Today’s business growth is powered by data. According to the 2018 Big Data Analytics Market Study by Dresner Advisory Services, “over 85% of respondents say big data is important, very important, or critical (with ‘critical’ as the largest segment at 36.44%)”. The survey also added that big data adoption in enterprises soared from 17% in 2015 to 59% in 2018.
Within the supply chain industry, there are tangible benefits to leveraging business intelligence (BI)—for both consumer brands and their external suppliers. While suppliers may leverage BI to optimize their processes and reduce costs, brands are also looking to harness BI learnings to gain a competitive advantage, as well as to help enable the agility required to adapt to today’s dynamic consumer market.
The Hackett Group’s study, Analytics: Laying the Foundation for Supply Chain Digital Transformation, highlighted four of the most-cited use cases for supply chain analytics:
Reduce cost: optimizing production and sourcing to reduce total landed costs (81% of respondents).
Improve quality: identifying and resolving of quality defect trends and root causes (75%).
Improve service: measuring and analyzing transportation performance (76%).
Improve working capital (optimize inventory): optimizing inventory levels to balance working capital investment with service levels (82%).
Data—and the operational visibility stemming from that data—is key to determining your operational baseline metrics and setting targets for business optimization. But, how do you extract the data necessary to drive continuous improvement in your business?
As a starting point, operational software solutions already handle and gather a wealth of data for co-packers and other suppliers with late-stage customization services. For example, Nulogy customers rely on our solution to manage their co-pack operations, but the data that is captured by our system can be further harnessed to provide actionable insights to help them drive performance and business improvement.
To aid businesses in meeting their objectives, and to connect their operational data with their BI analyzing tools, Nulogy recently extended the Agile Customization Platform’s API capabilities to provide customers with a powerful, efficient way to generate automated, customized reports. These reports can be configured by the customer to align with their business KPIs, and can be fed into BI systems to generate insights that will ultimately improve business decisions and operational efficiency.
More specifically, using Nulogy’s new API capabilities, customers can leverage their data to maximize operational benefits such as:
– Faster and more accurate reporting, analysis or planning;
– Improved data quality;
– Improved customer satisfaction;
– Increased competitive advantage; and
– Reduced costs.
Today’s supply chain environment demands competitive advantages to adapt to ever-shifting customer and consumer demands with ease, flexibility, and confidence. Data is another such advantage waiting to be utilized—ensure that your business has the tools and knowledge to effectively harness its potential.