Why Master Data Management is Important in Trade Compliance

3rdwave

Product and Account data are foundations on which all organizational activity operate. In most organizations, the ERP is meant to be the repository of the organizations’ master data. That is, ‘important’ data is housed there. However, Master Data Management is seen as a challenge in most organizations. Important data is a matter of perspective. As a result, there is no single system of record for master data.

Why Master Data Management is Important in Trade Compliance

3rdwave

Product and Account data are foundations on which all organizational activity operate. In most organizations, the ERP is meant to be the repository of the organizations’ master data. That is, ‘important’ data is housed there. However, Master Data Management is seen as a challenge in most organizations. Important data is a matter of perspective. As a result, there is no single system of record for master data.

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Why Master Data Management is Important in Trade Compliance

3rdwave

Product and Account data are foundations on which all organizational activity operate. In most organizations, the ERP is meant to be the repository of the organizations’ master data. That is, ‘important’ data is housed there. However, Master Data Management is seen as a challenge in most organizations. Important data is a matter of perspective. As a result, there is no single system of record for master data.

Why Logistics and Transportation Should Digitize

3rdwave

The more granular and comprehensive the data captured in digital format, the higher the fidelity and resolution of the picture presented through digitization. Digitization is suddenly so important because the current technology supports the capturing of phenomenal amounts of raw data from an unlimited number of sources and the converting of that data into meaningful, contextual, and actionable information – quickly and at low cost. What is Digitization?

Why Logistics and Transportation Should Digitize

3rdwave

The more granular and comprehensive the data captured in digital format, the higher the fidelity and resolution of the picture presented through digitization. Digitization is suddenly so important because the current technology supports the capturing of phenomenal amounts of raw data from an unlimited number of sources and the converting of that data into meaningful, contextual, and actionable information – quickly and at low cost. What is Digitization?

6 Transportation Management Trends for 2016

Cerasis

2016 will be a defining year for the logistics industry , and transportation management practices must adapt to these changes. Some of these transportation management trends reflect real worries for the logistics industry. However, logistics providers and shippers are starting to understand how to best combat each of these problems through the application of transportation management technologies. Outsourcing of Freight Data and Payment Management.

COVID-19 Lesson: Make Your Supply Chain More Resilient

Logistics Bureau

Until the Coronavirus began wreaking its havoc, global companies could run their supply chains on the assumption that disruptions would be rare and short-lived, and that products should be sourced, produced, and distributed at the cheapest locations to be found, wherever in the world that may be. The pandemic, however, has exposed the risk, like never before, of concentrating sources in one location—especially when it’s far away from a company’s headquarters and markets.

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Supply Chain and Logistics Predictions for 2016

Talking Logistics

more near-shoring and larger, less frequent shipments to minimize transportation costs). How will transportation, inventory, and sourcing policy decisions change in light of this cheap oil environment? In short, the increased threat of terrorism underscores the importance of taking a smarter approach to supply chain risk management , which was one of my predictions for 2014. The Rebirth of Transportation Marketplaces (UberCARGO, Cargomatic, and Freight Friend).

This Week in Logistics News (September 14-18, 2015)

Talking Logistics

Oracle Announces New Releases of Oracle Transportation Management and Oracle Global Trade Management. TMW Systems Announces New Products, Features that Enable Transportation Businesses to ‘Make the Most of Now’ HighJump Announces Brewers’ Edge. Final rule for electronic logging devices is pushed back to end of October (Logistics Management). Speaking of TMS, Oracle announced the release of Oracle Transportation Management 6.4

This Week in Logistics News (April 11-15, 2016)

Talking Logistics

May their memory continue to be a source of strength and comfort to their families and friends and us all. February 2016 Freight Transportation Services Index (TSI). If you’re not familiar with SOLAS, check out the two guest commentaries we have published on the topic in recent months: Don’t Get Caught Off-Guard: Preparing for July 2016 SOLAS Shipper Mandates and The Impact of SOLAS on Ocean Shipping and Data Management.

A Guide to Maximizing Your Fleet Management Data

GTG Technology Group

Why You Should Pay Attention to Your Fleet Management Data. You don’t have to manage your fleet in the dark. Management data can shed light on your operations, exposing weaknesses and illuminating opportunities for improvement. Knowing how to effectively leverage management data, however, is something with which many operations struggle. Your data must be integrated and actionable for your business to enjoy real returns. Sources: [link].

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This Week in Logistics News (October 1-5, 2018)

Talking Logistics

E2open Acquires Transportation Management Systems Provider Cloud Logistics. Like I wrote earlier this week, there is always something new to talk about in the transportation management systems (TMS) market. For Cloud Logistics, this acquisition will help the company expand its solution footprint (which today is mostly over-the-road and intermodal transportation) and grow its geographic presence beyond North America.

