Making the Most of Supply Chain Data

1/27/2019 | 5 min read

The Oxford English Dictionary defines “information-rich” as “containing, providing, or possessing” large amounts of information — or having easy access to it. The term entered American speech nearly 70 years ago, in the 1950s. With today’s advanced technologies, easy access is just the tip of the deep data iceberg.

Thanks to Big Data, we now have access to higher quantities of information, and we’re collecting more and more of it. The advent of ever smaller, more versatile, and more powerful sensor technologies means that companies can now track everything from worker well-being to earthquake probability via the Internet of Things (IoT).

Getting the Goods

Despite the advances being made in analytics and data collection, most companies have yet to take full advantage of these new capabilities. Creating a competitive advantage demands more than collection. But with the right tools in place, supply chain managers stand to reap serious rewards.

According to an MIT Sloan study of 353 operational and supply chain managers, most companies already have the proper systems in place.

Of Human Interest

While Big Data is most often associated with the likes of AI and Industry 4.0, the first step to successful utilization of data collection tools begins with people. Without top-down management champions, deep internal support, and the application of leadership’s business knowledge, sophisticated data tools can be an unlikely sell — to customers and internal teams alike.

Modern warehouse workers, for example, can benefit from streamlined, more efficient operations when making use of a Big-Data-based toolkit, but have largely taken a hard pass. In fact, a recent survey revealed that 35% of these workers still resist WMS. The main complaint is that systems are slow to implement, and that they can’t be trusted — how does anyone know if they’ll really work?

That’s where the executive impact comes into play. If you want employees to embrace analytics, they need to be easy to use. Simple monitoring, application, and implementation are key. Analytics tools also need to be trustworthy, and the right people on the team need to believe in them before anything can really get done.

The Real Magic

Big data can deliver a host of valuable opportunities. The next step? Knowing how to seize them for maximum impact.

Better transportation planning, enhanced tracking and visibility, and smart planning and forecasting top the list of ways that supply chain managers can put data to work. UPS is even using it to cut traffic. And that’s not all.

Chaly Jo Moyen, SVP of strategy, planning, and decision science at Coca-Cola North America, recently painted a picture of a completely new world of supply and demand. As a presenter at this year’s Beverage Digest Market Smarts conference, Moyen detailed Coke’s company-wide strategy to specialize for the consumer. Using consumer data to inform decision-making and strategizing, the team is embracing a full rethinking of how beverages are sold and delivered at every step of the supply chain.

Coca-Cola North America’s Decision Science and Data Strategy Center for Excellence is fully dedicated to comprehensive data analysis, breaking down big-picture perspectives across the full range of data capture in the Coke digital ecosystem. Teams use these tools to create new opportunities, imagining everything from click-and-collect curbside beverage services to customized store ordering and real-time display updates from the MyCoke platform.

“The power of marketing in a digital world is that it gives us the ability to connect consumers to our brands in ways we couldn't before,” Moyen said. “We have more data now than we have ever had in the past, but the key is figuring out what data you need and how to wrangle that data. This is where the real magic happens, and where we see so much potential growth.”

Information-rich, indeed.

Resources:

Image Credit: metamorworks/Shutterstock.com