- THE MAGAZINE
Agile companies that possess data are positioned to compete. Agile companies that use their data are positioned to win. But a surprising number of distributors, especially those with a surplus of data and advanced technology systems, are unable to take prompt action based on their data. Why? Because many companies lack the capability to handle large amounts of diverse data coming from various functions, business processes and silos. While data may be readily available, it often is considered outdated, unreliable or inaccessible for prompt decision-making.
Each year, Grant Thornton LLP conducts a series of surveys concerning supply chain issues and priorities. These surveys are intended to provide a snapshot of issues and opportunities in the supply chain industry. Their latest edition, which surveyed World Trade 100 readers in the Fall of 2013, focuses on business intelligence and supply chain decision-making.
The Grant Thornton LLP Agility, business intelligence and your supply chain survey, examines supply chain business intelligence issues, including how companies use the data they have, how quickly they are able to respond to a changing marketplace, and how they could use their data more effectively.
Survey highlights include:
- 54 percent of all respondents indicate that their company’s data is actionable. But, only 19 percent of respondents say their data is “completely actionable.”
- 59 percent of respondents say they have all or nearly all the information they need to make process improvements and 54 percent indicate that they have the tools necessary to implement process improvements.
- 26 percent of companies can respond to supply chain pressures in just one week, and 49 percent can respond within three weeks.
- However, 45 percent of companies take one month or longer to respond to supply chain pressures. Nearly one-quarter (22 percent) take three months or longer.
See the full results here.