5 Ways Supply Chain Control Towers Can Skyrocket Your Business

Today, supply chain companies are under tremendous pressure to adapt to increased competition and growing consumer demands. While keeping the customer happy is their prime goal, they also need to balance business costs spent on improving their supply chain efficiency. In addition to the above challenges, there are new trends emerging every other quarter, and keeping a track of them has become both important and insurmountable. The supply chain industry is facing a tough time navigating the changing times and emerging challenges. This is where Supply Chain Control Towers come into play.

What is a Supply Chain Control Tower?

A supply chain control tower is a customizable console that captures, stores and manages data, while also displaying key analytics and events from the entire supply chain in real-time. It enables business owners to spot trends, prioritize actions, understand challenges and resolve them to improve efficiency across the supply chain and align processes as per strategy. Analytics from a supply chain control tower also uses this data to make predictions of what’s to come if you continue the same path or do things differently. It also allows you to completely understand the minute details of your business and make sense of the raw data collected from several sources.

How Does a Supply Chain Control Tower Work?

Supply Chain Towers use advanced technologies such as AI with machine learning to compile complex data across the supply chain, extract insights from your company’s raw data, analyze it and present it in the form of dashboards and reports to understand complex information easily. You also receive key insights drawn from a variety of data that help you make better decisions and be better prepared for disruptions. Information is power and with the right information, you can make changes that you probably would not have thought were necessary or were overlooked. There are many companies that collect a bunch of data but let it go to waste by not investing in a smart control tower. The longer you use it, the better feedback you will receive, as trends and patterns are more pronounced in the long term.

Benefits of Supply Chain Control Tower

Now that we’ve gone over what supply chain control towers are and how they function, let’s understand the ways you can benefit from adopting them. In this section, we will go over each benefit in detail, so you understand how this technology impacts your business:

1. Identify trends, spot patterns

Albert Einstein famously said, “Insanity is doing the same thing over and over again and expecting different results.” Supply chain control towers let you understand trends and patterns in your business, ones that are working for you and ones that aren’t. Analyzing these patterns can give you incisive insights about what’s working when it’s working and what’s making it work. Similarly, you might also have a recurring problem at hand that you don’t understand the solution to.

2. Improve performance and revenue

Understanding the sticking points of your business based on data gives you the opportunity to tweak aspects of your business for better outcomes. Predictive analysis helps you make a forecast on whether your business is on the right trajectory and alter the functions that hinder your growth. So, making decisions based on its analytics helps you improve your company’s overall performance, and efficiency and hence earn more revenue.

3. Smarter and faster reporting

Supply chain control towers present complex data in a simplified dashboard and report form, so you can make sense of the data. This opens doors to a more efficient reporting process which also makes data analytics accessible for everyone, without the need for prior technical knowledge. So not only do you have the knowledge, but you also have knowledge everyone in your company can assess and use.

4. Find improvement opportunities through predictions

A great benefit of implementing control towers into your company is the use of predictive analytics. What it allows you to do is use real-time predictions based on trends and patterns, supply and demand and make decisions about productivity and resource deployment, accordingly, thereby saving costs where possible and making the best use of resources when the demand surges.

5. Make better strategic decisions

Since supply chain control towers give you an in-depth overview of your company’s performance, it’s easy for you to quickly pinpoint what’s working and what’s holding your productivity back. Since the reports you get are based on unbiased facts and reality, it gives you a much better logical foundation to justify your decisions and plans of action. While your competitors continue to act on what they ‘think’ might work, usually based on pure conjecture, you can get an edge over them by making sound decisions that will get you the results.

If you want to know more about supply chain control towers, feel free to reach out to us for a discussion at https://www.barcodeindia.com/contact-us, we’d be happy to answer any/all your queries about the technology. We have helped several businesses with our Supply Chain Control Tower solution and would love to do the same for your business.  Visit the website at https://www.barcodeindia.com/ For Sales Queries, Call us at +91 - 9958485400 Email us at sales@barcodeindia.com