Business Intelligence has become the sine qua non of the modern supply chain. BI renders visibility into the loopholes that exist within the fabric of the chain and also forecasts trends on the basis of the pool of data that it transforms into actionable information. RattusBI is about all that and much more.
At the very onset of this discussion on business intelligence, we must be acutely aware of the definition of it. Business intelligence or BI, as we may call it, is an umbrella term that holds within itself applications, methodologies, tools, processes, theories and infrastructures that transforms an expansive data into actionable information and use that knowledge-base into optimizing performances and services.
Why do we need BI in Supply Chain?
Supply chain is that one domain that is ever-burgeoning and is thriving into a huge industry. With the inception of e-commerce and online retail, supply chain has become one of the most profitable industries and hence extremely competitive one. Companies have indulged themselves in a competition to be the cut-above-the-rest. At this juncture, if any organization has not gotten a clear metric-driven insight into their operations and is not rectifying their shortcomings, it is fairly possible that it may just be tagged as redundant.
In the current competitive business scenario, every stakeholder demands visibility in real-time. They want a system that pro-actively pushes forth notifications related to the statuses of their products and gives insight into the entire gamut of the chain, from operations to inventory and from logistics to shipments. Each and every detail in its granular form is sought after by the tiers of the supply chain. And it is exactly because of this growing complexity of the market that companies have started taken cognizance of business intelligence. Apart from the operational complexity, growing market risks and lack of visibility, companies have started investing in BI to gain information on fluctuating accessorial costs, international trade regulations. All these siloes add up to the singular most important objective of any business: improve revenue margin.
One key takeaway from the post-pandemic trade actions is that businesses need to be resilient in order to stay relevant. Agility is tantamount to embracing the circumstantial changes without affecting the bottom-line o the actions. One of the most integral features of BI is its capacity of forecast analysis. Having armed with huge pool of data on every segment of the chain from the suppliers to the customers, BI has access to the demand variables and the patterns of a particular partner. On the basis of this data that is accumulated, BI can put forth predictions pertaining to the future performance of that partner or the demand of that particular product. In this way, supply chain becomes pro-active, instead of reactive. It can eradicate all the problems that are embedded instead of looking in hindsight once the problems have caused significant amount of damage.
The Pros and the Pros
As it has been mentioned earlier, BI helps businesses identify their internal inefficiencies and help managers in taking proper measures. In supply chain industry, nobody can exist in isolation. It is a proper chain where one is dependent on the other. Since BI gathers data that lies scattered all over sporadically and provides insight into the performance of every tier by comparing previous records or service-level agreements, companies can eliminate factors that are detrimental to the profitability of actions. By giving visibility of every single data through KPIs and metrics, the supplier-vendor communication is given a much-needed thrust. In this way, the prevailing trends in each tier of the whole process lends vision on which part of the chain needs to be optimized and which part is performing relatively well.
Most of the times supply chain leaders find themselves in doldrums. In the process of reducing inventory and increasing profit-margin, they are caught between trade-offs. BI helps them unearth new opportunities and identifying new challenges by tracking and monitoring the processes and prevailing trends. The forecasting aspect of BI has gained immense importance because of the volatility of the market. Catering to the fleeing demands of the customers and still hitting a home run in this tough match of raking in money is a difficult task and BI makes it easier.
Why Contact Us?
The discussion that has preceded, attempts at establishing the palpable need of BI in supply chain. Be it any segment of the chain that you operate in, whether it is warehousing or manufacturing or supplying raw materials, BI is an absolutely inessential component in contemporary logistical solutions to perform trend analyses and turn your data accumulated by TMS, WMS or any inbuilt system into effective information to take necessary actions. RattusBI has been engineered with rigorous research that has been undertaken by professionals in operations and technology with 60+ years of cumulative experience. It offers you insights with interactive dashboards so that you visualize and comprehend elaborate reports in a very easy way. It gives you the opportunity to evaluate your actions through various KPIs and helps you in taking metric-driven, pragmatic decisions. Our motto is to simplify the supply chain and our business intelligence efficaciously does the same. Now that’s what you would call intelligent!