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How to Leverage Data Management to Manage the Modern Supply Chain

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October 6, 2020
10.6.20
Tuesday
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Maximizing supply chain efficiency has never been a more pressing need than in 2020. At the heart of efficiency is data — it is only possible to use and improve with the right information. Without good data management, supply chain partners are left in the dark about what’s happening and what to expect next.

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Bringing together leaders in industry and technology to drive innovation.
Matthew Wright
Founder & CEO
About Matthew
Matthew Wright is the founder & CEO of Specright, the first cloud-based platform for Specification Management. Specright has been recognized as a Gartner Cool Vendor, received the Salesforce Innovation Award and was named one of the Top Places to Work by the OC Register and Built in LA. Wright is also a published author and his book, “The Evolution of Products and Packaging,”was named to the Amazon Hot New Release List for Industrial Relations Business and has a five star rating.

Prior to founding Specright, Wright spent more than 25 years in the packaging industry, holding leadership positions at International Paper, Temple Inland, and rightPAQ — a packaging company he co-founded. He has also been involved in leading multiple M&A deals in the packaging industry and sits on the Packaging Advisory Board at Cal-Poly San Luis Obispo.
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How to Leverage Data Management to Manage the Modern Supply Chain

Maximizing supply chain efficiency has never been a more pressing need than in 2020. At the heart of efficiency is data — it is only possible to use and improve with the right information. Without good data management, supply chain partners are left in the dark about what’s happening and what to expect next.

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Blog

How to Leverage Data Management to Manage the Modern Supply Chain

Maximizing supply chain efficiency has never been a more pressing need than in 2020. At the heart of efficiency is data — it is only possible to use and improve with the right information. Without good data management, supply chain partners are left in the dark about what’s happening and what to expect next.

Posted on 
October 6, 2020
10.6.2020
Tuesday
Matthew Wright
Founder & CEO, Specright
RegisterRegister
Download Presentation
No items found.

Maximizing supply chain efficiency has never been a more pressing need than in 2020. At the heart of efficiency is data — it is only possible to use and improve with the right information. Without good data management, supply chain partners are left in the dark about what’s happening and what to expect next.

Maximizing supply chain efficiency has never been a more pressing need than in 2020. At the heart of efficiency is data — it is only possible to use and improve with the right information. Without good data management, supply chain partners are left in the dark about what’s happening and what to expect next.   The problem isn’t just collecting data, though. A recent Gartner report revealed that more than 40% of supply chain leaders feel their data is difficult to correlate because its spread across multiple reporting tools and systems. What’s more, there’s a level of distrust about the data’s integrity that prevents it from being properly used. One solution is to empower Master Data Management (MDM) strategies and systems to overcome modern supply chain system challenges. Here’s a closer look at MDM’s increasingly important role in how today’s supply chain management should look and function.

Providing Clarity and Consistency to Data Collection

Modern technology has enabled companies to collect data from multiple sources, turning a data stream into a raging river. When too much of something exists, it can be more difficult to reign in and unite the various components.Master Data Management provides a single point of reference, helping to calm the data waters through a methodical approach to organization. Although master data is traditionally static and untouched, it’s highly valuable to consistently update and validate a master dataset so decisions aren’t made using stale data. With MDM, companies can unite data from proliferated systems by cross-referencing entries, clean up bad data, and validate existing attributes to ensure their reliability. In doing so, a MDM system creates a single source of truth that can be accessed by all so there’s no risk of using information that isn’t up-to-date or hasn’t been verified.

Creating a Connected Workplace

The very concept of a supply chain is one of connectedness. But today’s supply chain is no longer connected in a linear fashion. A traditional structure moved from the manufacturer to distributor to retailer to consumer. But the ongoing journey to efficiency, investments in the Internet of Things, and real-time data are turning the traditional supply chain line into a web-like network of systems. Shipments are being outfitted with sensors to help companies track products along the journey. Machines are also being tagged with devices to monitor performance and plan for availability. Manufacturers, distributors, and retailers alike benefit from being informed on what’s happening upstream or downstream so they can better plan their orders, production, and other logistics. These benefits can be more quickly achieved with a systematized, reliable master data management system.

Putting Master Data Management into Practice

The supply chain is seeing a rapid transformation as it shifts into a digital format. As companies undergo the process of re-architecting their supply chain ecosystems, processes will become more fluid, new revenue opportunities will emerge, and new, non-linear paths will take root to ensure efficiency across the board.Master Data Management could help to seal its success when done correctly, or its failure when data is left to spiral out of control. Successful data management requires breaking down information silos that prevent data from being easily shared, accessed, and correlated. Download our ebook to discover how we bring clarity to Master Data Management systems throughout the supply chain.

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About 
Matthew Wright

Matthew Wright is the founder & CEO of Specright. Prior to founding Specright, he spent more than 25 years in the packaging industry, holding leadership positions at International Paper, Temple Inland, and rightPAQ — a packaging company he co-founded. He has also been involved in leading multiple M&A deals in the packaging industry. He sits on the Packaging Advisory Board at Cal-Poly San Luis Obispo.

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