Why you really need a "data plan"
March 15, 2023
By John Soderberg | Senior Executive Vice President of IT
By John Soderberg | Senior Executive Vice President of IT
A quick internet search tells me that Mark Twain once said:
“Data is like garbage. You’d better know what you are going to do with it before you collect it.” This shows us two things. First, you can’t trust everything you see on the internet.* And second, you really should have a plan regarding data. *Editor’s Note: We reached out to a Mark Twain scholar who confirmed this is HIGHLY UNLIKELY to be a Twain quote. Data matters in supply chains more than everWhy is data important to supply chains?
Short answer: Accurate and timely data lets companies make informed decisions.
This is because data can offer insight. Organizations can then use it to optimize operations and improve efficiency. An example: distribution operations and logistics. Everything from route planning to vehicle usage can be improved and optimized based on data. We commonly see this in our lives via package tracking. In real-time – no matter where it may be in the world – we can see where a shipment is and even the mode of transportation it’s on. Data is also critical in forecasting and demand planning. It allows supply chain experts to better understand current and future demand for products and services. By understanding purchasing patterns and stocking locations, teams can more efficiently manage the supply chain for both external (customers) and internal (production) needs. Plus, data can be used to mitigate risk within a supply chain. It can track current inventory levels and optimize them to reduce waste while improving efficiencies. In other words, data can help you avoid unplanned expenses and costly delays.
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