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Written by Ian Hepworth
Big data is not a new concept, but companies are now beginning to understand just how useful it can be in uncovering important insights and patterns. 97% of supply chain executives understand the benefits of big data analytics and why they are useful to utilise as part of their supply chain management. However, only 17% report having already implemented analytics in at least one of their supply chain functions.
Big data helps to provide the infrastructure for true supply chain clarity and ensures that decisions made have sound reasoning to back them up.
By allowing businesses to harness large volumes of data from multiple sources, quickly and efficiently, deeper insight into the whole supply network can be gained. This can help to improve visibility across the chain, which gives businesses a competitive advantage when it comes to risk management and decision making.
Measurable Improvements in Efficiency, Agility and Traceability
According to Accenture, embedding big data analytics in operations can lead to:
- measurable improvement in supply chain efficiency
- faster and more effective reaction times to supply chain issues
- better traceability across the network
90% of companies say that agility and speed are important to their business. Being able to quickly and flexibly meet consumer demand is one of the biggest drivers of competitive advantage across all industries. Employing big data analytics can help companies improve order-to-delivery cycle times and cut down reaction times to supply issues. Having the ability to respond to issues as soon as they arise greatly decreases risk by preventing problems from having a knock on effect further down the chain.
Supply chain risk is often very closely linked to traceability, and both are a growing concern for many retailers. Improving traceability can help to provide better visibility and predictability across the network and help businesses develop a solid risk management plan for every eventuality. By analysing historical data, risk mapping and scenario planning, businesses can assess the likelihood of issues and their potential impact, allowing them to implement effective early warning systems and mitigate risk.
Supply Chain Management with Big Data Integration
Collecting such vast amounts of information and processing it can prove to be a challenge, and the usefulness of big data also relies heavily on a businesses’ access to the appropriate figures and information. With Segura users are able to collect data that can span hundreds or thousands of suppliers and factories across many geographies, quickly and easily. With access to data which encompasses their entire network, businesses can be sure they are getting the most out of their big data analytics. Segura also effortlessly integrates with existing PLM and ERP systems for an even deeper level of understanding.
By fully mapping their supply chain with Segura, retailers can be notified of risks far more quickly through inbuilt data feeds. News feeds provide alerts based on the locations of suppliers, allowing businesses to quickly see if any of their vendors are in areas likely to be hit by natural disasters or political upheaval in the near future. This knowledge can prove invaluable, especially if a retailer has many suppliers in areas which are prone to these kind of events, and enables businesses to avoid disruptions by having backup suppliers ready in place. Financial feeds also offer insight into business finance and stability, alerting retailers of any developments which may have an impact on their production process.
Increased visibility of a supply chain gives clarity to a complicated network, allowing data which was previously hidden in numerous systems to become easily accessible. Greater insight into ordering and transactions can improve efficiency and help to minimise risk, such as identifying instances of when a component or service is sourced from only one supplier with no backups in place. This gives retailers vital information for risk analysis and can help to reduce costs as a result. Having the ability to trace back all components to their exact supplier can also prove useful in addressing faults and other quality issues, helping to prevent the same issues from happening with future batches.
Written by Peter Needle
Segura recently attended the Leicester Mercury Business Awards, and we were delighted to be named New Business of the Year.
The Leicester Mercury Business Awards celebrated the achievements of companies across Leicestershire. Mercury publisher and managing director David Simms said that the awards ceremony was “the biggest event of its kind in the East Midlands,” and “a fantastic celebration of inspiration”, and we certainly enjoyed the prestigious evening.
Innovating at Loughborough University
Segura was founded in 2011, and our supply chain technology solution has gathered plenty of use in the garment industry, supporting transparent and ethical sourcing. We relocated to the Loughborough University Science and Enterprise Parks (LUSEP) Innovation Centre in 2013, and have since joined forces with construction management experts to support supply chain compliance within the construction sector.
It was an honour to have all our hard work recognised at the awards ceremony, and we also celebrated a win by our neighbours in the LUSEP Innovation Centre. CommAgility, a leading technology developer for the latest 4G and 5G mobile communications, won the Excellence in Science and Technology Award.
Professor Steve Rothberg, Loughborough University Pro Vice-Chancellor for Enterprise, said: “These are well-deserved accolades for CommAgility and Segura, and many congratulations to them”.
Leicester Businesses Lead Economic Growth
Last year, the Royal Bank of Scotland (RBS) Regional Growth Tracker report found that Leicestershire was among the fastest-growing economies in England, with the East Midlands being the UK’s fastest-growing region in 2014.
George Cowcher, chief executive of Leicestershire Chamber of Commerce, said: “The fact the county has fared so well is testament to the strength of the businesses we have here in Leicestershire.
“The economy here is well-balanced, with a good mix of global manufacturing brands, smaller but no less innovative SMEs and a strong service sector which has helped not just the East Midlands, but the UK as a whole, come out of recession and well into recovery.”
Promoting Supply Chain Compliance
In order for businesses to flourish, both in the UK and on a global stage, it must be possible to tackle the challenges of managing, controlling and generating efficiency in supply chains. Over the last four years, we have developed Segura’s unique cloud-based platform to address this issue, and demonstrated its abilities on a global scale.
Segura makes it possible to source responsibly, efficiently and ethically in complex supply chains. Orders are placed online within a pre-approved framework of suppliers, which provides a comprehensive audit trail detailing each and every link in the supply chain. Our software also has full EDI capabilities, enabling it to link with existing customer platforms to deliver real-time integration and reporting.
As a result, any missing links in the supply chain are immediately flagged up. This makes it possible for customers to see exactly where any unauthorised sourcing or subcontracting is occurring, and enables them to become more ethical, responsible and profitable in the process.
By turning their attention to supply chain compliance companies can reduce the risk of reputational damage, improve the quality of their services or products and increase their efficiency and profits. Perhaps they can even win an award for their efforts.
