When you don’t measure, everything can seem right
As we engage with enterprises across the globe, one thing is obvious – today’s businesses are extremely data-intensive, subsequently transforming many industries and businesses, and supply chain is not an exception. The complex and dynamic nature of this sector, as well as the intricate structure of the supply chain, make it a perfect use case for data. Valuable insights obtained through data can enable the players to optimize routing, streamline factory functions, and give transparency to entire supply chain processes.
But often, data infrastructure is holding them back. Data platform architectures designed as late as 2010 are not ready to solve business problems for 2020. The right application of warehouse management analytics can enable significant growth for companies. According to a recent study, as much as 93% of shippers and 98% of third-party logistics companies believe that data analytics is critical to making intelligent decisions. 71% of them believe that big data improves quality and performance. With advances made in the field of data analytics and big data technologies, supply chain leaders must recognize their limitations of siloed systems and transition towards systems that enable them to make impactful decisions that ensures resiliency at all points in time. With the right strategy and implementation, here’s how Warehouse analytics can be a game changer for your business.
Improvement in Productivity.
Data gathering can help improve operational efficiency by capturing fluctuating customer demand and trends, external factors, and other KPIs. This can provide the transparency required to enable all stakeholders to streamline their processes, ultimately improving the quality of operational processes.
Quicker Resolution Times
Monitoring performance KPIs and other key metrics on an ongoing basis to identify inefficiencies in real-time can enable your decision makers to streamline operations to meet business goal. As soon as data indicates errors in picking rates, picking procedures or issues in inventory management, to name a few; managers have the information they need to intervene immediately. Predictive analytics can also be used to anticipate demand peaks. Moreover, insights on how customer demand evolves can help plan and anticipate shifts, inventory shortages, whilst reducing costs.
More data, more opportunities.
Robust cognizance into operations will eliminate warehouse inefficiencies, solve problems associated with asset underutilization, and improve demand-supply matching. The operational clarity, and inter connectivity between previously siloed systems, can now enable stakeholders to have a holistic view of their business processes and its returns, and subsequently, these insights can pave the way to new or altered business strategies and opportunities.
Automations that are comprehensive
Data and insightful analytics drives automation. Advanced analytics can be leveraged to optimize operations in pricing, routing, and shipment consolidation. This can also drive a better customer experience on a digital front-end, while streamlining internal operations by automating previously manual processes through the visibility gained from advanced analytics. This automation of core internal business processes can simplify labor-intensive logistics operations.
Leveraging data through innovative technologies that allows your business to have better and new data, and use it in more robust applications, can speed up the path to a more efficient and sustainable supply chain. The intricate nature of analytics means it can be challenging to get started. For assistance in discerning where to begin, choosing an expert like Stellium can make the whole process a cake walk.