You finally got your supply chain visibility (see.it.all), but the positive effect still needs to be added.
You may be rich in data but need help figuring out what to do with it (know.it.all)?
Are you data-rich but still need to be data-wealthy?
Why don't we compare a "rich person" in the classical sense to a "new data-rich supply chain manager" and see how they got rich and stayed wealthy?
I looked up some advice, and Harvard Business Review summarizes four learnings in an article titled "How to Build Wealth When You Don't Come from Money":
1.) Let go of limiting beliefs.
Your mindset can lead to significant missed opportunities if you keep limits and believe you don't deserve abundance.
2.) Accept that money is not always evil.
Understanding that you can use your money to do good in the world can be a game-changer.
3.) Understand that a high income is not enough.
Building wealth requires intentionally managing your expenses - and, yes, investing. Starting small is the secret, and being consistent is the key.
4.) Be willing to create your own path.
There's no one-size-fits-all for wealth building. No matter the path, what will make a difference is your consistency.
What can we learn from this?
How can the data-rich see-it-all supply chain manager turn into a know-it-all, wealthy business leader?
A saying goes something like this "The first step to becoming wealthy is to begin to think and act like a wealthy person."
1.) Let go of limiting beliefs!
If you've ever been told not to think too big, you're doing it wrong. Why? Because thinking big can be the key to expanding your mind and learning how to use all kinds of data in your supply chain management. If you don't feel like this, you'll miss many opportunities! Wealthy people can open themselves to more than one income stream or cash. They look at equity investment, gold, bitcoin, trade, and many more sources of money. So why should a supply-chain manager limit themself to data about cargo or logistics only? Data should also include news, social media, weather, financials, etc. But it's not just about having the data-it's about what kind of data you use and where it comes from. Don't just focus on getting any old data; think outside the box and get creative with what information could help make your supply chain management decisions.
You know what they say-the sky is the limit. But what if you're limiting yourself? What if you could use data from any source? What if you could use every kind of data in your supply chain management? You'd be unstoppable!
2.) Accept that money is not always evil!
Money is not always evil. You can also use the money to do good in the world by helping other people and organizations achieve their goals and succeed.
Do you, as a supply-chain manager, have data? Can you donate some of it? If so, give some away! Your peers will appreciate knowing what's going on in your supply chain just as much as you do-and if they're smart about their data collection practices (which they should be), then neither one of you will lose out on any valuable information. That means everyone wins! In short: sharing is caring (and profitable too).
So the next time you think about using your data, remember that sharing can significantly improve everyone's supply chain.
3.) Understand that a high income is not enough!
Wealth isn't just about how much you make; it's about how much you keep. So you've got to be intentional about investing in your future to ensure that your income keeps growing over time. And investing requires making intelligent decisions.
The same principle applies to data: You need more than just collecting it; you must intentionally invest in creating knowledge from raw data. You, your company, must combine data with insight, awareness, and analytics-all of which require a level of investment beyond simply collecting information and storing it somewhere until someone else asks for it later (or maybe never).
Data is only valuable when you actively use it to make decisions. If you don't have the right tools in place to enable that, then your data is just taking up space. Investing in data is a vital part of the knowledge economy, and it's something that people often forget or overlook. It's easy to look at a spreadsheet full of numbers and say, "Here's some data," without understanding what those numbers mean. But by spending time with your data-combining it with other information, making sense of it all, and figuring out how best to use it-, you'll be able to unlock the insights that will allow you to make better decisions in the future.
4.) Be willing to create your own path!
You might have it all figured out. You know how to build wealth and do it on your terms.
But are you?
If you're building wealth without a team of experts at your back, then you should rethink what's working for you.
The in-house data analytics team might need a reality check. The existing unit may hold you back as the team needs first to gain the latest expertise and skills. In addition, do-it-yourself might need to be improved, and your own path is working with many external partners on demand.
Every day, many negative thoughts race through our minds. If we don't learn to filter those thoughts, we start believing them. Eventually, they can lead to a scarcity mindset, which leads to scarcity actions.
Wealthy individuals understand that listening to advice has helped them succeed in the first place - as long as the advice is packed with caviar and champagne.
Financial advisors who understand their clients' lifestyles and goals are highly valued in the industry.
Do you have advisors who understand your supply-chain lifestyle?
I can't guarantee that applying my advice will make your supply-chain management more successful. But I can promise if you adopt some of my thoughts, you will only benefit on your "data-wealth-building" journey.