Is Your Data Complete?

A recent article by Bill McBeath of ChainLink Research stresses the importance of spend analysis in all industries, including logistics.

According to McBeath, "What a company can accomplish in their spend analysis efforts is constrained by the quality and completeness of the data available to them. A spend project can uncover data shortcomings that were previously swept under the rug. As a result, the spend analysis effort may have dual tracks: A) implement what you can with what is available, B) work with stakeholders and data owners on initiatives to improve the quality and completeness of source data."

At BridgeNet Solutions, we couldn't agree more. Too often, supply chain visibility technology providers claim to provide total visibility and complete data, and then don't deliver. They provide what they think their customers need instead of working with them to create custom data solutions that actually meet their needs. It's an easy mistake for providers to make, particularly if their software, Web-based dashboard, or other technology solution isn't robust enough to adapt to companies of vastly different types and sizes. In an effort to draw focus away from what they can't do, they focus only on what they can do, and as a result, the customer either winds up with incomplete data or data that doesn't focus on what's really important to their company.

It is critical to work with a provider that is committed to analyzing your company's unique characteristics. Your provider should assess (or enable you to assess) your company's ability to reduce spend by taking your company's unique characteristics, benchmarking them against the data of like companies, and then determining best practices.

Adaptable reporting capabilities are important, too. You should be able to run line item detail reports, audited revenue recovery reports, and other reports pertaining to your logistics networks with just a few clicks of a button.

Our advice? Call us at 312-492-7500 and ask to speak to a sales representative right now. When you work with a partner that can ensure data completeness through its ability to gain a full understanding of your company, you will limit spend not just in certain areas, but in all areas of your logistics network.