Interactive data visualization refers to the use of graphical representations of data in an interactive format, which allows you to explore data dynamically, drill down into details, and customize views based on your specific needs. In supply chain management, it can help you optimize your workflow, automate processes, enhance customer experience, gain deeper insights, and make real-time decisions.
Some interesting figures: According to Deloitte, 79 percent of businesses with superior supply chain capabilities achieve revenue growth that is significantly above average, 69 percent of supply chain leaders have an EBIT margin that is significantly above average, 75 percent of leaders utilize optimization software, and 67 percent use visualization software.
A solution related to supply chain optimization with the help of interactive data visualization suggests itself. In this article, you’ll learn our data visualization practices for optimizing your supply chain.
Supply chain visualization is about resolving urgent issues in practice, including, but not limited to:
Let’s see how interactive data visualization can go through the challenges that arise in supply chain management with a hierarchy breakdown.
Strategic Management:
Tactical Management:
Operational Management:
Execution Management:
To pull this off, it is required to have an appropriate tool, unless you have any. So, it is time to move on to the next important thing.
Having the right data visualization and chain management tool is crucial for the efficient and effective management and optimization of your supply chain operations. The search process involves evaluating key factors to ensure the chosen tool aligns with your business needs and goals, which include integration capabilities, data visualization features, user-friendly interface, scalability, cloud-based option, etc.
We have prepared for you a tool selection with a perfect combination of capabilities and features to do simple and intuitive visualizations, which is especially helpful for supply chain management purposes. So, if you are still looking for a valuable tool, you can consider the following supply chain data visualization tools:
If you already have your tool, you might think of optimizing its performance so that the reports and visualizations open and run quickly and smoothly. In case of any questions to that end, do not hesitate to ask them since we specialize in data integration, preparation, visualization, and tool performance optimization as part of our BI & analytics service.
Once the data visualization tool has been chosen, you can proceed with creating a user-friendly dashboard. This step will open the doors for you into the performance and dynamics of your supply chain. Correctly set dashboards provide a clear vision of key metrics, trends, and KPIs, which facilitates stakeholders to make informed decisions quickly.
Before designing your customized dashboard, it is important to determine the most critical Key Performance Indicators (KPIs) for your supply chain to include in your visualization the following performance metrics: inventory turnover rate, order fulfilment metrics, production, delivery performance, supplier reliability, lead times, transportation values, customer service metrics, etc. Then, you are supposed to define the objectives and goals you aim to achieve with your dashboard.
The next move shall be preparing, cleaning data, and integrating relevant data sources into the dashboard for further visualization. Once done, you are ready to design a visualization that illustrates any detail in your workflow, in particular, the flow of goods from procurement to production and distribution.
You can use flowcharts, trend charts, process maps, or timelines, using colors, filters, and highlighting key information, so that each stage of your supply chain management becomes visible. It could be even interactive scorecards for supplier performance.
The ability to proactively identify and resolve issues is available thanks to supply chain monitoring. Interactive dashboards can point out potential bottlenecks, delays, or inefficiencies, allowing supply chain managers to take corrective actions before problems escalate.
End-to-end supply chain process visualization gives a holistic view, eliminating the lack of workflow visibility, and ensuring that every stage of the supply chain is transparent and accessible. Moreover, supply chain monitoring ensures that the data used for forecasting is up-to-date and reliable.
The final step shall be diving into analytics and translating insights derived from interactive data visualizations into actionable strategies. With visual elements and analysis, you are going to find weak spots in your supply chain and gaps in the market. By harnessing the power of analytics, you will be able to make all links in your supply chain work as a single mechanism, turning it into informed decisions, strategic planning, and continuous improvement, facilitating better collaboration between supply chain participants.
Thus, supply chain analytics and visualization are an ideal mix to get the best from your supply chain data. You can also read more about how revenue can be gained through analytics in our previous article.
To sum up, it should be mentioned that supply chain optimization is a crucial aspect of any successful business. In today’s fast-paced and competitive market, companies need to constantly evaluate and improve their supply chain processes to stay ahead of the game. Interactive data visualization is a powerful tool that can greatly benefit supply chain optimization efforts. By utilizing data visualization techniques, you can easily:
It’s just a fact that visual representations of data are often more easily comprehensible than raw data. Better coordination, synchronization of activities, and an efficient and responsive supply chain are more than achievable. Overcoming complexities in supply chain management, levelling up demand forecasting, avoiding disruptions in the supply chain, and driving long-term success are real with the right visualization type for data and analytics. You are always welcome to bring it to reality with us. See you soon!
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