In a recent look at the subject of data and analytics, Gartner’s Top 10 Trends in Data and Analytics 2021 report indicated that this area has become a core business function for companies.
As Supply Chain Dive Insight said, “data can help businesses overcome disruption, responding to everything from consumer demand to logistics challenges. Real-time information became even more important during the pandemic, as visibility helps supply chains react and adjust to uncertainty and volatility.”
Dive Insight also reports that businesses are planning to spend more on data analytics capabilities, pointing to a report from McKinsey showing that “two-thirds of senior executives plan to increase investment in automation and AI as the COVID-19 recovery phase advances.”
Writing in Supply Chain Digital, in “Data Analytics: Fueling Supply Chain Agility,” Laura V. Garcia advises businesses to harness the power of data to build supply chain agility, safeguard business continuity, improve operational efficiencies and reach corporate objectives, no matter what the future brings.
“Procurement, supply chain risk management, and S&OP planning can all be fueled by big data, data analytics, data science, or whatever you choose to call it,” Garcia said. “…analytics can provide tools such as probabilistic and predictive modeling that can be leveraged for supply chain risk management methods such as scenario building, what-If and risk/reward analysis.”
In his new book, The New (Ab)Normal, Dr. Yossi Sheffi, professor of Engineering Systems at MIT and Director of the MIT Center for Transportation and Logistics (CTL), writes about the impact of the COVID-19 pandemic on the supply chain and future challenges, including how to keep supply chain flexibility and speed but not cut corners.
As these and other industry sources indicate, the use of data and analytics is becoming increasingly important in supply chain management, and companies will want to partner with third party logistics providers who leverage business intelligence and analytics to help their customers assess and predict, identify trends and exceptions, explore scenarios, identify opportunities for continuous improvement and mitigate risk.
How we can help
At CJ Logistics, we provide customer partners real-time access to supply chain information, including profile and performance data, in visualized formats that are easy to interpret. Real-time visual and configurable dashboards with multiple inputs provide comprehensive views of a customer’s supply chain and provide data interactivity, allowing customers to drill down, examine, assess and gain actionable insights. Strategic analytical tools help optimize baseline performance and quantify various “what if” scenarios within a supply chain network.
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