Data is critical for the supply chain and logistics industry as they need to track the shipments at all levels. Data is required to optimize inventory, predict accurate estimated times of delivery (ETD), forecast customer preferences, manage demand, and improve speed. In a nutshell, data is all you need at your service at all times. Customer analytics and customer data are valuable for a supply chain company in improving the overall organizational KPIs.
The facts below validate that the current businesses in the logistics industry lack the required & necessary infrastructure to manage the data effectively due to which they are unable to harness the power & capabilities of data.
- Only 22% of companies have a proactive supply chain network.
- 43% of small businesses donâ€™t track their inventory.
- Only 6% of companies report full visibility on their supply chain. 69% of companies do not have total visibility.
- On average, retail operations have a supply chain accuracy of only 63%.
- 67.4% of supply chain managers use Excel spreadsheets as a management tool.
How data can transform the Supply chain Industry?
In any industry, it is critical to understand customer requirements, perform targeted marketing and enhance customer interaction. Without an extensive database, it becomes really difficult to reach the target audience and tailor the services to meet the customer needs & expectations.
In addition to this, we are living in a technology-driven era, where the customer is used to getting everything at the click of a button. This makes the customer expectations really high. The customer desires flexibility in delivery location and timing and doesnâ€™t want to be worried about not being home for the delivery.
So, for logistic companies, it is very critical to get the last-mile delivery right as it is directly related to customer satisfaction.â€¯Some of the factors that diminish customer satisfaction in logistics include limited global coverage and late deliveries.
Forecasting customer preferences and demand management are other key areas in logistics requiredâ€¯for optimizing your working capital to customer satisfaction ratio.
SCIKIQ Supply Chain Control Tower
SCIKIQ supply chain control tower is a connected, customized dashboard of data of critical business KPIs, and significant events occurring throughout the organization.
Control Tower allows you to gather real-time valuable intelligence, minimize or eliminate manual processes, and break down data silos so that business executives can make decisions quickly for the business.
Improve profitability, have a better view of daily operations, accelerate sales and be proficient in predicting disruptions in almost all significant business areas.
Book a Demo with us to know more.