Supply chain analytics, as a discipline, has existed for over a century now. But the associated applications, data infrastructure, and mathematical models have developed significantly with the advent of technology. Machine learning, the Internet of Things (IoT), predictive modeling, Complex Event Processing (CEP), and cloud infrastructure have greatly benefited the process of supply chain analytics.
Organizations utilize supply chain analytics to acquire insight into their day-to-day operations and extract value from extensive amounts of data associated with the procurement, processing, and dispersal of manufactured goods. Due to an acute shortage of young professionals in the field of Supply Chain Management (SCM), Imarticus Learning has brought a supply chain analytics course for students to learn about the prospective sector. This article will give you a cursory understanding of supply chain analytics, its benefits, and why the demand for this course is seen on the rise.
What is supply chain analytics?
Analytics denotes the capability to make data-driven decisions founded on an overview of authorized and pertinent data, often using visualization tools, such as charts, graphs, and diagrams. All large-scale corporations and start-ups have developed their supply chains to cut down on costs and to remain competitive in the business landscape. A supply chain refers to the extensive network of a company to distribute a specific product to its customer. This vast network includes all the procedures that begin with acquiring an order to meet the customer's request, such as procurement, marketing, finance, customer service, distribution networks, and operations.
As a result, supply chains generally yield enormous amounts of data. Supply chain analytics aids corporations to analyze all this data critically, generating insights, and locating patterns.
Different types of supply chain analytics
The various types of supply chain analytics have been briefly explained below -
- Descriptive analytics
This type of supply chain analytics delivers visibility and acts as a single source of truth across the supply chain for both external and internal data systems.
- Predictive analytics
This type of supply chain analytics allows an institution to comprehend the most probable outcome and its implications on the business. For example, corporations use predictive analytics to project and mitigate perils and disturbances to their business models.
- Prescriptive analytics
This type of supply chain analytics enables organizations to decode problems and unite to gain maximum business value. It aids businesses in collaborating with logistic partners to cut down on time and effort to reduce disruptions.
- Cognitive analytics
This type of supply chain analytics permits an organization to respond to complex questions in simple terms. Explaining complicated problems in layman's terms will help a team hit upon the solution quicker. It helps businesses think through a difficult situation or problem, such as improvisations and optimizations of different aspects of the business.
Benefits of supply chain analytics
Some of the major benefits of supply chain analytics are:
- Have a better understanding of risks
Supply chain analytics can help businesses pinpoint known risks and permit the prediction of future disruptions by identifying trends and common patterns throughout the supply chain.
- Boost accuracy in future planning
By studying customer data, supply chain analytics can assist a business in better predicting future consumer demands. It enables an organization to determine the products to be cut off as they offer less profit and comprehend customer needs after their first order.
- Achieve an uncomplicated and lean supply chain
Corporations can utilize supply chain analytics to monitor and track partner responses, warehouses, and client needs. This will help them make sounder and well-informed future decisions for the betterment of the business.
- Get ready for the future
Many enterprises are looking for professionals with knowledge of advanced analytics. Familiarity with advanced analytics will help businesses process all types of complex data, mitigate risk factors at little expense and with less sustainability impact and help them optimize their decisions by ensuring timely alerts.
With innovative technologies, such as Artificial Intelligence (AI), becoming more mainstream, corporations and start-ups are looking to hire more and more young professionals in the field of supply chain analytics. Due to an acute shortage of specialists, there is a rise in demand for certification courses of the discipline. Imarticus Learning's Supply Chain Management course will tap into this new and prospective sector and help you build a supply chain management career with the assistance of various leaders and the expert faculty of DoMS and E-learning Centre, IIT Roorkee.