How to Compete Globally with Master Data Management for Supply Chainshttps://specright.com/wp-content/uploads/2020/10/iStock-618023980-2-1024x696.jpg 1024 696 Specright Specright https://specright.com/wp-content/uploads/2020/10/iStock-618023980-2-1024x696.jpg
Supply chain agility has never been a greater focus than right now. For many retailers, distributors, and manufacturers, the global pandemic has served as one of the most important lessons in demonstrating the need for flexibility, transparency, and the ability to shift quickly in response to changing markets.
There isn’t a manufacturer or company that hasn’t been affected by global supply chain disruptions in some way. But the severity of these impacts will depend on a company’s resilience and its strategy in maintaining a competitive edge in international markets.
Here’s a closer look at how a supply chain master data management (MDM) system for the supply chain helps to create this competitive advantage and ensure supply chain stability.
What is Supply Chain Master Data Management?
The term ‘master data’ refers to the central collection of data related to products, customers, vendors, partners, locations, and suppliers. When all of this information is compiled in one easy-to-access database, companies have all the details they need to make important decisions on the spot.
Supply chain master data management takes MDM a step further by creating processes and systems for collecting, storing, and using supply chain data.
For example, using MDM, companies can see at a glance all of the suppliers they rely on for any specific item or ingredient. From there, they can dig deeper into details like item costs, order minimums, shipping timelines, and more.
How Supply Chain MDM Improves Agility
In the face of growing competition and customer expectations, companies can’t afford to not be agile. Supply chain MDM can help facilitate the ability to pivot simply by providing deeper insights into operations that can influence key decisions. These can include:
Finding the Fastest Route to Market
Maintaining a global competitive advantage is a race to put more products on shelves and into consumers’ hands than your competitors. However, product volume is only part of the process. Things like transportation constraints and logistics network structures can also impact your speed to market.
Supply chain master data management can help you gain greater visibility into the obstacles that could create delays in your route to market.
Catering to Changing Buyer Demand
Retailers are facing a sharp increase in customer expectations and fierce competition from other retailers. To maintain their own competitive edge, retailers are passing these expectations on to the manufacturers and suppliers they do business with.
MDM can help to fulfill these strict demands by helping companies anticipate delays in the supply chain and find faster paths to market.
Overcoming Channel Proliferation
Channel proliferation has created its own set of supply chain challenges, especially since many retailers and channels are demanding custom SKUs. And when selling goods on a global scale, the amount of customization is only maximized. Proliferation has also developed new consumer buying patterns and behaviors, which complicates forecasting, and spurs volatility.
MDM can help supply chain partners connect the dots and manage data and needs in a fluid, systematic way.
Empower Supply Chain Master Data Management with Specright
There’s no questioning that supply chain master data management can help companies compete on a global scale. By gaining visibility into buyer preferences, channel proliferation, and the fastest paths to market, users can maintain their edge with confidence.
See how Specright, and our Specification Data Management system can help your supply chain master data management system. Download our ebook to learn more.