Data has the potential to revolutionize the ways companies do business by enabling them to work faster and more efficiently and make informed decisions based on data-driven insights. Most companies understand the value of data but aren’t leveraging it to its full advantage.
Today, data is being generated everywhere and every moment. Data collection, management and utilization can be extremely overwhelming. There’s no denying the importance of data in the supply chain, but at the same time, we very often see companies struggle with developing a strategy to use their data effectively. In some cases, their technological infrastructure is out of date or inadequate to keep up with the company’s current and growing needs. Or there are concerns about data quality and governance, like data that is inaccurate or incomplete.
How do you figure out which data needs to be collected and how do you store it in a way that makes it accessible to everyone who needs it? Having an effective data strategy is critical to having the visibility that is required to manage your supply chain every step of the way.
But where do you begin?
Identify and Evaluate Data Sources
With business objectives in mind, it’s important to think about your sources of data and evaluate which data is relevant to your operations. The adage of quality over quantity may apply. Where is your data coming from? Are there alternate sources for the same or similar data? How frequently are you capturing data? Are you collecting extraneous data that isn’t particularly relevant to your goals and adds to your storage costs? These are some of the questions that determine the quality of your data source.
The existence of data isn’t enough for it to be useful to companies. It needs to be organized in a way that makes it easy for the right people to find and securely access it at the right time. There is no one-size-fits-all approach to data organization and integration, and it’s possible that multiple approaches may be needed to deliver the most significant results.
Bad data is not just useless. It can be dangerous as it can lead to poor decision-making. Decision-makers are often uncertain about the quality of their data and unsure whether or not they can trust the data available to them. What happens to data once it is collected? Is there a consistent process for ensuring data is formatted consistently and that data is as complete and as accurate as possible?
Forming a Data Strategy
Having the right data strategy, planning and execution are essential for ensuring you are able to leverage your data to its full advantage. When carried out successfully, data strategy can help drive and support other strategies a company has. Bristlecone offers digital consulting services and analytics and AI solutions tailored to the unique needs of your business, helping you meet your current goals and support future growth. Contact us to get started.