Mastering Supply Chain Management with Data Products
May 19, 2023
Rather than settle for educated guesses in your supply chain strategy, using data products helps you make decisions based on insights from solid analytics.
Recovery still seems unlikely in the near term for the global supply chain, still reeling from the impacts of the worst health crisis in modern history. Shortages of parts and labor are compounded by stubborn inflation and rising interest rates, causing havoc across all sectors of the economy.
And, while business leaders are responding in a variety of ways to the supply chain pressures, made worse by global financial instability, at the foundation of any solution is having data that can be relied on to paint an accurate picture of a supply chain and where the essential raw materials come from. With better data, decisions can be made more quickly, which means achieving business goals on time and within budget.
Supply chain data with gaps and inaccuracies and data that changes over time can cloud your view. But living in uncertain times does not mean you have to live with uncertain data. Data products can help you survive in a competitive landscape by accelerating your organization's ability to gain valuable insights from data through the delivery of clean, curated, continuously updated data sets. For planning purposes, reducing the risks associated with dirty data is a big win and an investment that yields future returns.
What defines a good data product?
Good data products are designed to meet four core principles that bring certainty to your data:
Your best strategy amid supply chain disruption involves investing in a future-proof data product strategy that will enable your business to survive now and thrive in the future.
Benefits of data products
Rather than settle for educated guesses in your supply chain strategy, using data products helps you make decisions based on insights from solid analytics. During challenging and uncertain times, data products can help you navigate your financial future by providing clean, accurate data for use in analytics and forecasting, enabling more proactive management of your supply chain. And by managing supplier "data as a product," companies can streamline supplier management across the organization and create trusted views of business-critical data for analytics and operations while also ensuring greater resilience. In the end, improved data leads to time and cost savings, helping companies be more competitive in an unpredictable world.