BENEFITS OF A DATA DRIVEN SUPPLY CHAIN
Supply chains are lucrative platforms for gaining a competitive advantage. This is because of two reasons which include their complexity and their role in defining the cost structure of a company. With the growing data complexity, most companies are finding it difficult to model their trade-offs of growth and supply chain cycles such as the procurement process. This is where supply chain analytics can help.
By leveraging supply chain analytics solutions, companies can fine-tune their entire supply chain network in ways that was probably not possible in the past. Supply chain analytics can help in effective supply chain management and identification of inefficiencies in supply chain configurations. It has the potential to improve the end-to-end performance of the supply chain in terms of financial, operational as well as managerial aspects. Therefore, it is high time that companies realize the potential of supply chain analytics in a real sense.
The growing complexity and globalization have put supply chains into the limelight like never before.
At Quantzig, we understand the difference that supply chain analytics can create in the supply chain operations of a company. And to help companies deal with the logistics and transportation challenges as well as improve the supply chain strategy, our team of experts has highlighted a few major benefits of supply chain analytics that can act as a guide for companies to understand market volatility, the impact of indirect supply chain cost and improve ROI.
Looking to improve efficiency across the supply chain but wondering where to start? Get in touch with our experts.
Benefits of Supply Chain Analytics
Gain a significant ROI
Supply chain analytics has the ability to analyze the structured as well as unstructured data. The insights gained from such data can help companies to respond quickly to customers’ demand maintaining integrity and accuracy.
Understand the risks better
Supply chain analytics can help in identifying the known and unknown risks. Also, it can assist in predicting future risks by identifying trends and patterns across the supply chain.
Improve accuracy in planning
By analyzing customer data thoroughly, supply chain analytics can help businesses to precisely predict future demand. Also, it guides an organization in decision-making regarding production by analyzing customer demand and market trends.
Achieve the lean supply chain
Supply chain analytics can be used by companies to monitor the responses of stakeholders, warehouse, and customer needs for data-driven decisions.
Prepare for the future
Companies are leveraging advanced analytics for supply chain management. Advanced analytics has the potential to process both unstructured and structured data to offer organizations a competitive edge. Also, it sends timely alerts that facilitates better decision making. Furthermore, supply chain analytics can establish a correlation among different sources and minimize risks.
5 C’s of Supply Chain Analytics
Supply chain analytics makes unstructured data from various social media platform and structured data from the Internet of Things (IoT) accessible.
Supply chain analytics enhances collaboration with suppliers across the entire supply chain through cloud-based commerce networks.
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Using analytics in the supply chain also ensures the security of the supply chain from cyber hacks and intrusions.
Using analytics in the supply chain improves the capability of the supply chain through automation. It helps in coordinating, collating, and conducting decisions across the entire supply chain.
Supply chain analytics offers comprehensive and fast insights in real-time as latency is something that is not acceptable in the future supply chain.
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“Increasing globalization and complexity have put supply chains in the spotlight like never before.”
Economies around the world are stepping back from the financial brink and have begun adjusting to a new normal, however, at the height of the downturn companies face a different set of supply chain challenges than they did. Some of these supply chain challenges include rising pressure from global competition, increasingly complex patterns of customer demand, and consumer expectations. In this blog discuss some of the biggest supply chain management challenges. The experts from Quantzig have curated some of the key benefits of supply chain analytics in overcoming these challenges.
What are the key supply chain challenges?
Supply chain management primarily revolves around ensuring that the right product in the right quantity reaches the right place and the right time. As much as this might sound simple, this can indeed prove to be a complex task.
The rising energy/fuel and freight costs are putting supply chain managers under extreme pressure to manage their operating costs. The greater number of global customers, technology, labor rates, and rising commodity prices tend to become more expensive.
Planning & risk management
Staying efficient and effective in today’s highly competitive marketplace is no easy task. It requires periodic assessments and redesigns to stay in the game. These adjustments are in response to changes in the market including new product launches, global sourcing, credit availability, and the need to protect intellectual property. These risks must be identified and quantified in order to control and mitigate.
Supplier/partner relationship management
It is important to create, understand, and follow standards that are mutually agreed upon in order to better understand current performance and opportunities for improvement. Having two different methods for measuring and communicating performance and results in the wastage of time and effort.
It is becoming increasingly difficult to find talent that is qualified and interested. Supply chain managers need an extensive understanding of the key competencies and duties that are quintessential for effective supply chain management roles and the ability to efficiently source specific skill sets and methods for developing future leaders.