You Need Offsite Backup in the Transportation Industry

GTG Technology Group

The transportation industry represents a complex matrix of logistics, communication, and data. At the cutting edge of data management, successful companies are turning to cloud solutions as an all-inclusive, scalable solution. Combinations of tangible and virtual devices are now required to best approach business in the transportation industry. If a company stored all of its data in one central server, it would only take one fire to bring the whole system down.

This Week in Logistics News (June 27 – July 1, 2016)

Talking Logistics

Trucker Path Joins AscendTMS™ to Offer Free Transportation Management Software (TMS) to Carriers and Freight Brokers. Descartes: The Impact of SOLAS on Ocean Shipping and Data Management. Orchestro’s data, visibility and analytics solutions strategically complement E2open’s recent acquisition of Demand Sensing solutions from Terra Technology.

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Big Data Analytics: A Key to a Successful Supply Chain in the Next 5 Years?

Cerasis

Big data utilization is the wave of the future for all aspects of business including supply chain management. The problem is that not every company has the resources to begin the process of big data management and have yet to see the extent of benefits it can provide to analyze and use such data management. There are several direct and indirect benefits to using big data analytics for your supply chain. Immediate Benefits of Big Data Analytics.

Supply Chain 2030: Forge a New Path

Supply Chain Shaman

The change in front of us will transform the base-level definitions of source, make and deliver. As a result, to fulfill customer-centric and demand-driven strategies, companies need to build outside-in processes using market and channel data to sense, shape and drive a more intelligent response. The supporting data will be self-correcting. We agree that analytics are important, but we also believe that source, make and deliver will be redefined.

Forecast Accuracy at the SKU Level is Achievable

Logility

Improving forecast accuracy by just one percent can significantly reduce finished goods inventory, lower transportation costs, decrease inventory obsolescence and increase perfect order performance. While not rocket science, drastically improving SKU-level demand forecasts will require investments in people, process, data, and enabling solutions. The Data Opportunity. This creates a data collection and management problem that many companies are not equipped to handle.

Not the Jetsons: 10 Use Cases for Cognitive Learning in Supply Chain

Supply Chain Shaman

Last week, I was having breakfast with a CEO of a leading software supply chain management company. The reading of data patterns feeding the planning engines and self-adjusting based on machine learning.) Here is a synopsis of the use cases discussed: Data Mapping. While the solutions are sourced from the same provider, each has a different data definition. It is difficult to map data from one to the other. Today, master data is hard-coded.

6 Causes of Sub-Optimal Trade Compliance Performance

3rdwave

However, in most instances, trade compliance has little control over the source and quality of information it needs to work effectively. The issues and challenges are fundamental, like managing master data from a trade compliance perspective, classifying products effectively and efficiently for customs and PGAs, managing regulatory rulings, or screening accounts and contacts. Poor Master Data Management. Limited Master Data Visibility and Accessibility.

Global Trends In Digital Supply Chain - 2019 Review

Abivin

The landscape of supply chain management is under evolvement as it is the answer to recent development in this industry. Source ) Even though Warehouse Management System (WMS) has been playing a crucial part in supply chain management, the emergence of autonomous mobile robots in optimizing picking process has become increasingly competitive. Source ) Furthermore, the AI technology can store data, analyze the patterns and predict future operation scenario.

6 Causes of Sub-Optimal Trade Compliance Performance

3rdwave

However, in most instances, trade compliance has little control over the source and quality of information it needs to work effectively. The issues and challenges are fundamental, like managing master data from a trade compliance perspective, classifying products effectively and efficiently for customs and PGAs, managing regulatory rulings, or screening accounts and contacts. Poor Master Data Management. Limited Master Data Visibility and Accessibility.

6 Causes of Sub-Optimal Trade Compliance Performance

3rdwave

However, in most instances, trade compliance has little control over the source and quality of information it needs to work effectively. The issues and challenges are fundamental, like managing master data from a trade compliance perspective, classifying products effectively and efficiently for customs and PGAs, managing regulatory rulings, or screening accounts and contacts. Poor Master Data Management. Limited Master Data Visibility and Accessibility.

5 ways TMS transforms Logistics Managers' jobs

Abivin

That’s where the need for Transportation Management System (TMS) comes into play. A survey featured in Logistics Management shows that just 35% of shippers are using TMS in their supply chain. Logistics managers need to realize that adding TMS instead of headcount can be the right way to grow their business. Automate the manual process Source It can be very time-consuming to do the repetitive work manually.

