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Why The Supply Chain Is A CIO Problem
Edit Story
Innovation
HOW TO ACCELERATE SUPPLY CHAIN DIGITALIZATION AND RESILIENCE WITH BETTER TRUST
IN DATA
Florent Bouguin
Forbes Councils Member
Forbes Technology Council
COUNCIL POST
Expertise from Forbes Councils members, operated under license. Opinions
expressed are those of the author.
| Membership (fee-based)
Oct 19, 2022,10:15am EDT|
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Florent Bouguin, Chief Technology Officer at Optel Group.
getty
Digitalizing supply chains has become a new imperative for 2022 and beyond—not
just for supply chain resilience but also for business growth. McKinsey analysts
highlighted that companies that digitalize their supply chains could increase
their annual growth earnings by 3.2% and annual revenue growth by 2.3%.
However, many companies are still on the fence when it comes to adopting
technologies to boost their supply chains’ operational performance. A recent
report by Gartner shows that about 50% of major global companies will invest in
technologies to improve supply chain visibility. That means the other 50% and
smaller businesses won’t proceed with any impactful supply chain digitalization
in the near future. Furthermore, the report indicates that through 2023, less
than 5% of companies will actually deploy supply chain control towers—despite an
uptick in demand for these types of solutions.
Why? McKinsey analysts point to rampant issues, including management choices as
well as technology gaps that don’t fully transform supply chains to achieve the
KPIs companies aim for. Other industry experts from the MIT Sloan Management
Review (paywall) point to a lack of trust between business leaders and IT
departments for the slow progress toward digital transformation.
But there’s another insidious factor that’s delaying many companies from
digitalizing their supply chains: the lack of trust in supply chain data and
questions regarding the true value of that data. Studies abound about the
barriers to rapid and successful digital transformation. Most point to issues
with data, among others, as being at the heart of the lag. MIT Technology Review
says that organizations need to develop strategies to answer critical data trust
questions, such as:
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• Do you trust your company’s data?
• Do you trust the data from your supply chain stakeholders?
• Do supply chain stakeholders trust your data?
IT departments and digital transformation teams are facing a constant barrage of
queries about their companies’ data health—the volume, accuracy, relevance and
timeliness of supply chain data—and the technologies utilized in capturing,
processing and managing it.
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Even more glaring is that 78% of executives surveyed by Talend say that they
have challenges using data even if they have access to it. Stakeholders
throughout supply chains, whether the manufacturers themselves, suppliers,
distributors, carriers, retailers, end-of-life processors or others, are
grappling with a sheer glut of siloed data and difficulties in understanding the
actual “nuts and bolts” of each other’s business realities.
Trusting supply chain data requires a multipronged approach to ensure that the
data is reliable and valuable to guide managers in realigning their digital
transformation “north star.”
Access To The Right Data
Confidence in supply chain data starts with confidence in its precision and
recency. This is the foundation for tackling market volatility through
predictive analytics and agile management of inventory. Data accuracy also
contributes to overcoming compliance concerns with regulatory bodies and ESG
reporting. Keep in mind that accuracy is an ill-fitting measure if your data is
imbalanced in terms of volume.
Technologies That Can Detect Anomalies
Due to disparate data located throughout multiple systems that don’t “talk” to
each other, it can be time-consuming—or even futile—to identify data anomalies
and deviations. Fast anomaly detection upstream is paramount to help prevent
costly problems later on.
Scientific Credibility
The credibility of data science, like algorithmic sources and results,
undoubtedly evokes trust. Have a supply chain control tower’s data-mining and
analysis algorithms been thoroughly vetted by an impartial third party? Are they
consistently audited, so they aren’t trained on inaccurate, biased or incomplete
data? Supply chain platforms should be assessed for their data collection
methodologies.
Advanced Cybersecurity Frameworks
Cybersecurity protocols may seem like a no-brainer, but not all supply chain
technologies are created equal to thwart data breaches, thefts or tampering. How
can anyone make a viable decision if they’re basing it on faulty data or no data
at all? The financial and legal implications of cyber vulnerabilities can be
staved with the help of a robust risk assessment of the supply chain solutions
being considered, along with ongoing employee and stakeholder awareness
initiatives.
Building trust of supply chain data resides in ensuring the quality, provenance
and governance of vital information to assuage the fears of any stakeholder in
the ecosystem. Supply chains with advanced technology standards and
methodologies can foster more trust and incite organizations to share
information more fluidly. This way, companies can build resilient supply chains
capable of sustained responses to predictable and unpredictable curveballs that
erratic markets throw their way.
--------------------------------------------------------------------------------
Forbes Technology Council is an invitation-only community for world-class CIOs,
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Follow me on LinkedIn. Check out my website.
Florent Bouguin
Florent Bouguin, Chief Technology Officer at Optel Group. Read Florent Bouguin's
full executive profile here.
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