How Data Collaboration Can Help Build Supply Chain Resilience
The global supply chain is under pressure. From natural disasters to unexpected surges in demand, companies are finding that their supply chains are not as resilient as they once thought. COVID-19 and the current instability in Europe are just the latest examples, with an estimated $4 trillion (so far) in lost revenues for organizations around the world.
When narrowing down to single points of failure, issues are actually amplified. In the case of the Suez Canal blockage, $9 billion worth of goods got stuck each day, causing companies to lose obscene amounts of money, some as much as $400 million an hour.
How can a manufacturing company prepare for unforeseen situations? While changing the industry is not possible, they can increase their visibility. With better visibility and a higher level of data collaboration, transparency and communication will increase, allowing companies to make better decisions about where their products are sourced. Moreover, they can plan ahead of time how to react if and when disruptions occur.
A new, more efficient way of collaborating on data
Until recently, data collaboration was a constant hassle, requiring companies to actually move data across environments: grabbing files from FTP servers, scraping APIs, using ETL tools, or setting up different data marts to grant teams access to data.
Snowflake now offers a highly efficient and cost-effective solution. They enable organizations to share references to the live data set, meaning faster access to fresh data, access that can be revoked at any time, enabling the most secure level of collaboration. Companies can also access Snowflake Marketplace to discover third-party data or data services from many providers, including us at Soleadify and Resilinc.
How to leverage Soleadify in building supply chain resilience
There are a few services such as Resilinc which can identify disruptions in supply chains and send near real-time alerts. When a potential supply chain disruption is identified, companies can then develop alternative supply sources, potentially saving millions in the process. The best solution here seems to be fast supplier sourcing, a process that is only as good as the data that powers it.
At Soleadify, we’re building the most advanced database of company data, all available through an API. We use advanced scrapers and machine learning to constantly study the internet looking for new companies and new updates on existing companies. This guarantees that our data is global, accurate, and fresh.
With a universe of 70 million businesses across 200 countries, we cover over 3 million manufacturers and 10 million distributors and wholesalers. Furthermore, our models are trained to extract product level data, giving our clients the possibility to find companies by looking for products with a high degree of specificity such as materials or other keywords.
We also identify commercially active businesses and enrich these company records with over 200 million products and services. Moreover, companies that choose to collaborate with us can enhance their vendor data with additional attributes such as industry, product, technology, and ESG classifications.
Available Attributes:
– Product Headline | The product that the company supplies
– Product Description | A description of the product supplied
– Product URL | The URL to the product
– Company ID | The Soleadify Company ID
– Company Name | The operating name of the Company
– Company Legal Name | The legal name of the Company
– Company Main Country | The main country the supplier operates
– Company Main Region | The main region/state /province the supplier operates
– Company Main City | The main city the supplier operates
– Company Description | A description of the supplier
– Company Website | The main website URL of the supplier
– Company Emails | The corporate email address of the supplier
– Company Phones | The primary phone # of the supplier
Join Snowflake’s upcoming webinar on building supply chain resilience
Snowflake has actually scheduled a webinar where companies can learn how to increase visibility and resilience in their overall supply chain with data collaboration, how to power supply chain agility by gaining visibility with existing suppliers as well as finding new alternate suppliers, and how Snowflake and leading Data Marketplace partners Resilinc and Soleadify are enabling customers to create a more resilient supply chain, mitigate risk, and reduce revenue loss.