What is Supply Chain Analytics and Why it is essential for career growth?
- Supply Chain Analytics has the power to completely transform your business, especially if you are in the manufacturing, automotive, retail, FMCG, IT sectors …
- Supply chain analytics lets you make sense of the data in your supply chain, so you can make better decisions.
- In most organizations, the supply chains have grown and evolved over many years. Each one is a potentially data-creating monster and data can be in all sorts of places and in all sorts of formats
- The global nature of today’s business has led modern supply chains to become more intricate and diverse than anyone could have dreamed of only a few decades ago
- Most organizations have a network of supply chains connecting various suppliers and partners
This complex environment presents a number of critical challenges for a business, including
- Lack of real-time visibility across supply chain operations
- Lack of synchronization between business strategy and execution
- Inability to properly schedule production, leading to costly asset under-utilization
- Poor forecast accuracy, resulting in frequent stock-outs or excess inventory levels
- Lack of flexibility in the manufacturing, distribution and logistics
- Inability to properly assess and prepare for supply chain risks
Applying intelligent analytics is the key to addressing all these challenges
Taking a 360-degree view of the Supply Chain is the only way to collaborate effectively with top performing partners, improve business operations and drive revenue. That’s the high level. At the day-to-day level, it’s simply about getting your questions answered – questions like the following;
- Which material will become shortage for next week?
- What is optimized inventory level for product X/Customer Y?
- What is a better forecast for product X for next year?
- Why Inventory accuracy is poor?
- Which warehouse operatives will be absent on Monday?
- Which SKU will become obsolete?
Benefits of Supply chain analytics;
- Planning & Scheduling
- Improved responsiveness
- Improved demand planning
- Order optimization
- Real time supply chain execution
- Inventory management
- Replenishment planning
- Improved partner performance
- Improved cash performance