The strategic use of supply chain information is a key driver of competitive advantage in the Digital-First World. Once a company’s B2B processes are automated and transactions are flowing, visibility into those transactions can fuel better strategic and tactical decision-making across the entire business network. Insights from analytics allow trading partners to speed their decision-making, rapidly respond to changing customer and market demands, and optimize their business processes.
Our mission at OpenText is to enable our customers to prepare for and thrive in the digital future. Analytic capabilities will play a key role. As I’ve said in previous posts, analytic technologies represent the next frontier in extracting value from enterprise information. For this reason, we are infusing new analytic capabilities into all our core solutions.
We recently added new analytic capabilities to the OpenText Trading Grid to help our customers easily access insights for improving their supply chains’ effectiveness. The OpenText Trading Grid is powered by the OpenText Cloud and is the world’s leading B2B integration network, processing more than 16 billion transactions per year, integrating 600,000 trading partners for more than 60,000 customers around the globe.
The solution boasts easy-to-use dashboards which depict and summarize data trends and compare them to key performance indicators (KPIs) for the business. They allow companies to evaluate the performance of suppliers or the behavior of customers and use this information to improve processes and relationships. On a more granular level, ‘track and trace’ data highlights exception information about a specific order, shipment, or invoice. By taking prompt corrective action, companies can remedy a situation before process performance degrades or costs accumulate.
There are many, many scenarios in which analytic insights bring incredible benefit to the supply chain. Armed with information about the physical location of products or shipments, companies are able to plan operations with greater efficiency, reduce the number of items lost in transit, and fulfill orders with greater accuracy. They can replenish products as shortages are detected. When it comes to process automation, information about the performance of equipment is used to track degradation, order replacement parts, and schedule service before failure occurs.
Today, the digital supply chain is an information supply chain that coordinates the flow of goods, communications, and commerce internally and externally across an extended ecosystem of business partners. It seamlessly integrates data from supply chain processes and smart equipment, and tracks intelligent products, parts, and shipments tagged with sensors. Within a few short years it will expand to integrate data from the Internet of Things (IoT). Data will flow online from myriad devices, including wearable technologies, 3-D printers, and logistics drones.
It is expected that we will see a thirty-fold increase in web-enabled physical devices by the year 2020. All of these devices producing volumes of data will create a network rich with information and insights. This is the future. A future in which analytics bring incredible value and competitive advantage to the supply chain. And we are only just beginning to envision it.
To learn more about OpenText Trading Grid Analytics, visit our website.