While yesterday’s supply chains were focused on the availability, movement and cost of physical assets, today’s supply chains are about the management of data, services and products bundled into solutions. Modern supply chain management is about much more than just where and when. Supply chain management affects product and service quality, delivery, costs, the customer experience and ultimately, profitability.
As recently as 2017 a typical supply chain accessed 50 times more data than just five years earlier. (1) However, less than a quarter of this data is being analyzed. That means the value of critical, time-sensitive data — such as weather, sudden labor shortages, political unrest and microbursts in demand — can be lost.
Modern supply chains take advantage of massive amounts of data generated by the chain process and are curated by analytical experts and data scientists. Future supply chains leaders and the Enterprise Resource Planning (ERP) systems they manage will likely focus on optimizing the usefulness of this data — analyzing it in real time with minimal latency.