Vince Poon, the CEO of Aratum, is working with enterprises and governments across Asia to achieve supply chain digital transformation. In today’s global, interconnected, and complex supply chains, managing the various moving pieces has become increasingly difficult without the help of data- and AI-powered technologies. While technology can provide valuable insights to help teams make decisions and tackle challenges more effectively, critical thinking, problem-solving, and innovation are still human functions that cannot be replaced by technology.
Supply chains generate vast amounts of data from multiple sources, but many companies struggle to collect, digest, and analyze this data efficiently. SMEs may have more agility to make real-time adjustments but lack the capital to invest in robust technologies, while larger enterprises face implementation obstacles due to the complexity and scale of their operations. The type of data used in supply chain management varies across industries, with companies prioritizing different aspects such as accelerating the product journey or mitigating the risks of supply shortages.
A McKinsey survey found that 53% of supply chain leaders categorized the quality of their supply chain data as “sufficient” or “high,” with high-quality data resulting in fewer challenges from supply chain impacts. Recognizing the importance of technology in improving supply chain management, 90% of respondents in various industries invested in digital supply chain tech the previous year, and 80% planned additional investments in the following year and beyond. Investing in robust data and analytics tools can support sustainable growth and give companies a competitive edge as they scale.
To harness the power of quality data, companies should prioritize real-time data, rethink the ROI of technology, start small and test new technologies before implementation on a larger scale, ensure a clear understanding of both business needs and technology solutions, and think of the long term when considering technology investments. By focusing on continuous improvement within the supply chain, organizations can adapt, innovate, and stay ahead of the curve in both the short and long term. The right tools will enable companies to automate tasks, freeing up time for employees to focus on critical thinking, problem-solving, and innovation.
Forbes Business Council, the foremost growth and networking organization for business owners and leaders, provides valuable insights and resources for companies looking to optimize their supply chain management through the use of data and analytics technologies. By leveraging these tools effectively, companies can improve efficiency, reduce costs, and stay ahead of the competition in today’s fast-paced and complex supply chain landscape. Vince Poon and Aratum are at the forefront of driving digital transformation in supply chains across Asia, helping businesses adapt to the demands of the modern global marketplace.
