Collecting data is not a big challenge but preserving data integrity is. Businesses are creating and gathering so much data that storing and managing it has become a major issue. Chances of errors have increased and cybercrimes have become more frequent, so keeping up to date with how it is stored, entered and gathered is key.
Supply chain audits are a powerful tool to keep operations running smoothly and compliantly. They provide transparency, enable businesses to track supplier performance, validate data accuracy, and assess ethical standards. Regular auditing is beneficial as it ensures that all stakeholders understand what is required of them and allows expectations to be set so goals can be achieved.
What the future holds for data analytics in the supply chain
Supply chains of the future will certainly require new data analytics capabilities, but with demands and requirements constantly changing, today’s supply chains need them too. Predictive analytics and other innovative technologies for example can, when implemented correctly, enable supply chains to be automated, be more responsive, resilient, and therefore more sustainable.
The modernisation of supply chain processes to include these new capabilities will be one of the priorities for chief supply chain officers. Those in these roles will also be tasked with implementing the right data platform to manage growing data volumes, allowing new data pipelines to be built easily so that analytic insights can be delivered at scale.
As supply chains stretch around the world, having visibility is critical but difficult. A scalable data platform is needed to integrate, manage and analyse data at the speed modern businesses require, while still offering strong price performance.
Modern supply chains need to be efficient, agile and connected, while also offering advanced forecasting capabilities to deliver detailed insights into supply and demand without causing costly inventory, storage or waste.
What can businesses expect? The supply chain of the future will be more automated, and incorporate technologies such as the Internet of Things (IoT), predictive analytics, and robotics. These technologies will enable real-time tracking and monitoring of supply chain processes such as procurement, manufacturing, and distribution of goods, therefore improving operations as we know it, both in terms of efficiency and the impact on the planet.
