Just as oil powered the industrial revolution, in 2023, data drives the digital revolution. Every single day, around 2.5 quintillion bytes of data is generated. Many new companies were created, and a new digital economy runs parallelly by strategically leveraging data and machine learning. This change can be seen across industries and has shaken the old ways of managing businesses.

Logistics and Supply Chain is one of the top priorities for business leaders globally. Today, 47% of CSCOs are seen as strategic business partners, and companies have also realized that their supply chain data is a potential goldmine. By 2027, more than $7 billion will be spent globally on data in supply chain management alone.

Companies like Holocene recognize the significance and power of such data and are helping companies globally to improve execution and communication across supply chains.

Power of Your Data: The First Step to Supply Chain Efficiency

Data is generated at every supply chain step but in multiple systems, like ERP, TMS, WMS, Planning Systems, and more. When utilized well, this data can provide insights into consumer behavior, inventory levels, supplier performance, etc.

Companies can change their trajectory by adding automation and machine learning capabilities to this data. They can make informed decisions, save time, predict market trends, remove daily firefighting, and ensure seamless operations.

Owning your supply chain data means having complete control over it. For example, Holocene's platform offers real-time visibility, ensuring the data is automated, real-time, and actionable. With such capability, businesses can ensure transparency, reduce errors, and make strategic decisions confidently.

But what are the benefits that companies get by harnessing their proprietary data? Here are the top 3 reasons why it is crucial for a business to stay ahead:

3 Reasons Why Proprietary Supply Chain Data Crucial

1. Provides Unparalleled Insights: Companies can access insights tailored to their own operations. Unlike generic data and best-practice-based approaches to the supply chain, proprietary data allows for identifying unique challenges and opportunities. Insights directly apply to the company's problem areas, allowing for timely course correction and planning.
2. Gives Competitive Advantage: Own data offers an opportunity to build a moat for the company. It is much better and different than relying on broader industry trends and data to understand market trends and customer preferences.
3. Provides Enhanced Security and Sanctity: Companies can choose and align different levels of security with the specific nature and sensitivity of the data. They can be sure that their decisions are data-driven and based on accurate data.

Using the right systems can unlock unimagined potential for companies. This can change the approach towards tactical changes, fine-tuning of issues, and, more importantly, for the leadership to make long-term strategic decisions.

Data Ownership: The Backbone of Decision-Making and Strategic Planning

Companies that have detailed operations data and know what to do with it will command a leadership position in the future. And companies are investing heavily in it. More than 73% of organizations now have a Chief Data and Analytics Officer (CDAO). Data can help build a unique leverage in the supply chain and here are the areas that are directly impacted:

1. Informed Decision-Making: With real-time visibility and automation, supply chain leaders and decision-makers use this data to identify bottlenecks, streamline processes, and take timely risk reduction. It's like having a bird's-eye view of the entire operation and doing timely interventions to prevent issues later.
2. Strategic Supply Chain Readiness: Proprietary data lays the foundation for strategic planning. Businesses can anticipate market shifts and adjust their strategies by analyzing trends and patterns. For instance, Holocene's analysis capabilities can help manage direct and indirect costs, ensuring that strategic planning is not just about growth but also sustainability and better efficiency.
3. ‍Building Stronger Supplier Relationships & Responsive Customer Service: Data ownership facilitates better supplier collaboration with real-time data sharing. This collaborative approach fosters trust and strengthens long-term partnerships. Companies can also understand and anticipate their customers' needs and issues and react faster, giving them higher visibility.‍
4. Driving Digital Transformation: Most CEOs (72%) want to prioritize digital investment to secure a competitive edge. Proprietary data acts as the enabler for digital transformation. With the correct data understanding, businesses can start a transformation journey that is both purposeful and impactful.

The Future of the Supply Chain is Data-Driven

The future supply chains are going to be heavily automated and data-driven. Owning and leveraging supply chain data is now a prerequisite for building efficiency and digital supply chain transformations. Businesses that embrace data ownership will thrive and set new benchmarks. Holocene is helping companies find how data, when harnessed correctly, can revolutionize supply chain operations. Want to see how it works? Contact us today and schedule your demo. 

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