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The Times’ Raconteur Special Report stated that 56% of businesses are using Big Data to improve Supply Chain visibility. Results of a Gartner report, published in the same article, claim that 57% of chief executives ranked supply chain optimisation and traceability as a first priority for technology investment.
With data visualisations from technologies like Tableau, companies can gain full visibility of their end-to-end Supply Chain, tracing products by mapping geolocation and even temperature. These technologies are transforming how Supply Chain management decisions are being made.
Data and analytics are critical for efficient Supply Chain processes. Organizations need to release the value from their data by turning it into information, insight and knowledge. From this improved knowledge and understanding of their business, organizations will be able to make quicker and more accurate decisions, gaining competitive advantage. They will become more agile.
To give an example, when using Tableau within mature Supply Chain organizations, we’ve been able to identify inventory reduction opportunities of up to 40%. From our work with these organizations, here are 4 steps to get the edge from Supply Chain data and analytics:
- Reveal: import, clean-up and visualise Supply Chain data to analyze all areas of the Supply Chain.
- Diagnose: use intuitive dashboards to easily identify problem areas and root causes. With tools like Tableau, you don’t have to be a data scientist to spot trends and spikes.
- Model: stimulate process improvements to compare Supply Chain policies and performance
- Track: set targets and develop a roadmap of improvements
USING TABLEAU TO CUT COSTS AND IMPROVE OPERATIONS
Here are two examples of dashboards we’ve used to cut costs and improve operations.
The first dashboard enables organizations to compare inventory levels over time to sales and stock targets, showing instantly that there’s an opportunity to reduce inventory levels in the business.The second dashboard shows businesses whether they’re adhering to plans and schedules. Visualising the Production Conformance to Plan and Schedule highlights the need for improved process adherence within the manufacturing execution processes.
A REVOLUTION IN SUPPLY CHAIN MANAGEMENT
New analytical technologies are enabling better, faster and more transparent analysis of Supply Chain metrics. They are driving higher-level collaboration, greater insight and more informed decision making across the Supply Chain, everyday.
What type of reporting are you doing to monitor you supply chain? Comment below or to find out more, read The 5 visualisations Every Supply Chain Manager Needs.