If you're not measuring the results of your enterprise, you can't declare victory or defeat. And yet, investing time and resources into performance management is often too low on a company's list of priorities.
Analytics are especially important to have in place before a major upgrade or implementation of a new technology, like a warehouse management system (WMS), as well as prior to changes in processes. How else can you maximize your investment and really know whether the system has improved your operations or helped you reach your goal? How would you be able to test the concepts behind certain workflows? Only by tracking your operations can you know where you're going and how quickly you'll get there.
Whatever your industry, key performance indicators (KPIs) can help you make the best short-term and long-term decisions for your business. But that's easier said than done. In fact, according to supply chain industry analytics, challenges with implementing metrics are often the result of not having a clear understanding of what to measure.
In addition to uncertainty around what to measure now, we find that many companies are very aware that certain metrics will likely change in the future. In other words, being prepared for what comes next is just as important as knowing what's happening today – and will also help you maximize the cost and use of your analytics technology.
Discussed in this article are benefits of Using Analytics for your Supply Chain Including:
- Increasing Efficiency: Pinpoint stumbling blocks and how to remove them.
- Maximizing Labor Resources: Track productivity and compare your teams.
- Quickly Identify Errors: Fix little problems before they become big ones.
- Meeting Customer Demands: Know where you can make adjustments that keep costs in line while meeting customer expectations for speed and accuracy.
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