A new Supply Chain Digest benchmark study, “Leveraging Supply Chain Data for Competitive Advantage,” makes some very interesting – and enlightening – points.
Chief among them: Excellent management of supply chain data brings with it exceptional benefits – and they’re only going to grow.
Among the questions asked of respondents in the survey – which we more than encourage you to read – was about “Areas of Biggest Potential Gains from Improved Data Management and Analysis Capabilities.” In other words: If you can better manage supply chain data, what do you think will improve in your business?
A great indicator of just how important supply chain data management is (rightfully) perceived as being: All nine categories received average scores of at least 4.8 on a 1-7 scale. That means supply chain professionals at some of the world’s most successful and experienced organizations are placing a massive premium on data management.
The ability to make better decisions was judged the most important benefit of improved data management, at a 5.6 average. Improved agility, finding hidden opportunities and better internal visibility/collaboration followed at 5.5, 5.3 and 5.2, respectively.
The takeaway? In supply chains and logistics, more than ever, data – and the way it’s handled – matters. If you have tons of data but no way to structure it, you’re not going to reap the benefits. Likewise, if you have systems in place to manage data but not way to collect it, you’re not getting all you could, either.
Download and read the report for more.