Benefits of supply chain mapping with Big Data
Supply chain mapping with Big Data is the process of identifying all companies and suppliers in order to analyze and improve the operations that are part of every material, process and delivery involved in the commercialization of products and services.
What is supply chain mapping?
Supply chain mapping is the process of documenting information on all companies, suppliers and individuals involved in your company’s logistics in order to create a global map of your supply network to identify opportunities and mitigate risks.
It also provides the basis for creating a risk management, due diligence and responsible sourcing program in your supply chain, bringing numerous benefits that go far beyond providing visibility and meeting legal requirements.
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Why is supply chain mapping important?
Supply chain mapping allows you to put strategies in place to react quickly when there are problems and develop a deeper understanding of surrounding costs, timelines and risks, helping you gain an advantage over competitors who lack this important knowledge. This helps to learn more about how products or services are produced, where and by whom.
Thanks to Big Data and location analytics techniques, it’ s possible to map every piece of the supply chain and identify when and where a problem occurs.
Also read: “Supply Chain analytics: From data to outcomes“
Top benefits of supply chain mapping with big data
- Identify where value is being added or lost and strengthen the chain by helping to better understand its place in the business ecosystem, including its expectations and objectives.
- Streamline and accelerate processes by analyzing the connections between entities in your supply chain.
- Discover the elements that most affect revenue.
- Create transparency and visibility into the supply chain.
- Identify and understand the risks inherent in the supply chain and protect operations.
- Make informed business decisions and prevent risks.
- Take action to remediate problems and protect workers.
- Comply with legislation.
- Know where suppliers are located by working with the purchasing department and using existing supplier lists.
- Integrates information about your suppliers from different sources using a spreadsheet or data platform.
- Conducts an initial risk assessment to help you prioritize where to focus next.
- Use a variety of tools to research your suppliers.
- Gathers information about what is happening in suppliers’ workplaces and investigate the risks inherent in the countries and industries in which they operate.
At PREDIK Data-Driven we automate large amounts of data to help organizations improve forecasting, identify inefficiencies, better respond to their supply chain needs, driving forward innovation.