As the global marketplace continues to expand and become more complicated, enterprises in every industry are finding that collecting the most data possible is a critical part of maintaining complex operations. The more information that enterprises have available, the better decisions they’ll be able to make in order to improve processes and increase their viability.
The bottom line is that data is being used by enterprises to support their supply chain operations, and it’s becoming more important every day. By leveraging analytics and effective data management, organizations have the tools at their disposal to drive profits and operate more efficiently even as regulations evolve across the globe.
Big data and digital transformation
One of the biggest advantages of incorporating a data management solution into supply chain operations is that it provides key insights into the inner workings of the supply chain, giving organizations better information upon which to base important decisions. According to Diginomica contributor Phil Wainewright, by bringing more digital tools into the supply chain and using data analytics to derive important insights, logistics organizations can improve their business acumen and create better customer experiences.
“By being able to track items through the supply chain, enterprises can optimize stock levels and transport modes, improve risk management and collaborate more effectively with suppliers to manage costs,” Wainewright wrote.
Being able to more effectively manage costs will mean a better bottom line for organizations down the road.
Finding a use for all that data
Data is a crucial resource for organizations to conduct operations in a more efficient, effective manner, and there are different technologies that are being used to help enterprises support their data analytics efforts. For instance, Marine Transport International, Ltd., a U.K.-based freight forwarder, logs and monitors financial transactions and creates real-time digital ledgers of shipping data.
“Ultimately we are simply better enabling and repurposing the existing data flow to provide increased transparency and more efficient data flow within the existing data network which has major benefits for the global shipping industry,” Jody Cleworth, CEO of Toyota, told CIO Journal in an email, The Wall Street Journal reported.
In other words, the shipping industry uses data to enhance transparency and efficiency within its operations.
Data management is critical
As organizations collect more data and utilize it to improve visibility and transparency, it’s crucial for them to have an effective strategy of dealing with it all. Supply & Demand Chain Executive contributor Matt Leigh wrote that high-quality product data is one of the most critical aspects for the supply chain of today. At every step of the product cycle, having the right data is important for different functionalities. For instance, benefits like trailer efficiency, accurate bin sizing and better regulatory compliance can all be gained from effective data management.
To that end, the Enterprise Data Management solutions from Inspirage can make a difference in the effectiveness of your supply chain. For more information about how our EDM solutions can provide your organization with the insights necessary to drive better decision-making and improve operations, check out our Product MDM white paper below and contact the experts at Inspirage today.