Tracking complicated supply and demand for thousands of parts and pieces is a complex task, requiring the management and tracking of changes in supplier price books and availability feeds, POs, invoices, and expedites, and the status of RFP/RFQs throughout the completion process.
Ideally, moving data in the supply chain would not take valuable time and resources away from business objectives. However, managing the sheer amount of data for electronics component supply and demand can be difficult for even the most skilled workers and requires a strategic data management strategy to stay efficient and competitive.
Without a data management strategy, an enterprise is dependent on complex, multi-source data streams and devotes time and resources to pull this data together to create a complete picture. This situation can be problematic, leading to discrepancies, confusion, and a lack of the data required to make the best decisions for your supply chain. Instead of looking forward, an organization without a comprehensive data management strategy will find itself forever playing catch up and losing out on new business opportunities.
A comprehensive data management strategy for electronics manufacturing includes:
1. Centralized Data: Centralized data is of prime importance for managing data complexity for the procurement cycle. Data security becomes easier to manage, as user touch points and access can be limited, restricted, tracked and reviewed. You can complete and test data recovery plans so that you can recover crucial information in case of catastrophic data loss. Perhaps most importantly, when you store data in a single location, it must be coded and translated into a single, easy to manage format.
This prevents information from being scattered throughout accounting systems, spreadsheets, databases, emails, warehouse inventory, and production. It will live in a single location where you can use, review and analyze it for better decision making throughout the organization.
The Future of the Electronics Industry is Automated Data Exchange
Leverage APIs to bridge the gap between data systems, streamline communication and improve relationships between organizations to remain competitive.
2. Data Analytics and Forecasting: Data that is translated into a single format and location can be managed and used for reporting that is beneficial to different departments within the company, improving communication internally, and with external partners as well. Data can be analyzed to determine trends, cycles, and relationships that may not be obvious to the observer.
You can use centralized supply chain data for forecasting, which can result in better demand estimates, price optimization, and alignment with strategic objectives for the organization. Forecasting also helps an enterprise to improve risk management activities and improve customer service activities.
5 Ways Data Analytics Improve the Electronic Component Supply Chain
3. Vendor Management: Vendor management functions are an integral part of a comprehensive data management strategy for the complex, multi-layered electronics component supply chain. An EDM system that allows for the electronic transfer of information between your network and all partner systems is vital. With proper data exchange, repetitive tasks can be standardized and automated as well, freeing up employee time and resources for higher-level functions.
The Orbweaver Platform is an all-in-one integration and automation solution that simplifies procurement for the electronics industry. Orbweaver streamlines universal data translation, import and export with Connect, allowing for real-time electronic communication with all partner systems. With Orbweaver Connect, your organization’s data is centralized, unified, and you can use it for reporting, analytics, and forecasting.
As data is collected and organized through Connect, Orbweaver Advance allows your organization to automate the RFQ and PO processes, freeing up employee time and resources for higher-level tasks, and ensuring that your processes are standardized, efficient, and error-free.
Learn more about how the Orbweaver Platform can transform your electronic procurement processes and schedule a free consultation with an Orbweaver expert today.