Business Intelligence (BI) comprises of a set of methods, processes and technologies that have the ability to transform data into useful information. Integrating it with the framework of supply chain management (SCM) can easily boost its analytics and effectiveness. But, what is the point behind integrating BI and SCM and how it can create a difference?
The information acquired in SCM gains its value only when analyzed, especially if the analysis providers boarder picture of enterprise. This form of integration was not easy or common, until trusted business intelligence companies made their way. Such companies were empowered with qualified professional and advance modules that brought a BI platform of SCM.
Ways To Implement Business Intelligence in Supply Chain
Business intelligence can be incorporated to the supply chain in not just one but many ways, some of these include:
• Price performance and data management: Having an eye over the annual profit, spending and loss is extremely easy when you have big data analytics Hong Kong with you. This helps you to figure out the cash flow and where it is present in the supply chain.
• Maximize saving by integrating sourcing with data management: Large organizations, such as hospitals or industries, can make use of the provided product data which will speed up their analysis. Moreover, the analyst can even use their own terms based on the products that they are dealing with. This improves your saving to a greater extent.
• Product data for accelerating analysis: The various price movements that will occur in your supply chain will remain invisible without detailed analysis. So, for cost-effective manufacturing and procurement business it is essential to make use of product data for accelerating analysis.
• Mapping the path of value to execution: In order to identify the opportunities for reducing cost, you should leverage scalable solutions that offer desired results. For this, you must know from where to begin the negotiations and where to end it.
• Key variables for execution and evaluation: Once you know the non-financial and financial impact of the purchases involved in SCM the same can be executed in various fields easily.
The supply chain management consists of four major segments which are procurement, data management, sourcing & contracting and analysis. Each of this can be conveniently handled with the help of BI.
Benefits of Business Intelligence For Supply Chain
With the help of BI you can monitor the movements in the supply chain, such as delivery, delays or any sort of issue, at the point of processing. This helps you in having a good understanding about the accessorial, fuel and other costs involved. It even provides detailed information about the performance and the work orders. Further, it comes with an ability to upgrade the strategies so that you can have your edge over the stiff competition.