Data analysis is the process of evaluating and examining each component of the data provided using analytical and logical reasoning. It is essential to growth and development in the supply chain industry because it allows your business to make better use of its resources and enhance productivity. At GEODIS, two of our main goals and values are to build trust with our clients and to always deliver a perfect service. By analyzing and providing accurate data, we are able to reach these goals and develop exceptional relationships with our customers.
When using data analytics as a tool for your business, it is essential to collect and provide accurate information. False data will warrant distrust for your company and hinder customer relationships. When accurate data is provided, however, it can be an extremely beneficial tool. Data analytics can be used in your supply chain invoicing, labor productivity, and Key Performance Indicators (KPIs). This data provides an accurate view of which factors are performing above, below, or right at expectation. Having a clear and honest flow of communication is essential for business growth, so honesty with your customer should always be the priority.
Aside from creating transparency with customers, data analytics is also beneficial for growth and efficiency within your company. For example, data analysis is necessary for invoicing purposes because it allows your company to easily document the work it is completing. This is crucial in any transaction-based contract your company has with a customer because you want to ensure you are being paid for the services you provide. Additionally, data analysis will help improve labor productivity. An array of time studies can be performed to discover exactly how long a transaction will take as well as how many employees will be needed to complete such transaction. The more individual segments of data collected, the more accurate the information will be. Furthermore, data analysis allows your company to evaluate any Key Performance Indicators. KPIs monitor financial performance, evaluate efficiency, and measure other various business objectives. They are made possible by data analytics and are a great way to showcase your company’s skills and efficiency.
For the areas of your business that continue to perform above expectation, it is important to never become complacent. Continue to understand your company’s data and work to keep those areas at peak performance. In respect to the areas performing at or below expectation, data analytics will help you to understand what can be improved, so use these methods to develop a strategy for constant advancement and to increase efficiency and success.