New Trade Era Requires New Data Strategies
The rules of international trade are rewritten all the time, and that’s never been truer than with the level of change the world has experienced in the last two years. The United States influences trade throughout the world unlike any other country, and when U.S. rules change, businesses have to be ready to react or they are at risk of losing time, revenue, and customers. Those who will win in this new environment are those who embrace new strategies to manage and make better use of the data flowing through their supply chains.
A recent survey conducted by American Shipper found that more than 50 percent of respondents receive some portion of their supply chain data from 15 or more data sources. And, more than a quarter receive data from more than 50 different internal departments, service providers, and customers.
The proliferation of data sources highlights the need to connect all of the data and make sense of it. It’s not so much about having more data than it is about having the most relevant data, and then using advanced data analytics to build the different views to make faster, smarter decisions when the trade rules change.