Perhaps one of the most sweeping outcomes of the 2020 pandemic has been its effect on the global supply chain. From consumer goods to raw materials, products are either unavailable for purchase or take excessively long to reach their destinations. Even common grocery items like baby formula are becoming hard to find, as reported by CBS in an April 2022 report.
Analysts predict that the major supply and demand crunches will have less impact in the future, per CNBC. However, businesses and buyers aren’t content to wait until early 2023 to feel less of a pinch. They want answers now, and they’re getting them in the form of innovative uses of data and technology.
As it turns out, data—when utilized thoughtfully—has value in smoothing out supply chain hiccups. Below are several examples of how data is being tapped to tackle post-pandemic procurement and delivery issues.
1. Data is revealing where companies should focus their resources to satisfy customers.
Nothing is as frustrating for shoppers as being unable to get what they want. To better allocate resources and anticipate needs, some brands are leveraging real-time data analytics. Understanding in-the-moment demands enables teams to pivot and respond.
An example of this type of process is Chipotle’s use of Semarchy’s data management tool. After “The Great Carnitas Shortage of 2015,” the company realized that it needed to make adjustments to its supply chain. By aligning operations, communications channels, and ordering platforms, Chipotle found it could more easily stay ahead of supply chain issues. This has helped the company meet customer experience assumptions and avoid snags.
2. Data is reducing friction from delays in service industries.
Many services that followed more traditional in-person models were forced to embrace digitization during Covid. Many found that their internal processes weren’t ready for the challenges or consumer expectations of online transactions, though. For instance, some small to mid-sized financial lenders realized that they didn’t have the workflows or tools to streamline application processing. As a result, they risked falling behind their bigger competitors.
Data-driven software solutions from entities like publicly traded MeridianLink have helped fill this gap. MeridianLink, valued at over $2 billion, designed a data-rich platform to gather and process loans rapidly. Their platform has enabled nearly 2,000 financial institutions to swiftly turn around consumer loan applications without causing friction.
Due to the improvement in efficiency backed by data, banks, credit unions, and mortgage lending houses can keep pace. In today’s strong real estate market, that’s a huge supply and demand advantage.
3. Data is freeing employees to concentrate more fully on supply chain management.
Overcoming major supply chain hurdles can only happen when thought leaders have the bandwidth to brainstorm. Regrettably, far too many of them are bogged down by repetitive tasks. If those tasks can be automated, they can take up far less time. The result is teams who can concentrate on solving high-level concerns.
For instance, consider digital pioneering company IBML and its Cloud Capture software. The software captures, identifies, and classifies information from any source such as a complex invoice or a standard customer return form. Once appropriately logged, the information becomes available to authorized users. This type of consistent data capture facilitates a less clunky document processing.
It also frees executives, managers, and supervisors to divert attention toward pressing supply chain concerns. The supply chain conundrum won’t be fixed overnight or even in a few months. Yet fresh, data-driven solutions can help companies undergo fewer stressors as a result of supply and demand interruptions.
Many businesses have yet to digitize their supply chain processes, but rather rely on paper-based exchanges. This can lead to very limited visibility and coordination, and processes being heavily disrupted in times of crisis. This can lead to a failure to anticipate and meet demand and consequent loss of revenue.
Digitization requires investment and change management, but if properly leveraged it supports visibility, collaboration and communication. Access to real-time data compared with historical data can help businesses to identify cost drivers, support demand-supply balancing, manage warehouse cost by way of stock optimization, optimize processes, and in turn, identify opportunities to lower costs.
This can result in an ecosystem which makes digitization and data sharing pay by improving economic and financial performance.The collection and analysis of data creates valuable visibility and understanding within the supply chain but also greater confidence in the analysis and decision making process.
It enables businesses to introduce governance mechanisms and business models to measure the demand signal across the supply chain. Data can be used to oil the wheels of the supply chain but to achieve these benefits collaboration and the sharing of data is required amongst participants across the supply chain or at least between critical parts of the chain.
