Anatomy of a data-driven supply chain
By Jonathan Attia, Managing Director, Wiise Data is what drives informed business decisions. It’s crucial to have key data points across your supply chain to get complete visibility, and maximise efficiency and resilience. As the Covid-19 pandemic has shown, as soon as there’s an external environmental impact to the supply chain, every facet gets impacted. Businesses have not only had to throw out their forecasts but suddenly experienced major supply-demand issues. Either they had too much stock that was no longer in demand, or they had the right stock that was in demand, but couldn’t keep up with supply. Data is vital in such a situation. Being able to access inventory levels across different locations and warehouses enables business owners and staff to see exactly where they might have extra stock to help supply demand. If you can see exactly what stock is where, you can easily move it around as needed and get it out of the door sooner. Real-time optimisation of your distribution keep both customers and suppliers informed and happy. Data is also important to understand which customers have purchased in the past, and which customers are your top buyers. This enables you to specifically target them with promotions to help get stock out the door faster. For manufacturing businesses, understanding cost of sale is particularly critical to success. You need to be instantly account for changes in shipping fees, for example, so that you’re always selling your products or manufacturing your goods at a profitable level. Profit is key. This means knowing exactly what items you need to produce something, how much it costs to produce it (while taking into account all of the hidden costs such as labour and so on) and how much you should sell it for. To do this, you need the […]