Supply chain data analytics can be incredibly useful when it comes to planning, forecasting, and tracking the financial health of your business, but it’s important to choose the right provider, or you could find yourself wasting time and money with little to show for it at the end of the day. To help you find the right solution, here are tips for hiring the best supply chain data analytics solution:
1. Use a Cost-Based Scoring Model
The right analytics solution is worth every penny, but it’s important to keep costs in mind. While the ideal provider is one who knows your industry and can provide you with results that are tailored to your specific set of needs, there’s no need to pay top dollar if you don’t need to.
2. Find a Company With Custom Capabilities
If you need to be able to drill down into certain statistics, you’ll want to find a company that has the capabilities you require. If they can’t keep up with your needs, they won’t be able to help you get what you need out of your data.
3. Be Wary of Industry-Specific Solutions
Sometimes, the right solution may be geared towards a specific industry, and you won’t need all of its capabilities. Keep this in mind if you’re evaluating a company that specializes in supply chain analytics, but you aren’t sure that they could apply their expertise to your industry.
4. Look for the Right Level of Support
If a company is going to be providing you with an analytics solution, it’s important to find out how much help they plan on offering and what level of support will be provided. This can help you determine how much training if any, you need to provide to your employees, as well as how much of the work will fall on your team versus the analytics provider.
5. Avoid “Task-Oriented” Providers
It’s helpful if a provider can focus on your specific set of needs, but there’s a difference between focusing on what you want and just trying to tick off a list of tasks that they think would be useful for your business. Make sure the provider is focused on what will be useful for you and not just throwing together a bunch of features that don’t suit your needs.
6. Look for a Combination of Tools
If you’re working with a provider, you’ll need to look at more than just one type of analytics. For example, suppose you have a lot of data on the sales side of your business. In that case, it might be a good idea to pair that with search engine optimization tools that can help your sales and marketing departments by optimizing the placement of your website in search engines.
7. Check Out Reviews
When you’re looking into analytics solutions, make sure to check out reviews on sites like Gartner, CIO, and TechTarget. This can give you an idea of whether or not the provider is worth your time.
There’s no one right way to analyze supply chain data. It’s important to note that an analytics solution isn’t going to tell you what you need to do, but it can definitely help you figure out what your needs are and provide clear guidance when it comes to your next moves.