In a previous post, we discussed how technology’s rate of adoption is getting increasingly shorter, and faster. For those companies remaining stagnant in legacy systems, the hustle needed to catch up to those businesses that have adopted innovative solutions more quickly becomes insurmountable. It also reveals several operational pain points. Focusing on business adoption enables organizations to leverage new technologies that optimize existing processes, uncover new revenue opportunities, and create better customer engagement.
Much like the acceleration of everything, data is accelerating too. As industries grow and more products are created, companies will have more data. For every component being retired each year, two more will be introduced, and this data will need to be transitioned to account for usability and product history traceability.
Furthermore, where procurement negotiations once used to take months to prepare and decipher supplier quality and dependability, now can be gleaned in a day. Given that things are moving faster, supply chain companies are in a race to ensure business processes allow for more efficiency in less time. With many supply chains still working on legacy systems, they need to act and get onto digital platforms that keep them on the curve with real-time updates and insights.
Oftentimes, large industrial companies going through acquisitions are still operating on numerous ERPs with different part numbering systems and tools siloed across multiple factories. These systems don’t talk to each other, resulting in real challenges to aggregate the data, leaving duplicates and a lack of concatenation across sourcing, pricing and security data of supply.
Any company that has a system to help track, clean and organize data will get the customers. That’s why Lytica is using this acceleration of data to help customers leverage their bargaining power to benchmark and compare their performance against a statistically derived set of customers that represent the marketplace.
We want to empower customers to move faster by simplifying the job of de-risking, cleansing and organizing their data to figure out what a fair price is and increase bargaining power. Companies need to adopt digital platforms like SupplyLens™ Pro to stay on top of market conditions and make better strategic and tactical decisions. SupplyLens™ Pro is the world’s only real market pricing platform, enabling unprecedented levels of cost reduction and risk intelligence for the world’s leading electronics companies.
The companies that are winning today aren’t using the same systems and processes that their predecessors did 10 years ago. Each new generation of technology will stand on the shoulders of those that came before—enabling the next generation of even better technological improvements.
The supply chain of the future will be benefiting from digital transformation and technology as the flow of data across the value chain delivers powerful insights for faster decision-making. Organizations will leverage spend analytics tools to increase visibility of where, how and when they spend. That consolidation on spend will transform buying and negotiating power to help drive value and future-proof supply chain resiliency.
Lytica’s SupplyLens™ Pro platform was built to equip customers with the data and analysis they need to build better and stronger supply chains through an industry-first database of real-world prices paid by real customers for millions of electronic components. To learn how your company or your client can reach significant levels of cost reduction and risk intelligence, schedule a demo with the Lytica team today. You may also click here to read our full report on the Acceleration of Everything.