BCN Podcast: Harnessing Supply Chain Analytics

For sectors like wholesale and distribution, leveraging data effectively can vastly improve operational efficiency and reduce costs. In our latest podcast episode, Fraser Dear, our Head of Data and AI Innovation, and Andy Langthorne, Data Sales Specialist at BCN unpack how employing data analytics can drive substantial improvements in the supply chain.

One of the key takeaways from the conversation is the importance of understanding the variety of data types that businesses typically handle. Whether it’s sales figures, inventory levels, or supplier data, each aspect plays a crucial role in forming a holistic view of operational efficiency. Fraser emphasises that analytics provides a pathway for organisations to transition from looking backwards at past performance to projecting forward into the future. This shift from retrospective analysis to predictive insights allows companies to make more informed decisions that align with forecasted trends rather than relying on outdated information.

Andy highlights several practical applications of analytics in the wholesale and distribution sector, noting the need for businesses to start their data journey strategically. Many organisations are overwhelmed by the sheer volume of data they manage, leading to analysis paralysis. To overcome this, he suggests businesses should identify critical use cases where analytics can provide immediate and measurable value. For instance, automating report generation, which not only saves valuable time but ensures accuracy, creating a single source of truth within the organisation.

Building on the idea of actionable insights, the team discuss how businesses can optimise inventory levels for peak efficiency. Businesses often fall into the trap of static inventory practices based on arbitrary numbers rather than dynamic assessments that consider customer demand forecasts. Fraser talks about how predictive analytics can significantly enhance safety stock assessments. This shift to data-driven safety stock levels can minimise excess inventory costs while ensuring product availability, ultimately improving cash flow.

The discussion also touches on how critical it is for businesses to choose the right data platform to support their analytics needs. Andy and Fraser noted that many businesses stumble at this stage; selecting the wrong platform can lead to greater challenges down the line. Organisations must ensure that their data storage solutions accommodate expansions, especially when integrating multiple data streams necessary for effective forecasting.

As a leading Microsoft partner, BCN offers various resources, including free data assessments, to guide organisations in the wholesale and distribution sectors through their data transformation journeys. These assessments help identify quick wins that deliver valuable insights, enabling businesses to harness their data more effectively.

For any business in the wholesale and distribution sector looking to get started on a data-driven journey or seeking a better handle on their existing data practices, the insights shared in this discussion are invaluable. By listening closely to the challenges and strategies shared by Fraser and Andy, companies can set themselves up for success, driving efficiency and improving their decision-making capabilities through analytical insights.