Collaboration and data sharing require trust. This can be challenging, particularly where the parties in the supply chain are competitors.
By: Serenity Gibbons
Source: How Data Is Helping To Resolve Supply And Demand Challenges
More contents:
- “Transforming Unstructured Data into Useful Information”, Big Data, Mining, and Analytics, Auerbach Publications, pp. 227–246,
- The Multiple Facets of Correlation Functions”, Data Analysis Techniques for Physical Scientists, Cambridge University Press,
- Exploring Data Analysis
- “Data Coding and Exploratory Analysis (EDA) Rules for Data Coding Exploratory Data Analysis (EDA) Statistical Assumptions”, SPSS for Intermediate Statistics, Routledge, pp. 42–67, 2004-08-16, doi:10.4324/9781410611420-6, ISBN 978-1-4106-1142-0, retrieved 2021-05-29
- “New European ICT call focuses on PICs, lasers, data transfer”. SPIE Professional. 2014-10-01. doi:10.1117/2.4201410.10. ISSN 1994-4403.
- The forecast for predictive analytics: hot and getting hotter”. Statistical Analysis and Data Mining: The ASA Data Science Journal. 4 (1): 9–10. doi:10.1002/sam.10106. ISSN 1932-1864.
- Business intelligence guidebook: from data integration to analytics. Amsterdam. ISBN 978-0-12-411528-6. OCLC 894555128.
- Dividing listening into its components”, Listening in the Language Classroom, Cambridge: Cambridge University Press, pp. 96–109,
- Data Analysis. Harcourt Brace Jovanovich. ISBN 0-15-516765-0.
- Data type and sources of data collected for this research”. PeerJ. 9: e11387. doi:10.7717/peerj.11387/table-1. Retrieved 2021-05-29.
- Information Technology Analysts’ Perspectives”, Data Strategy in Colleges and Universities, Routledge, pp. 168–183,
- Raw and processed values obtained through qPCR”. dx.doi.org. 30 Augu
More Remote Working Apps:
https://quintexcapital.com/?ref=arminham Quintex Capital
https://www.genesis-mining.com/a/2535466 Genesis Mining
http://www.bevtraders.com/?ref=arminham BevTraders
https://www.litefinance.com/?uid=929237543 LiteTrading
https://jvz8.com/c/202927/369164 prime stocks
https://jvz3.com/c/202927/361015 content gorilla
https://jvz8.com/c/202927/366443 stock rush
https://jvz1.com/c/202927/373449 forrk
https://jvz3.com/c/202927/194909 keysearch
https://jvz4.com/c/202927/296191 gluten free
https://jvz1.com/c/202927/286851 diet fitness diabetes
https://jvz8.com/c/202927/213027 writing job
https://jvz6.com/c/202927/108695 postradamus
https://jvz1.com/c/202927/372094 stoodaio
https://jvz4.com/c/202927/358049 profile mate
https://jvz6.com/c/202927/279944 senuke
https://jvz8.com/c/202927/54245 asin
https://jvz8.com/c/202927/370227 appimize
https://jvz8.com/c/202927/376524 super backdrop
https://jvz6.com/c/202927/302715 audiencetoolkit
https://jvz1.com/c/202927/375487 4brandcommercial
https://jvz2.com/c/202927/375358 talkingfaces
https://jvz6.com/c/202927/375706 socifeed
https://jvz2.com/c/202927/184902 gaming jobs
https://jvz6.com/c/202927/88118 backlink indexer https://jvz1.com/c/202927/376361 powrsuite
https://jvz3.com/c/202927/370472 tubeserp
https://jvz4.com/c/202927/343405 PR Rage
https://jvz6.com/c/202927/371547 design beast
