Leveraging Data for Supply Chain Efficiency

Supply chain management is a complex and ever-evolving part of any company that is producing and selling items for end consumers. It’s also fundamental since it impacts profitability, process efficiency and customer satisfaction, which are key in making sure that your company stays competitive. Moreover, it includes managing multiple complex and interconnected tasks, such as: 

Balancing inventory levels

Forecasting demand‍

Managing purchase orders and deliveries‍

Managing sales order and outbound shipments

Quickly solving delays and out-of-stock scenarios

Identifying and implementing cost-efficient warehousing and transportation solutions‍

Evaluating supplier and 3PL performance and work on continuous improvement

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However, the role of a supply chain manager is not only to find strategies, best practices and resources to manage the daily operations, it’s just as much about enabling operational efficiency by leveraging data. Below, we dig deeper into what this really means and how it can facilitate efficient supply chain management.

Leveraging data - Data collection and analysis

In order to gain a true understanding of any company’s supply chain  performance, data collection and reporting is essential, where ensuring accurate tracking and data collection is a key enabler in drawing meaningful insights. There are, however, many data sources to consider and some common challenges and pitfalls when trying to leverage data are: 

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Inefficient and manual data collection processes

Poor data cleaning and segmentation

Data and findings quickly become outdated

Data findings are difficult to present in a comprehensive way for decision makers.

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With this in mind, it’s apparent that supply chain managers must make an effort in order to facilitate data collection and data processing if optimised resource management is desired.

Leveraging data - System solutions and tools

Another key enabler for efficient supply chain management and leveraging data is automation through system solutions. Such systems should provide solutions on how to:

Eliminate manual and repetitive tasks

Provide one source of truth for you and you suppliers and 3PL’s

Achieve more efficient forecasting and buying process

Achieve more efficient inbound planning process

Evaluating supply chain and supplier performance

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With Vintly you can increase output with less resources by streamlining your data processing and accessing real time updates during different parts of the supply chain. Moreover, by using a SCaaS (Supply Chain as a Software), you allow your company to reduce overhead spending by avoiding fixed costs in infrastructure, resources, upgrades and maintenance.