4 Reasons Cloud Data Management Matters For The Electronics Industry
Cloud data management reflects the organization’s use of software applications, networking infrastructure, and company policy to provide accurate, consistent and transparent data as required throughout the organization. This is especially important within the electronic industry, as pricing data, inventory, and orders are built, updated, and transmitted on a daily basis.
Without a governing data transfer solution or data management strategy, a company must rely on uncoordinated data gathering and reporting by various departments and teams. This can lead to data discrepancies and inconsistencies, which in turn can give rise to miscommunications and conflicts within the organization.
A clear, stringent EDM is imperative to harness the power of data analytics in the cloud. Using the cloud benefits and streamlines data management by centralizing data, providing for remote access and increased data transparency between departments and teams within the organization.
An organization that does not have a strategy for managing data stored in the cloud may find itself unable to take full advantage of these benefits.
A cloud EDM system is especially important in the electronics manufacturingindustry for organizational competitiveness because it helps provide and maintain:
1) Centralized data
Data can be collected across different departments, facilities and locations and stored in a centralized location; giving employees access to accurate, updated, organization-wide information.
Without a cloud data management system, data will be gathered, recorded, stored and accessed differently by different parts of the organization, and data from one area may be formatted incorrectly, rendering it inaccessible or unusable by other departments making vital business decisions. If you can’t use accurate data to make strategic decisions, you could end up paying more than market price for parts or lost competitive business.
2) Closed-Loop Reporting and IoT
Information that is stored on the cloud can be gathered from remote locations by employees using a mobile device, or by devices themselves, in an Internet of Things (IoT) network. Data can be gathered easily and delivered automatically to a central location, and can then be used for analytical applications to improve business operations at many different levels.
3) Data Analytics
Aggregating data throughout the organization into a structured, usable system means that data can be pulled from many different sites, departments, and devices and analyzed as a whole.
With a structured EDM strategy, data gathered from all over the organization can be used for data analytics programs, helping the organization refine strategic decisions, manage financial risk, and ensure compliance with regulatory and audit requirements. What’s more, structured and homogenous data can be used for predictive analytics, helping the company with forecasting to improve future operations as well.
4) Forecasting
With an effective cloud data management system, performance can be monitored in real time, and predictive analytics can be employed for accurate forecasting and planning. Predictive data analytics has proven effective in improving operations and supply chain, detecting fraud, and creating effective marketing programs.
Applying EDM in the cloud has benefits that can have a transformative effect on the organization as a whole, but particularly on the supply chain. Data transparency is required for procurement leaders to have an end-to-end view of the supply chain, allowing them to spot opportunities for improvements and efficiencies throughout.
Using centralized data, the supply chain can be optimized to the best price points; using data analytics and predictive forecasting, the supply chain can be efficient and prepared for changes in the business environment.
Why do EDM systems matter?
A company without a cohesive data management program will find itself unable to take advantage of the transformative effects of applied data analytics, and will be at a competitive disadvantage to other businesses that do.
Creating and applying a cloud EDM strategy takes time, but in the end, the organizations that invest in proper data management will not only provide themselves with every advantage for success, they will also build trust throughout the company on reliable, consistent and transparent data access, reducing or eliminating miscommunication and conflicts that can arise based on inaccurate information.
The Orbweaver platform allows component manufacturers, contract manufacturers, and distributors across the electronic industry access to transparent pricing data, inventory, and orders in regards to their cloud data management strategy.
To learn more about Orbweaver’s data transfer and management solutions, request a free consultation with Orbweaver today.
