Financial Strategies and Data Management in the Supply Chain

Discuss why it is important for an organization’s supply chain to include the management of its data and financial strategies.

To answer the question, consider that through improved financial strategies and data management, the supply chain of a company can improve its customer experience, business efficiencies, and overall financial performance. What types of supply chain tools help a company collect data? Describe two types of tools. How does supply chain management help a company to improve efficiency and effectiveness? How does contract bidding improve a company’s financial outcome? Why is forecasting demand important? Provide your arguments.