The latest issue of the Council of Supply Chain Management Professionals' (CSCMP's)Â Hot TopicsÂ publication looks at how data analytics can be used to improve supply chain operations and overall growth.
According to the Hot TopicsÂ author Bob Daymon, vice president of operations at Transplace, data analytics goes one step beyond key performance indicators. "KPIs tell you history while data analytics will tell a story that should lead to improved decision making," he explains.
There are a few key steps organizations can take to get the most out of their data. "Knowing the importance of data is only the first step," Daymon writes. "In order to truly put data to work for them, organizations need to have the right processes and strategies in place in order to access that data, analyze it, and then make it actionable."
Companies need to begin by identifying what data is most beneficial for them to gather. Once critical areas are measured and the data is collected, companies can then make that data actionable to drive meaningful change and create an agile supply chain. One way to accomplish this is through using business intelligence tools and reporting, according to Daymon.
The report provides five ways that companies can use these tools to improve supply chain performance:
CSCMP Hot Topicsis free. You can obtain a copy of by visiting https://cscmp.org/store/SearchResults.aspx?Category=HT.