Though business around the world has planned for ‘black swan’ events and are highly agile, the extraordinary level of disruptions that they are currently facing because of the COVID-19 is very much unprecedented. A recent survey conducted by the Institute of Supply Chain Management reported that almost 75% of companies are facing supply chain disruptions and this issue could continue if they fail to use the powers of data to its fullest potential.
The essential businesses aren’t immune to these disruptions either. The increased demand for the PPEs, disinfectants, masks and other protective gear has skyrocketed and the supply chains are scrambling to meet this changing demand.
To put trust in the integrated data solutions over traditional resolving methods can only help handle this sudden influx of demand and thus adapt to the new normal. Here’s why.
Insights from the integrated data platforms
Every organization has access to general data and has its own set of data as well. But this is of use, only if they can be collated and presented in a way that we can understand the story it says and apply them on our business.
The earlier business had data silos and found it difficult in integrating data especially supply chain data with third party suppliers. But nowadays with the right tools and platforms, these data can be pulled and are analyzed to get full visibility into shifts in demand and volatility to best cope with the change.
Though none has faced anything harsh like COVID-19 before, the economic indices and market data from the previous similar events can help us establish a demand forecast. This type of data input integrated along with our existing insights can help us understand much into the demand and the related changes happening, ultimately helping us to be prepared beforehand.
Fortunately, nowadays, many tools are available to facilitate data integration and to provide relevant insights. Platforms like Qlik can help in data integration and data discovery by pulling data from various third party suppliers and put it in one dashboard to provide end-to-end supply chain visibility for the business.
It is important to invest in these solutions to become a data-led organization.
Trusting data is the key
At these unprecedented times, relying on past trends is futile. Only those businesses that look to data can come on top. Data has a massive power to not only provide current insights but also right prediction about the future, here – demand. This can help organizations to make changes to their deliverables throughout the crisis and have efficient supply chain operations.
It is apparent that only data and its related insights and predictions can help businesses keep afloat in a post-COVID-19 economy.
