Supply Chain Digital takes a look at Infor’s white paper, which takes an in-depth look at the modern, data-driven world, and how agility in the supply chain is crucial for companies hoping to compete.
Modern enterprises in the industry are entirely dependent on data, but very few actually store it themselves. Supply chains deal with huge amounts of data, which when managed correctly, can provide valuable insights and enable digital transformation of many key processes. Without this data to hand, businesses will be running the risk of dealing with systems that are complex to manage and almost impossible to transform.
The paper highlights how understanding the need for end-to-end visibility is crucial if a company is to succeed in transforming. Real-time information must be readily available to see to enable full control and proactive management of inventory. Modern supply chains that still rely on outdated legacy systems and manual processes experience slowed communication, bottlenecks, and strained relationships between suppliers and partners.
Not only does a digitally enabled supply chain help the suppliers and partners, but it can also improve customer satisfaction, and the time it takes to deliver goods. Ally Commerce reports that “More than 57% of manufacturers have already responded to the shift by embracing direct-to-consumer (DTC) models, representing the fastest growing category in eCommerce,” highlighting the shift away from traditional models as they look to deliver to customers better, with more efficiency.
Infor’s paper then goes on to discuss how data management no longer needs to be an arduous, manual task. Business intelligence and data analytics tools have become so user-friendly that anyone in the supply chain can view the data when they need it,enabling them to make effective decisions much quicker. By running these new systems through the cloud, these reports can also be generated for users who are on the move, meaning data can be accessed and decisions can be made at any time.
To truly optimize the supply chains, companies must get the correct technology in place first. The paper discusses how cloud-based, digitally enabled solutions can be the foundations to a global network of supply chain partners, but organisations must be able to work with the wide range of systems that come with them. AI, IoT and machine learning tools all must be enabled too, along with a host of other technologies.
You can download the full Infor white paper here to learn more about the tools and strategies that must be in place before a company can begin digitally transforming its supply chain.
For more information on procurement, supply chain and logistics topics – please take a look at the latest edition of Supply Chain Digital magazine.