Real-Time Data Visibility Hot Topic at the Supply Chain & Logistics Summit
I just got back from the 13th Annual Supply Chain & Logistics Summit in Miami. I came away impressed by how much the Summit has evolved over the years. It has followed the industry in the way it has moved from being focused on tactics to being focused on supply chain and logistics strategy. The strategies discussed at the Summit addressed many of today’s challenges, such as supply chain visibility and data analytics.
Real-Time Data Pushes Supply Chain Innovation
The latest innovations and supply chain technology that were discussed at the show revolved around data and visibility. Technology can now provide an almost real-time look into a company’s supply chain. This allows them to monitor the health of the supply chain more accurately and quickly resolve issues. Much of the technology being talked about is similar to our RateLinx Enterprise Solution in that it requires the TMS record to be matched to carrier data like tracking and invoice records. The challenge is that many companies have to work with multiple software providers to achieve this type of solution. With RateLinx, we have these components pre-integrated into one system, which makes it much easier to achieve reliable supply chain visibility.
Colgate-Palmolive Executive Details Challenges of Supply Chain Data
The Supply Chain & Logistics Summit is a tremendously well-run event; not only does it provide the chance to network with executives from some of the world’s most successful companies, but it’s also filled with interesting workshops, panel discussions, training sessions, and case studies. One event I found particularly engaging was the case study titled ‘Visibility and Transparency in the Supply Chain: The Colgate-Palmolive Experience’ given by the company’s Global Supply Chain WW Director of Strategy & Systems Mark Vollrath.
This presentation was the most interesting to me because it did a great job of articulating the importance and challenges of data management. When he talked about data, he didn’t mean master data, it was the data from the different sources in a supply chain, mainly the carrier data. How do you obtain it in real-time? How do you normalize it? How do you standardize it?
Unfortunately for Colgate-Palmolive, they are not a RateLinx customer so they have to do all of this the old fashioned way with people. It requires a team of nearly 50 people to manage the data. With our solutions, data management would be automatically handled by the software with very little human intervention.
Predictive Analytics Will Revolutionize Supply Chain & Logistics Management
One thing is clear: real-time data visibility is going to transform supply chain and logistics management practices. Now, instead of being concerned with tactics, supply chain managers can rely on RateLinx to provide accurate, up-to-date shipping intelligence to quickly fix problems as they occur. As our data processing and modeling capabilities become more mature, we’ll soon be in an era of predictive analytics in supply chain management. When that happens, we’ll not only be solving problems as they occur, we’ll be able to predict and solve them before they occur. At RateLinx, it’s our goal to be at the forefront of the shipping intelligence revolution.
Next week we will be at the Logistics and Supply Chain Forum. If you would like to learn more about how RateLinx can benefit for your logistics management and are attending the show, email me and we can set up a time to talk.