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Data Trading as a Catalyst for Digital Supply Chain Transformation

May 8, 2019
Categories: CREATe Experts, Global Supply Chains, Supply Chain

Companies slow to transforming to a digital supply chain are at risk of losing competitive advantage and an ability to get closer to customers, reduce risks and optimize performance. A digital supply chain (DSC) – defined as a customer-centric platform model that captures and maximizes utilization of real time data coming from a variety of sources – enables demand simulation, matching, sensing and management.

Yet research from the Digital Supply Chain Institute shows that 49 percent of senior supply chain executives are frustrated with the slow pace of their supply chain transformation, citing organizational management issues and an inability to get data from customers and suppliers as major hurdles. For those seeking to speed-up transformation, the Digital Supply Chain Institute offers an action plan: The Supply Chain Catalyst Program. It addresses four distinct, but interrelated areas: Demand, People, Technology, and Risk; and blends proven change management methods with a new data trading framework designed to accelerate the process.

The change management component of the Catalyst Program is modeled after the Agile approach system development, which is effective in breaking down silos to address larger challenges within an organization. The Catalyst Program delivers rapid, short-term results by splitting a larger goal into discrete, achievable tasks. A Catalyst Project Team, which is comprised of five to nine individuals from various functions within the business, sprints through the five phases of the Program to accomplish goals in 16 weeks.

With each Catalyst Project, companies can obtain and integrate the valuable data from new sources. The DSCI Data Trading Framework is designed to help companies optimize the value of their data by providing a method to assign value to their data and use it strategically. Obtaining the right data from both internal and external sources is critical to unlocking the power of any artificial intelligence and machine learning technology being used to gain or sustain a competitive advantage.

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