THE IMPORTANCE OF DATA IN THE SUPPLY CHAIN
WHY IS DATA SO IMPORTANT TO THE SUPPLY CHAIN?
In any supply chain there is naturally a constant flow of data. And this data comes from both the supplier and their customer, the retailer, and vice versa.
Sharing accurate data between the two aids better communication and helps to keep both ends of the supply chain on the same page. In turn, this leads to more effective decision making and ultimately better business.
More and more companies are seeing the huge benefits in using supply chain management software to help share this data in a way that is mutually beneficial for both the supplier and the retailer.
TAKE A LOOK - SUPPLY CHAIN MANAGEMENT SOFTWARE IN ACTION
Watch this 3 minute demo for a quick overview of the innovative supply chain management software offered by Coeus SEPTABLE OF CONTENTS
Now let’s delve into the importance of data in the supply chain where we’ll consider the following:
THE ROLE OF DATA
As a supplier, it's important for us to understand that we are not the only supplier to our customer.
Yes, our world is completely consumed by the 300 items we supply on a daily basis, but we must bear in mind that our customer has over 30,000 products in their store.
The benefits of customer satisfaction in business are very clear, including:
- Return custom
- Positive word of mouth
- and most importantly, increased profits.
| Where data comes in Having access to data, and not just any data, but accurate and meaningful data, will help us to in turn help our customer to improve not only availability, but in the end, customer satisfaction. |
Having access to data, and not just any data, but accurate and meaningful data, will help us to in turn help our customer to improve not only availability, but in the end, customer satisfaction.
INTERESTED IN IMPROVING YOUR SUPPLY CHAIN PERFORMANCE?
Take a look at the secure, seamless analytics portal provided by Coeus SEPIN SUMMARY
- Suppliers must take into account the wealth of data that their customer is facing
- Product insight is vital to help guide the customer in making decisions
- It’s crucial that data is accurate and meaningful
PRODUCT INSIGHT
Being able to understand how our products are performing is a great place to start. Data helps us to get invaluable insight into the following questions:
- Which products are selling and which aren't?
- Which stores are running out of stock and which ones are swimming in it?
- Are we seeing any trends?
- Do some products perform better at certain times of year?
As experts of our product range, we are best placed to help with these challenges.
| We can alleviate the pressure on our customer, who looks after 30,000 products, by analysing "their" data on our range of 300 products in order to make recommendations to improve availability. This can be done with accurate and timely sales (both value and quantity) and stock data at the absolute lowest level i.e. Daily Store Sales and Stock. |
AN AFFORDABLE SUPPLIER PORTAL SOLUTON
Improve your product insight with a Supplier Experience Portal provided by Coeus BI that provides data for:
- Your promotional performance
- Invoice analysis for reconciliation
- Proactive stock availability
- Demand planning data exports
- Product performance comparisons
And all within 60 seconds!
SCHEDULE A COEUS SEP DEMO
Book a demo today to see how it can help your organisation understand and improve any product performance challenges you may face.ACCURATE FORECASTING
Next, we move on to discuss the “platinum unicorn” of data requests…a “good” order forecast.
| What makes a good order forecast? Knowing how well your products are performing and being able to spot trends allows you to accurately forecast for the future, including for promotions, events and so on. |
Knowing how well your products are performing and being able to spot trends allows you to accurately forecast for the future, including for promotions, events and so on.
Knowing how well your products are performing and being able to spot trends allows you to accurately forecast for the future, including for promotions, events and so on.
Ultimately accurate demand forecasting that is based on quality data provides both supplier and customer with the best opportunity to maximise profit.
Export Data for Demand Planning in 60 Seconds
DISCOVER THE VALUE OF A SUPPLIER EXPERIENCE PORTAL
Find out how the Coeus Supplier Experience Portal can transform your supply chain when you book a demo today.IN SUMMARY
Product performance insight leads to good order forecasting which is crucial for:
- Spotting customer/sales trends
- Planning promotions and events
- Decision making and long-term business plans
THE VALUE OF DATA IN THE SUPPLY CHAIN
FOR THE CUSTOMER
It’s ensuring the maximum amount of product is sat on the shelf at both the start and end of the day.
There’s nothing worse for a customer than being the first one in a shop at 9.00am only to find the shelves are empty. Equally, the customer who drops by after work to find there’s no stock left of the item they were after, leaves disappointed.
FOR THE SUPPLIER
It’s about efficiency. Ordering the correct amount of materials, packaging and, of course, resources to fulfil these orders.
There’s nothing worse for a supplier than the realisation that too much of something is currently making its way to the warehouse or, even worse, that not enough has been ordered. We must get the balance right.
| Planning is the cornerstone of every successful supplier operation. |
HOW CAN YOU MAKE THE MOST OF YOUR DATA?
Supplier Experience Portal - Coeus SEP will assist you with every element of a successful supply chain. Take a look at this 3 minute demo of the system in actionIN SUMMARY
- Shelves should be well stocked from am to pm to meet customer demand
- In order to be efficient, the correct balance of stock is crucial
- This efficiency comes with demand planning
CONCLUSION - WHY DATA IS IMPORTANT TO THE SUPPLIER
In the supply chain, the retailer has such vast amounts of data (from multiple suppliers) on vast amounts of products. Therefore, it always makes sense for a supplier themselves to analyse their own product data and the data from their customer in order to get a rounded view of their products’ performance.
Sharing this insight back to the customer should:
- improve stock efficiency
- reduce errors
- forecast demand
- plan promotions.
In doing so, this can only maximise business opportunities for both parties. The use of a Supplier Experience Portal supports such smooth and effective collaboration and can help take businesses to the next level.
ABOUT THE AUTHOR
Luke Craven is the Qlik Consultant at Catalyst BI, specialising in supply chain forecasting and planning. With over 13 years’ experience of managing fashion and retail supply chains, Luke’s role involves building product and store level forecasts to drive sales through improved availability and reduction in waste and dead stock. He reports on the key metrics within the supply chain, using Qlik Sense Analytics, including supplier performance, depot performance, sales, wastage, availability and forecast accuracy.
