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The right data can enable organizations to improve business intelligence while reducing costs and supply chain disruptions. However, many organizations fail to realize their data’s true potential, which can lead to wasted opportunities and inefficiencies. Sometimes, their supply chain data sources are old or inaccurate. Other times, their data is hard to access or understand.
Whatever the case, it’s time for a Great Data Awakening—and Overhaul is here to lead the charge.
The current state of data utilization in supply chains
Data overload vs. data underutilization
As advanced technologies become increasingly more common, organizations are recognizing the importance of data in driving strategic decision-making. However, many still view data as a burden rather than a valuable asset. To keep up, businesses must change this mindset and stop ignoring their data. Instead, they need to make it a key part of their strategy.
The logistics industry is generating more data than ever before, yet much of it remains untapped. According to recent studies, 70% of organizations feel overwhelmed by data. Yet, only a fraction leverage it for performance improvement. This disconnect between data generation and utilization shows that supply chain data management is in severe need of improvement.
Common pitfalls in supply chain data management
Many companies are facing the same issues when it comes to supply chain data management. Unfortunately, they are often unaware of these issues, and recognizing them is the first step toward fixing the problem. Some of these issues include:
- Siloed operations: Many organizations operate in silos, which prevents the sharing of valuable insights across departments. This can create communication and efficiency issues when stakeholders lack the data they need.
- Perceived burden of data management: Organizations often view data management as a costly compliance necessity rather than an opportunity for strategic growth. In truth, data offers a competitive advantage for meeting KPIs, avoiding waste, and more generally improving supply chain management.
- Inadequate analytics tools: Without the right tools for data analysis, companies struggle to convert raw data into actionable insights. Fortunately, Overhaul makes it easy to combine data from disparate sources into a single source of truth.
- Fear of data sharing: Concerns about data accuracy and judgment can prevent teams from collaborating effectively, stifling innovation. However, without these insights, teams will never understand what’s working and what needs to change.
The consequences of data neglect
It’s impossible to work on your supply chain data management strategy without first having access to relevant, timely data. Inaccurate or incomplete data can create huge obstacles for companies. These can range from regulatory problems to increases in theft and other threats. Some obstacles include:
Wasted opportunities
When organizations fail to harness data effectively, they suffer from increased risk and missed opportunities for optimization. Lack of visibility can lead to losses, delays, and customer dissatisfaction.
Competitive disadvantage
Companies that neglect data risk losing their competitive edge. On the other hand, those that successfully leverage data analytics can make informed decisions, optimize operations, and enhance customer experiences.
Regulatory and compliance pitfalls
Maintaining compliance with industry regulations and ensuring safety standards are met is crucial in supply chain management. Data can help reduce the risk of legal penalties and enhance the overall sustainability of supply chains. It also helps companies keep track of their shipments before, during, and after the shipment is complete.
Reactive instead of proactive approach
Without the proper insights, your company will only be able to respond to threats reactively, as opposed to proactively. In other words, you’ll constantly be trying to overcome issues instead of getting ahead of them. This means wasted time, money, and resources devoted to problems that you easily could have caught (and stopped) in advance.
Overhaul’s unique approach to supply chain data management
At Overhaul, we know that moving from data waste to data wins is key for success in logistics today. Along with improving your supply chain visibility, our products and services will help you use your data more effectively.
Overhaul’s platform is data and device agnostic, meaning that it easily integrates with different technologies. This includes IoT devices, ERP systems, and third-party logistics software. As a result, you can access important data whenever and wherever you need it.
Our platform also offers visibility, risk management support, actionable intelligence, and integrated insurance services. This all-in-one approach helps you manage and improve your supply chain operations. Plus, our advanced AI features do more than just collect data: they give you useful insights and predictive analytics to help you make better operational decisions.
The value of Overhaul’s supply chain data management services
By working with Overhaul, your company will gain a holistic approach to supply chain data management. This includes access to larger amounts of data and more effective insights. You’ll also gain the tools you need to effectively analyze and put your data into action. With us, you can:
- Unlock hidden value: Many organizations are sitting on a wealth of data that can be transformed into actionable insights. This includes dwell times, carrier performance metrics, and compliance data, to name a few things.
- Maximize existing investments: Customers are already paying for data management solutions. And yet, their data often sits there unused. Overhaul helps them approach this data as an asset rather than a burden.
- Upgrade for enhanced visibility: Overhaul works with you to find a cost-effective solution. By investing a little more, organizations can access comprehensive dashboards that provide real-time data and reporting capabilities.
- Transform security data into a logistics leg up: Security data can drive operational efficiency and customer trust, turning perceived costs into strategic advantages. But if you don’t understand your data, you can’t really use it. That’s why Overhaul makes it easy to access and utilize.
- Address data sharing concerns: Overhaul encourages companies to share data across teams to facilitate better collaboration and decision-making. We also make it easy to get this information to the right stakeholders without risking it reaching the wrong hands.
Case studies: realizing data’s potential
Overhaul makes it easy for companies to access, understand, and use the data they need. Our custom-fit approach has already helped numerous companies achieve and exceed their supply chain goals. With us, your company can:
Save money with data utilization: A technology client leveraged data on port dwell times to expedite shipments that were nearing demurrage. This ultimately helped them save on unnecessary fees and improve cash flow.
Enhance carrier vetting: Overhaul provides driver and carrier compliance data that is consistently utilized across all clients. This includes on-time performance metrics that enhance carrier selection. As one customer stated, “I do believe this function is valuable to our carrier vetting process. Its detailed analytics highlight threats, giving us the capability to make our own decisions as well as Overhaul’s suggestions.”
Leverage machine learning for predictive insights: Overhaul employs machine learning models that utilize historical data to predict expected routes by driver. We can also help identify potential temperature outages, assess weather impacts, and anticipate theft events based on time of day. Our advanced analytics and predictive capability empower organizations to take proactive measures, optimizing their logistics operations.
Data for enhanced security measures: Customers have worked with Overhaul to adjust their transit planning based on data insights. For instance, if a lane typically has a three-day transit time, companies are now able to plan for fewer days. In turn, customers lessen unnecessary costs and supply chain risks. This data-driven approach also improves operational efficiency and enhances security.
Join the Great Supply Chain Data Awakening with Overhaul
Strategic goals for improving supply chain operations can vary widely from one organization to another. For many, the initial focus of supply chain efficiency centers on theft prevention. For others, tracking cargo is the main concern. Both capabilities are critical in order to meet supply chain goals, but without access to accurate, timely data, neither goal is achievable.
Overhaul helps your company meet its goals with data-driven insights. Our technology integrates easily with different devices and systems, which means you can use our solutions without needing special hardware. In turn, we’re able to customize our services to fit each client’s needs and help improve the security and efficiency of their operations.
In short, working with Overhaul is the first step toward unlocking your data’s full potential and creating a more effective supply chain.
Join us in the Great Data Awakening. Transform your perception of data from a burden to a powerful ally in driving operational excellence and competitive differentiation.
