For several years, companies large and small have been undergoing transformations to better accommodate global supply chains. However, as much as these companies adjust to the complexities, uncertainties, and volatility of the global environment, no organization can be an expert in everything or closely watch the entire supply chain without extra help. That’s why these businesses are turning to data analytics and reporting to help manage their supply chain risk profile.
Why Data Analysis and Reporting Are Important for Supply Chains
To truly understand where the potential risks in a supply chain lie, supply chain managers need processes and capabilities for gathering appropriate supply chain data, which can help identify waste, fraud, and other anomalies that represent risk patterns. These key trends can be recognized via modern predictive analytics which can create risk mitigation models. For example, a company with supply chain analytics and weather intelligence can highlight suppliers who are at risk of experiencing a disruption due to severe weather. Alternative suppliers could be added to the supply chain to help reduce that risk.
Varying environment conditions are just one challenge of a global supply chain. Operations and processes may also change from region to region, and it can be difficult to know when anomalous behavior is occurring. Furthermore, with requirements constantly changing as product travels along the supply chain, numerous regulations across myriad jurisdictions must be tracked for how they might apply to the supply chain’s goods.
All of this complexity makes it necessary to have a comprehensive, centralized platform to help ensure product and regulatory compliance. But those aspects are just a small portion of any supply chain’s concerns. There’s also sustainability, health and safety, insurance verification, and more.
How Avetta Analytics Benefit Your Entire Organization
As a cloud-based SaaS, the Avetta platform gives you on-demand access to the data that matters most. Whether it’s reducing the hassle of procurement, verifying compliance, or managing the health and safety practices of your supply chain, Avetta gives you the visibility you’re looking for in one central location. Making data-driving decisions has never been easier.
- Manage risk with supplier prequalification, auditing, and employee-level qualification and training.
- Streamline contractor management with easy-to-use document management.
- Identify compliance deficiencies ahead of time to make sure your supply chain is never caught off guard.
- Reduce disruptions caused by health and safety gaps by pinpointing them early.
- Make better procurement decisions with annually updated and verified supplier information.
- Meet your sustainability goals with evidence that your supply chain partners are prioritizing their corporate and social responsibility.
Getting started with Avetta’s platform is quick and easy. Ready-made templates for reports, visualizations, and dashboards have been created from decades of customer feedback and are immediately available. The intuitive interface makes editing the existing templates a simple process, so you can get the deep data analysis you’re looking for. Alternatively, you can build your own analyses from scratch with the easy-to-use analysis builder, which allows you to freely explore the data and discover correlations. Finally, sharing data analysis with leadership is hassle-free with automatic distribution that can be delivered at times users specify.
What gets measured gets improved, and supply chains are no different. The challenge, however, is finding the correct data within the complexity of a global supply chain. Reduce that complexity and take advantage of all the insights that Avetta offers you today.
Read more on how Avetta’s Reporting and Analytics can help you mitigate supply chain risk.