Six Must Have Supply Chain Capabilities for Success in the Food and Beverage Industry

Logility

The demand planning team itself must include members who feel comfortable with statistics and data analysis, and can collaborate and negotiate with other business functions to drive to a consensus plan. Advanced Inventory Management. F&B manufacturers are increasingly being asked to manage inventory at customer locations or guarantee a rapid replenishment cycle. Supply Chain Master Data Management.

Networking – A powerful trend in production and logistics

DELMIA Quintiq

According to Tinschert, a flood of data is produced from a network of software systems in production and logistics. He stressed that this data must be converted to valuable information for companies. In addition to the quality of the data, rapid processing is also important. Big data requires big calculations. Ultimately, Tinschert believes that it is necessary to work with data, which comes from different sources and is globally generated. “At

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Global Trends In Digital Supply Chain - 2019 Review

Abivin

The landscape of supply chain management is under evolvement as it is the answer to recent development in this industry. Source) The emergence of autonomous mobile robots in optimizing picking process has placed a question for many Logistics managers about the competition between AMR and Warehouse Management System (WMS). Source) Furthermore, the AI technology can store data, analyze the patterns and predict future operation scenario.

Digital Transformation of Your Supply Chain Network in the Age of AI

Solvoyo

We can define it as a way of creating algorithms and analytical models by analyzing data and employing techniques such as heuristic, pattern recognition, clustering, classification or independent component analysis to create better algorithms over time. As these models are exposed to the onslaught of new and even continuous streams of data, computers can adapt to fine-tune these models and algorithms to produce ever more reliable and repeatable decisions.

Why Trade Compliance Should Digitize

3rdwave

The more granular and comprehensive the data captured in digital format the higher the fidelity and resolution of the picture presented through digitization. Digitization is suddenly so important because the current technology supports the capturing of phenomenal amounts of raw data from an unlimited number of sources and the converting of that data into meaningful, contextual, and actionable information – quickly and at low cost. What is Digitization?

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Dreaming of Clouds, Lakes and Streams

Supply Chain Shaman

Yesterday, I spoke at the Eye for Transport conference on the Big Data opportunity in supply chain. I hate the term Big Data. So, in summary, today, we don’t have a big data problem. Instead, and more exciting, I believe that we have a big data OPPORTUNITY! It is not driven by data volumes. Instead, it is driven by the opportunity to use new forms of data, and to improve the speed of decision making with increased data velocity.

What is SCM and Why is it Important?

Oracle SCM

The acronym SCM stands for supply chain management. It refers to the systems, processes and software packages used by organizations to manage day-to-day operating activities such as, new product development , demand, supply and sales & operations planning , procurement , logistics , order management , manufacturing and asset maintenance. Today, SCM systems are critical to businesses of all sizes and in all industries for managing their day to day operations.

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Supply Chain Management – A 2012 Priority

Logility

” While the economic climate may be uncertain, many companies realize they have to invest in areas such as supply chain management software to be competitive and profitably grow. This is just below the top two areas Data Management Strategy (approx. 55%) and Business Process Management (approx.

Why Trade Compliance Should Digitize

3rdwave

The more granular and comprehensive the data captured in digital format the higher the fidelity and resolution of the picture presented through digitization. Digitization is suddenly so important because the current technology supports the capturing of phenomenal amounts of raw data from an unlimited number of sources and the converting of that data into meaningful, contextual, and actionable information – quickly and at low cost. What is Digitization?

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Mitigate Seasonality and Other Logistics Disruptions with TMS Supporting Predictive Analytics

Supply Chain Collaborator

– Choose technology that supports operating with actionable data instead of making decisions based on questionable, public information. – Contradictory streams of conflicting industry media market perspectives is no way to plan for actual supply logistics. First, accept that it is nearly impossible to rely on trends data derived in industry media outlets for any kind of effective transportation planning.

Four Strategies to Optimize Logistics Spending (Part 2)

Supply Chain Network

More than 80 percent believe that procurement technology streamlines data management and improves the efficiency of managing complex sourcing, and 68 percent understand the impact that procurement technology has on the bottom line. Redefine ‘relevant data.’ Traditional procurement data kept in those spreadsheets can include: AP/GL data, purchase order data, P-Card data, invoice data and contract information.

Digital Transformation in Trade Promotion: What Must Change?

Supply Chain Insights

Our survey on Revenue and Trade Promotion Management is closing soon; and we will have some pretty strong research to pass along on this topic; but you and I both know it is going to tell us that nearly half of the trade promotions continue to produce less than planned ROI. Predicting the success of trade promotion is what this rush to promotion optimization is all about; but, it’s more about the quality and quantity of the data.