Reliable supply chain data is critical to ensuring efficiency, effectiveness, and ongoing operability. When data is missing, incorrect, or inaccurate, it opens the doors for a number of business risks that could harm profitability, create delays, and damage your reputation.
To mitigate supply chain risk, organizations are turning to better ways to collect, share, and manage master data.
Current Data Challenges and Risks in Modern Supply Chains
Supply chain data offers insights into a number of functions, from tracking to quality to productivity. Access to this data is fairly easy, given today’s widespread use of technology and enterprise systems. But problems arise when data is stored on various systems, making it difficult to extract and view on a broader scale.
What’s more, when data is stored on disparate systems, its validity may be called into question. For example, if a set of data exists on two different, disconnected systems, then both systems must be updated when new data becomes available. If one is updated and not the other, however, then users may not have the most recent set of information to use in their decision-making.
In addition, many companies struggle to decide what data they need to be tracking in their supply chains, how to access it, and how to use it in a way that’s meaningful. When companies track the wrong data, it is possible to make decisions that negatively impact productivity, profits, people, and products.
How Master Data Management Reduces Supply Chain Risks
Knowledge is power when it comes to supply chain data. When companies can manage the right details in a single location, they can better trust its veracity and make informed decisions to keep business moving forward.
One of the biggest advantages of master data management is simplifying which types of data companies choose to track. Today’s data spans across a myriad of touchpoints. Master data management allows companies to consolidate these touchpoints, which also helps with cleansing and validating the data.
Data silos are eliminated so that all users in the organization can access the same information. Data is updated in real-time to support faster decision making.
With this level of transparency, companies are in a better position to forecast, control inventory, and increase the efficiency of their distribution channels. As a result, organizations can not only expect to better handle their products but also improve the overall operations of their business.
Specright’s Role in Improving Supply Chain Data
Managing the supply chain data sprawl is a positive first step toward greater efficiency, productivity, and profitability. With more data at your fingertips than ever before, Specright is helping companies ensure they have the right insights in the right place in a timely manner.
Specright allows companies to digitize their supply chain data to improve visibility throughout their networks. By creating a single source of truth, companies can overcome data proliferation and gain better insights across the enterprise.
Download our ebook to learn more about how Specright brings clarity to master data management.