How supply chain companies can benefit from centralizing their data

In 2006, British mathematician Clive Humby declared that ‘data is the new oil’. True to this – we have seen a rising trend of companies making data a top priority in the modern world.?

According to a recent Gartner survey, 78% of organizations have centralized customer data management within IT teams.?

When it comes to collecting data, supply chain companies should do 3 things right?

1. Collect the data?

1. Collect the right data?

1. Learn to trust and use that data?

Even though there are more data points than ever before, supply chain companies still suffer from a core problem surrounding data. Most of these data are decentralized and are in silos!?

Here are some benefits supply chain companies would get by centralizing their data.?

Improved visibility?

Siloed and incomplete data results in poor visibility which will make it difficult for businesses to manage operations, assess and address current problems, predict and mitigate future problems and efficiently allocate budgets. Centralized data can improve visibility and unlock a host of benefits as a result.?

Fix inefficiencies??

Unoptimized work processes result in wasted time, redundancies, skipped steps and inaccuracies. These all lead to low levels of efficiency in the supply chain company. If data is centralized, supply chain companies can better identify where these inefficiencies lie and find fixes for them.?

Better access to information???

When data is not centralized and exists in silos certain teams could be deprived of key information that could help them take business decisions. A centralized data management system could help different teams within supply chain companies get equal access to information.?

More effective collaboration?

Teams within supply chain companies depend on data from other teams. When data is centralized, teams could have access to this information faster and help them collaborate more effectively.?

More efficient vendor management??

Supply chain companies deal with many vendors which require monitoring, data sharing and collaboration. When data is centralized it helps collaborate better with vendors and raise any red flags when things are amiss.??

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Centralizing data and enjoying the benefits which arise through it would be another frontier for supply chain companies to get a competitive advantage in the market and we would continue to see this trend accelerate.??

Supply chain companies would continue to rapidly adopt centralization of data in the coming months and years to unlock the benefits indicated above.?