Supply-chain disruption from the pandemic has created new challenges for shippers, requiring an all-hands-on-deck approach to finding innovative solutions. For companies experiencing temporary setbacks due to operational restrictions, digitalization – the process of undergoing a successful digital transformation of systems and processes – is a critical strategy toward recovery and sustaining a competitive advantage beyond the current crisis.
These are the key technology elements to a successful digitalization strategy:
A strong data foundation
When looking to further their digitalization efforts, most companies immediately jump into implementing advanced technologies without understanding their operation’s data maturity level. If you don't understand what data you have, where it is being sourced from, and how accurate it is, you cannot be successful in your digitalization efforts.
You need a solid data foundation, which starts with identifying the single source of truth for particular data sets, before you can apply tools like predictive and prescriptive analytics. Without a holistic view of your data’s quality and accuracy, your digitalization strategy will struggle to succeed and best utilize artificial intelligence (AI), machine learning (ML), advanced analytics, and interconnected IoT applications. There are many data governance frameworks, and to choose the right one for your organization, you need to identify and understand what systems are critical, what data is available, and who is inputting your data. Kenco’s engineered approach to each company’s specific situation can help you identify these pain points for your business.
Predictive and prescriptive analytics have seen a massive uptick in demand due to the uncertainties and lack of visibility across global supply chains impacted by COVID-19. Shippers want to see not only what they are currently dealing with to effectively respond to disruptions in real time, but also have insights into what is likely to occur weeks, even months, in the future.
Implementing models powered with AI and ML technologies can take current events, various public data, as well as internal data, and play out scenarios of what will happen now, and in the future, helping you make the right decisions to succeed. Having a partner with a proven history of innovation like Kenco and utilizing our proprietary DaVinci AI advanced analytics solution can help you quickly and strategically infuse your operation with the technologies necessary to handle disruptions successfully and compete in the rapidly evolving marketplace.
Having advanced data systems and analytics can return less than optimal results if they are not supported and interconnected throughout your operation and stored in the cloud. The push to move to the cloud in recent years has made current supply-chain challenges less disruptive for those who have adopted the strategy.
Cloud based technology is not dependent on specific geographical locations or certain people – it allows a widely distributed network which is crucial given almost total adoption of remote working conditions and the need for supply chain sustainability and resiliency amidst the crisis. Kenco’s platforms enable seamless systems integration to your current technology stack, immediately enhancing your operation’s visibility and interconnectivity.
Shippers, logistics companies and supply-chain players are not just considering digitalization and supply-chain technology investments these days but are actively pursuing them given the current crisis. If you are not well down the path of your digital transformation journey, you are already far behind the competition. To learn more about your company’s current level of digitalization and how a partner like Kenco can enhance your level of innovation to succeed in today’s climate, click here.