Vince Poon, CEO of Aratum, focuses on achieving supply chain digital transformation for enterprises and governments across Asia. With supply chains becoming more global and complex, the use of data- and AI-powered technologies is essential for managing the numerous moving pieces. While technology can provide valuable insights and enhance decision-making processes, human critical thinking, problem-solving, and innovation remain crucial for overall success.
Many companies face challenges in collecting, analyzing, and utilizing the vast amounts of data generated by their supply chains. SMEs may have more agility but lack the capital for robust technologies, while larger enterprises have larger budgets but encounter implementation obstacles. The type of data used in supply chain management varies across industries, with different priorities such as accelerating product journeys for fast fashion brands or mitigating supply shortages for healthcare organizations.
A McKinsey survey in 2023 revealed that 53% of supply chain leaders rated the quality of their data as “sufficient” or “high,” with those with high-quality data experiencing fewer challenges from supply chain impacts. The importance of investing in digital supply chain technologies is recognized by many companies, with 90% having made investments the previous year, and 80% planning to make additional investments in the future.
To harness the power of quality data, companies should invest in robust data and analytics tools to support sustainable growth and gain a competitive edge. Prioritizing real-time data, reevaluating the ROI of technology, starting small and testing new technologies, understanding business needs, and thinking long-term are essential strategies for success. By focusing on continuous improvement and adapting to industry trends, organizations can innovate and stay ahead in the short and long term.
The Forbes Business Council is a prominent organization for business owners and leaders focused on growth and networking opportunities. As companies continue to navigate the complexities of supply chain management, the adoption of data-driven technologies and best practices can provide valuable insights, streamline operations, and drive success in an increasingly competitive global marketplace. Vince Poon’s expertise in helping organizations achieve digital transformation underscores the importance of leveraging technology to enhance supply chain performance and overall business success.
