hot day and umbrellas on rainy ones.
While we can’t predict exactly what stock customers will want, data can help us better prepare for these events.
Building an agile supply chain fuelled by data can also help prevent disaster. Should a sudden crisis or issue happen within the process businesses are able to transform their supply chain as needed.
So How Can Businesses Start Taking Advantage Of A Data Driven Supply Chain?
One of the biggest challenges of unleashing the full potential of a data-driven supply chain is implementing it. By that, we mean having a team with the capacity to carry out both the daily maintenance needed for current systems already in place, as well as the transformation of others. Data & Analytics talent is in high demand right now especially, those who are business ready.
At Rockborne we are developing the next generation of talent that can be trained in your company and industry-specific knowledge ensuring they can hit the ground running and help your business transform your supply chains.
Click HERE to find out how we can help you transform your business.