With the advances in technology, the lines between physical and digital worlds have blurred and the supply chain has become more complex. The intricate nature of the modern supply chain makes it more vulnerable, making it prone to events such as cyber-attacks, epidemics, weather events, wars, etc. At the same time, digital technology has made the supply chain more functional and advantageous, creating myriad opportunities for businesses to leverage. As always, the search for ways to improve any business operation ends in the power of data analytics solutions. Employing advanced data analytics is the ideal solution to prevail over the complexity of supply chain, to avail the countless opportunities it proffers and to streamline business operations.
The efficiency and agility of the supply chain can make or break businesses; even a single disruption in the supply chain line can incur loss of time and money. Supply chain forms the skeletal system of business and incidentally, it accumulates loads of data. Here are 4 ways supply chain analytics can use data to upgrade your business operations.
1.Better supply chain planning
The future demand can be ascertained by quantifying and analyzing data that stems from customers, market trends and numerous other data sources. Data analytics solutions allow businesses to stock up products, raw materials and other entities at the right time, in the right amount. Demand prediction is usually done in two ways, the forward approach forecasts the demand for the coming few years and the backward approach reveals how to respond to current demand in accordance with present capabilities.
2.Flexible supply chains
In the globalized business scenario, the production plant, assembly unit and inventory are not always confined to a single process, methodology or location. Data analytics solutions provide the business intelligence strategy needed to navigate and transition through a fragmented supply chain. Data from third-party sources can also be utilized to predict customer behavior and to toggle production according to the changing demand.
3.Identify trends and risks
Interference in production or delivery can cause loss of sales, margin erosion, customer loyalty, damage to reputation and revenue loss. Data analytics solutions allow business owners to understand the risks that are likely to arise and avert any mishaps by spotting trends and patterns in the supply chain data. Supply chain analytics will help you to find and prioritize vital business elements, highlighting interdependencies and areas prone to disruption.
4.Efficiency in sourcing and staffing
A supply chain built with data analytics solutions coordinates with employees, vendors and all the parties involved abreast of scheduled deliveries and latest updates in real-time, giving a competitive advantage to the business. Resource scheduling, staffing and every other aspect of the supply chain management get streamlined in a way that it becomes impossible to revert to the traditional manner of operation. Follow this link to read more about supply chain analytics and how it is used to track disruptions.
Features of supply chain analytics
Supply chain analytics comes with numerous features that can take your business capabilities up a notch.
Stream Processing: Pulling data from multiple devices and streams such as weather reports, IoT applications and third-party data and deriving crucial insights.
Data visualization: It shrinks large volumes of data into powerful visual insights; it allows data to be sliced and diced from different angles, enabling instant decision making.
Digital twin: A virtual model of the supply chain is designed and shared across multiple users to improve prescriptive & predictive analytics.
Social media integration: Gathering social media trends and sentiment data from feeds to predict demand.
Graph databases: Presenting data into linked elements and visual representations, enabling businesses to identify connections, patterns and improving traceability of entities.
The need for precise and effective decision-making in supply chain management cannot be discounted if you are aiming for business development. As 5G, IoT devices and similar technologies are being integrated into supply chain management, relying on data analytics solutions to optimize supply chain operation becomes the right step .
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