4.17(6)

Data Analytics for Supply Chain (Intro)

Description

Why data analytics is important in Supply Chain?

Data is important to businesses in formulating strategies, streamlining operations, introducing new products and services, and ensuring customer satisfaction. But data alone isn’t much good unless it’s analyzed, understood and acted upon. Data analysis is benefiting from new technology tools by allowing analysts to dig more deeply into supply chains. At the same time, human judgment remains the most important element in analysis.

Data is defined as facts, figures or information that are stored in a variety of places such as invoices, contracts, and bills of lading. By collecting data, a business can improve shipment transparency and visibility, operational efficiency, and products and services. All of which attracts more users.

Transparency and visibility are crucial, particularly if something goes wrong while shipments are in transit. By utilizing data, a split-second decision doesn’t have to be made without adequate support.

Transparency and visibility are also important when reviewing invoices and contracts with supply-chain partners. Despite good intentions, hidden costs can occur. They usually come in the form of surcharges such as extra delivery-area fees, additional handling, and fuel. Often they make the difference in a retailer’s ability to offer “free” or one-day delivery.

Access to data derived from goods fulfillment is central to the achievement of both visibility and speed. In today’s retail environment, speed to market, accurate order fulfillment and efficient last-mile delivery are keys to success. In addition, data plays a major role in forecasting and optimizing inventory. Consumption rates and inventory levels are among the data points critical to proper inventory planning and development.

However, data is just data unless it’s analyzed and acted upon.

Business consulting firm McKinsey describes supply-chain analytics as the ability to use data and quantitative methods to improve decision making for all activities across the supply chain. While data analysis has been utilized for years, the introduction of new technologies such as artificial intelligence, machine learning and more have led to the ability to uncover additional data elements that were never used before, and are now contributing to forecasting in today’s supply chains. For example, traditional data monitoring, which would involve sales and order tracking along with point-of-sale data, is now being supplemented with weather, events and news.

What Will I Learn?

  • Understand the benefits of data analytics
  • Have an over-view of possibilities, including a few case studies

Topics for this course

9 Lessons1h 54m 12s

Session 1 Data science vs data analytics

Value of data00:15:34

Session 2 CRISP DM

Session 3 Visualization

Session 4 Data evalution

Session 5 Supply chain analytics – basics

Session 6 Excel wonder

Session 7 Case study overview 1

Session 8 Case study overview2

Session 9 Employers expectation

About the instructor

I am a Supply Chain / Logistics / Sourcing Professional. Trainer and consultant. Worked in large MNCs in Supply Chain, Logistics for nearly 3 decades and have in-depth practical knowledge in each of the sub-domains Currently engaged in consultation, training and certification programs of world's leading Supply Chain Institutes. Also have our own job oriented programs. Sub domains includes Materials, Logistics, Supply Chain Analytics, Purchasing/Sourcing, Warehousing, Transportation, Inventory Optimization etc Saved in Millions for organisations, in Inventory optimizations and improved all related processes Improved customer fill rates and reduced cost of operations Solved work-place issues / problems in their occupation of Supply Chain professionals Specialties: Supply Chain Management, Logistics, Sourcing, Material Planning, Forecasting, Production scheduling, Warehouse management, Picking and line feeding, Logistics, Imports, exports, EOU, Lean, Operational Excellence, Productivity Improvement, employee & contractor management, Legal compliance ASCM, APICS, ISM
4.32 (139 ratings)

24 Courses

151 students

Student Feedback

4.2

Total 6 Ratings

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I liked this course because it is very useful in the supply chain, especially in supplier selection and segmentation.

Great information, new tools to apply in my work.Simple understanding and direct to the point.

Great Course. I learned a lot about Data Analytics for Supply chains.. It`s a good opportunity to gain basic knowledge of the supply chain. Great Course

being a fresher, this program has helped me to train myself.

Very Insightful ,worth to pay

Great Course and too much recommended

1,999.00

Material Includes

  • Videos

Requirements

  • Basic knowledge on Supply Chain & data science

Target Audience

  • Freshers, Juniors and others interested in Supply Chain Analytics
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