https://jvz3.com/c/202927/376879 commission smasher
https://jvz2.com/c/202927/376925 MT4Code System
https://jvz6.com/c/202927/375959 viral dash
https://jvz1.com/c/202927/376527 coursova
https://jvz4.com/c/202927/144349 fanpage
https://jvz1.com/c/202927/376877 forex expert
https://jvz6.com/c/202927/374258 appointomatic
https://jvz2.com/c/202927/377003 woocommerce
https://jvz6.com/c/202927/377005 domainname
https://jvz8.com/c/202927/376842 maxslides
https://jvz8.com/c/202927/376381 ada leadz
https://jvz2.com/c/202927/333637 eyeslick
https://jvz1.com/c/202927/376986 creaitecontentcreator
https://jvz4.com/c/202927/376095 vidcentric
https://jvz1.com/c/202927/374965 studioninja
https://jvz6.com/c/202927/374934 marketingblocks https://jvz3.com/c/202927/372682 clipsreel
https://jvz2.com/c/202927/372916 VideoEnginePro
https://jvz1.com/c/202927/144577 BarclaysForexExpert
https://jvz8.com/c/202927/370806 Clientfinda
https://jvz3.com/c/202927/375550 Talkingfaces
https://jvz1.com/c/202927/370769 IMSyndicator
https://jvz6.com/c/202927/283867 SqribbleEbook
https://jvz8.com/c/202927/376524 superbackdrop
https://jvz8.com/c/202927/376849 VirtualReel
https://jvz2.com/c/202927/369837 MarketPresso
https://jvz1.com/c/202927/342854 voiceBuddy
https://jvz6.com/c/202927/377211 tubeTargeter
https://jvz6.com/c/202927/377557 InstantWebsiteBundle
https://jvz6.com/c/202927/368736 soronity
https://jvz2.com/c/202927/337292 DFY Suite 3.0 Agency+ information
https://jvz8.com/c/202927/291061 VideoRobot Enterprise
https://jvz8.com/c/202927/327447 Klippyo Kreators
https://jvz8.com/c/202927/324615 ChatterPal Commercial
https://jvz8.com/c/202927/299907 WP GDPR Fix Elite Unltd Sites
https://jvz8.com/c/202927/328172 EngagerMate
https://jvz3.com/c/202927/342585 VidSnatcher Commercial
https://jvz3.com/c/202927/292919 myMailIt
https://jvz3.com/c/202927/320972 Storymate Luxury Edition
https://jvz2.com/c/202927/320466 iTraffic X – Platinum Edition
https://jvz2.com/c/202927/330783 Content Gorilla One-time
https://jvz2.com/c/202927/301402 Push Button Traffic 3.0 – Brand New
https://jvz2.com/c/202927/321987 SociCake Commercial https://jvz2.com/c/202927/289944 The Internet Marketing
https://jvz2.com/c/202927/297271 Designa Suite License
https://jvz2.com/c/202927/310335 XFUNNELS FE Commercial
https://jvz2.com/c/202927/291955 ShopABot
https://jvz2.com/c/202927/312692 Inboxr
https://jvz2.com/c/202927/343635 MediaCloudPro 2.0 – Agency
https://jvz2.com/c/202927/353558 MyTrafficJacker 2.0 Pro+
https://jvz2.com/c/202927/365061 AIWA Commercial
https://jvz2.com/c/202927/357201 Toon Video Maker Premium
https://jvz2.com/c/202927/351754 Steven Alvey’s Signature Series
https://jvz2.com/c/202927/344541 Fade To Black
https://jvz2.com/c/202927/290487 Adsense Machine
https://jvz2.com/c/202927/315596 Diddly Pay’s DLCM DFY Club
https://jvz2.com/c/202927/355249 CourseReel Professional
https://jvz2.com/c/202927/309649 SociJam System
https://jvz2.com/c/202927/263380 360Apps Certification
https://jvz2.com/c/202927/359468 LocalAgencyBox
https://jvz2.com/c/202927/377557 Instant Website Bundle
https://jvz2.com/c/202927/377194 GMB Magic Content
https://jvz2.com/c/202927/376962 PlayerNeos VR