Today, many companies generate massive amounts of data as a normal business practice. This data can come from countless systems with each system reporting only a fraction of the company’s overall progress. Analytics tools help to bridge this gap by allowing users to holistically visualize and track every aspect of the business in a single solution. As a result, having a solution that can connect to all of your internal data systems is becoming a key differentiator for companies looking to gain a competitive advantage.
Benefits of Using an Analytics Solution
With customer expectations on the rise, the benefits gained from an analytics solution are becoming critical components to meeting customer expectations. Some of the benefits gained include:
- Providing real-time visibility allowing employees to make ‘fact-based decisions’
- Constant tracking of key performance indicators (KPIs)
- Continuous improvement by identifying areas of opportunity
- Predictive trends in the business through historical metrics
- Reallocating time traditionally used for manually building and maintaining reports
For companies where analytics are embedded in everyday operations, leadership can expect improved customer service and satisfaction, cost reduction, and improved productivity as benefits. With these types of benefits, a company is better positioned to remain competitive year over year.
Why Supply Chain Analytics?
As noted above, the benefits of using an analytics solution are quite broad. This is true for supply chain analytics also. While many of your supply chain execution systems may provide high level analytics on the data they track, the cross-functional KPIs you are missing could be a key differentiator for your company. So how do you get the visibility you need?
The answer is Supply Chain Analytics. That’s right, connecting all of your systems together can provide the insights you need. Whether you use Big Data software or Smart Data software, the important part is pulling your warehouse management, labor management, inventory, and transportation management information into one central location to start leveraging true, real-time visibility across your operations.
This new found visibility will provide all of the benefits listed above, and more. Stop looking at just a fraction of your data and start getting the whole picture. What are you waiting for? Put those massive amounts of data to work and get more from your data.