Understanding the Importance of a Supply Chain Data Audit
A supply chain data audit is a critical early consideration for any digitization effort. Unfortunately, in the majority of digital initiatives, the importance of data is often neglected. Tealbook and Ivalua are proud to sponsor the IADQGA’s Supply Chain Data Audit Guidelines to help your company devise an accurate and beneficial data strategy.
Why Is It Critical to Have a Data Audit?
Data is the lifeblood of all organizations. Having access to accurate, near-real or real-time data can make a huge difference for your organization, allowing you to make informed and insightful decisions that can grow your business and help avoid revenue loss.
A data audit allows you to determine the relevance, completeness, accuracy, veracity, timeliness, and velocity of your data, among other factors.
Establishing a Supply Chain Data Audit Plan
When establishing a supply chain data audit plan, it’s essential to include:
- An oversight team that involves all necessary members
- A defined list of data requirements, metrics, sources, timelines, etc.
- A review of existing data strategies
- The specific tools you’ll use for data cleaning, organizing, interpreting, and predicting.
Your plan should also aim to answer the numerous governance questions involved in a successful data audit plan and include a strategy to allow for continuous evaluation of that data.
Planning for Post-Audit Activity
Given the critical nature of data in all companies and the increasing volume of data, audits of data should be a continuous, ongoing process. Your audit findings should be shared with the respective supplier, when appropriate, to identify any issues and areas of improvement—this builds trust and transparency with suppliers.
Read the Guidelines to Learn More
The guidelines, written by the International Association for Data Quality, Governance and Analytics offer more valuable and detailed insight into the steps of performing a successful supply chain data audit. Click here to read the guidelines in their entirety.
About The International Association For Data Quality, Governance and Analytics (IADQGA)
The International Association For Data Quality, Governance and Analytics (IADQGA) exists to satisfy the data and statistical literacy needs of students, working professionals and senior executives worldwide.
IADQGA’s unique approach to leveraging data and statistical literacy for the achievement of “Advanced Critical Thinking” in both for-profit and not-for-profit organizations attributes to its success.
The association facilitates its members’ advancement and implementation capabilities for digital transformation that lead to advancements in autonomous “Data Driven Decision Making” (DDDM) utilizing the latest technology.