Role of Business Intelligence in Supply Chain
Supply chain management plays a vital role in the emerging world market. According to the Harvard Business Review, in 2018, the U.S. supply chain made up 37 percent of all jobs, employing 44 million people in the U.S. To stay competitive in the supply chain management business, you need to recognize the potential weaknesses of your organization and form ideas to overcome them. Business intelligence (BI) helps you identify potential risks associated with your business and enables managers to take timely corrective action. BI gives you the required organization and visualization of the data stored in your business’s data banks needed for insight into its patterns. In this blog, I am going to discuss why supply chain management needs business intelligence and how BI paves the path to the growth of your business.
Why supply chain management needs BI
- BI helps key decision-makers monitor internal inefficiencies and gives them the metric-driven insight to take appropriate actions to overcome these inefficiencies.
- BI tools, such as scorecards and dashboards, provide detailed breakdowns of reports on your company’s performance with many available metrics and KPIs. These help you monitor the progress of your company growth, like whether quarterly goals are achieved or not, as well as forecast future results based on your previous performance data.
- Since supply chain management involves many departments, there is a lack of visibility and lots of data spread across the departments. BI collects all of your company’s data into a single platform.
- With the detailed and specific data from every step of production, you can go through the process from transporting raw materials to delivering your final products to customers and strategically enhance each part.
Various aspects of BI in supply chain management
The supply chain comprises various elements, such as operations management, logistics, procurement, and IT. It acts like the wheels of a vehicle. If anyone of them fails, the entire vehicle cannot move. BI coordinate each aspect with the others and helps you to run a more successful business.
- Demand and inventory management
- Distribution and communication management
- Supplier and vendor association
- Forecasting
Bold BI’s business intelligence dashboards for supply chain management
With Bold BI’s supply chain management dashboards, you can achieve the objectives of your company by tracking the important KPIs (such as cash-to-cycle time, perfect order rate, customer order cycle time, inventory turnover), drilling down into the key metrics with a detailed analysis in every widget, and identifying the risks in your process and mitigating those risks with action plans.
Read more at Role of Business Intelligence in Supply Chain
Leave your comments below and subscribe us to get more updates.
