£1.2bn lost to poor information flow
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Manufacturers could be losing £1.2 billion a year because of poor information flow across the supply chain, research by IT firm Oracle has revealed.
Inefficient data use means firms are losing sales as they struggle to meet surges in demand, the research showed.
Poor information management is also holding back growth and recovery plans, according to the 100 supply chain executives questioned in the research.
Andrew Spence, Oracle supply chain business development director, said: "Companies have spent 30 or 40 years applying lean principles to their manufacturing processes..Yet they have overlooked the importance of smooth, uninterrupted flow of information."
Nearly half of respondents said poor information flow had cost them sales opportunities.
Supply chain executives spent 48% of their time wading through spreadsheets, emails and databases according to the research.
Problems in data flow were linked to heavy volumes of information to manage, information being held in multiple sources and constant changes in the supply chain, the research found.
Spence added: "When held in separate spreadsheets, databases and emails, information can not be shared openly and easily. You can't automate decision making but you can certainly automate the gathering and presenting of information."
