The Importance of Supply Chain Intelligence

For a company to succeed in today’s competitive market, supply chain intelligence is essential. An investment in business intelligence software is necessary. There are several ways this investment affects profitability. Fluctuations in fuel costs, new restrictions on importing and exporting, complex operations, and limited visibility into the supply chain are all factors taken into account in supply chain intelligence. Ultimately, these keen insights help businesses understand how these factors affect their bottom line so they can manage financial choices.

How Supply Chain Intelligence Works

To put it simply, supply chain intelligence converts huge amounts of data into knowledge. This knowledge is then used to increase the business’ effectiveness. Many companies and organizations have huge amounts of data useful for developing new business strategies based on trend analysis. Business intelligence software gives the data meaning and helps foster collaboration among members, increases the efficiency of operations, and ultimately increases revenue.

How Data is Useful

The key to using supply chain intelligence software is capturing and tracking data. There are many measurable factors to be collected such as the cost of transportation, performance indicators, repair and maintenance costs, and trends from carriers and suppliers. Software enables organizations to compile all this information so analysis can be performed. Then, historical trends will emerge and this can be game-changing information a company needs to transform a business.

Key to Detailed Reporting

Perhaps the most important factor in business intelligence is detailed reporting. It allows analysis of loads, carriers, routes, slotting, wait times, on-time deliveries, and bookings. It also includes payment information to help businesses understand cost variables. These factors can be used to create visuals used for reporting which is then used for tracking operational progress and costs.