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Supply Chain Analytics – Assess and Improve Supply Chain Performance

Companies are today looking for connected manufacturing based on data and analytics that help them transform their manufacturing operations and product development. Hence the companies are adopting 4.0 technologies that are encouraging them to go for supply chain analytics to gain vital insights, optimize supply chains, and predict inventory positions in stores to improve service.<br><br>

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Supply Chain Analytics – Assess and Improve Supply Chain Performance

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  1. Supply Chain Analytics – Assess and Improve Supply Chain Performance Companies are today looking for connected manufacturing based on data and analytics that help them transform their manufacturing operations and product development. Hence the companies are adopting 4.0 technologies that are encouraging them to go for supply chain analytics to gain vital insights, optimize supply chains, and predict inventory positions in stores to improve service. A supply chain is a domain that generates massive data from several applications for warehouse management, inventory management, and transportation management. Analysis of the huge data is carried out to make sense of all the data, discover patterns, and generate insights which are termed supply chain analytics. Supply chain analytics allows businesses to optimize supply chains, and forecast inventory conditions in stores and distribution channels that provide vital insight, reduce cost and improve service. This also allows companies to develop an intelligent and customer-centric supply chain that caters to all the demands. The global supply chain analytics market is expected to reach USD 13.52 billion in 2028 from USD 3.41 billion in 2020, according to Emergen Research. Significance of supply chain analytics Organizations by making use of supply chain analytics can make smart and efficient decisions. Some of the prominent benefits of supply chain analytics include:

  2. Efficient Supply Chain Operations – Organizations have access to comprehensive data that provides them visibility into the disparate data that leads to actionable insights and operational efficiency. Identify Risks – Organizations make use of supply chain analytics to discover known risks and predict future risks by identifying patterns and trends in the supply chain. It also builds patterns and correlations among diverse sources to give alerts that will minimize risks at little cost. Predicts Future Demand – Supply chain analytics analyze customer data that helps businesses predict future demand and also lets organizations decide about the products that should be minimized to become less profitable. It also helps business becomes more responsive to consumer demands and makes sure that inventory is accurately aligned with the expected demand levels. Make Informed Decisions – Supply chain analytics is used by the companies to have a check on the warehouse, partner responses, and customer needs that help them take better and informed decisions. With advanced supply chain analytics, organizations process structured and unstructured data that gives them an edge in making optimal decisions. Supply chain analytics allows companies to collectively assess and act upon the data that is generated by their supply chains which enables them to make quick and long-term strategic changes that give a competitive advantage to the business. The role of supply chain analytics includes demand planning, sales, and operations planning, and inventory management. Every activity increases the overall efficiency of business operations which further leads to cost savings. Supply chain analytics help companies improve planning with accurate forecasts that allow them to put all operational pieces in place to fulfill the expected volume.

  3. The accurate supply chain analytics may have a profound and lasting impact on the business, as it helps in finding patterns and revealing other valuable insights. Based on the analytics, companies can discover opportunities for process improvements and give attention to problems that otherwise would have not been noticed. The most valuable benefit of the analytics is the ability to find our existing supply chain risks and foresee future risks coming, which may greatly impact the business. With real-time supply-chain analytics companies get a better grasp on their profit, reduce late shipments, avoid stockouts, and adapt to customer preferences. All of these help companies optimize their resource deployment further leading to cost savings.

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