By David Parker, Chief Evangelist
This is the final blog post in a four-part series on defining, assessing and improving supply chain visibility as companies drive their digital transformation.
To learn more about supply chain visibility, read the Supply Chain Visibility Index: The Definitive Guide.
Do you think that you might have gaps in your supply chain ecosystem? The good news is that tremendous advances in technology for capturing detailed data at every point in the supply chain now make it possible to close your visibility gaps. How is this possible? An exhaustive data capture allows for a much broader, more inclusive data flow, all the way through to the cloud and to critical planning and monitoring systems. You’ve made a tremendous investment in your planning systems; you can now leverage data that covers your entire supply chain, instead of just one part of the supply chain.
By attaining greater visibility in your supply chain, you’ll be able to achieve greater accuracy in planning and monitoring your systems. You’ll also be able to leverage predictive analytics to anticipate and proactively manage risks and decision-making to sustain your organization’s success.
Ready to get started? Here are four critical steps to closing these supply chain gaps:
Develop a deeper understanding of supply chain volatility and its impact on your business. Think of volatility as not a problem, but an opportunity to create a competitive advantage.
Identify the critical problems in your supply chain (lost revenue, waste, costs, lost opportunities) and distinguish between risks that are acceptable and risks that require immediate attention.
Identify all the “high-impact” black holes across the network and make them visible.
Leverage analytics and planning platforms so that you can use this newly discovered visibility to drive value.
By closing visibility gaps in your supply chain, you have a great opportunity to create new value; cost reduction is just the beginning! By making improvements in supply chain planning, you can better coordinate assets to optimize the delivery of your product, from supplier to end customer. In turn, this improvement to supply chain planning can leverage previous investments and improve service throughout the ecosystem. This can open up new revenue opportunities – in being a preferred supplier, in recognizing revenue at the earliest opportunity, and in providing value-added services to your customers.
All blog posts in this series:
- The 5 Stages of Supply Chain Visibility Maturity: Where is Your Company?
- Top 5 Reasons Your Supply Chain Has Visibility Gaps
- How to Gauge Visibility Gaps in Your Extended Supply Chain
- How to Close the Gaps in Your Supply Chain Visibility (This post)