Manage supply chain operations using Data Analytics

• Data Analytics & Science

Data analytics represents the ability to make data-driven decisions based on trusted data. The data is often visualized in the form of graphs and charts to generate meaningful insights.

The supply chain generates a massive amount of data and hence analytics will help to uncover the patterns and make decisions.  Big data analytics play a very important role in improving supply chain management by resolving the pain points at the operational and strategic level.

Analytics reports help the managers to monitor the performance and achieve operational efficiency to improve productivity. The key benefits of data analytics in the supply chain are as below –

Understand usage patterns

Supply chain industries are actively investing in data analytics to understand the usage pattern and behaviour of consumers. With more than 2.5 quintillion bytes of data created every day – data analytics is the art of cleansing, modelling and transforming the data to derive some meaningful information and use it for future predictions.

For instance – Airtel, one of the leading telecom companies use big data analytics to predict network growth, plan network expansions, retail the subscribers and increase revenue.

Inventory management

Another key advantage of data analytics is the effective management of inventory. Big eCommerce stores with a huge inventory and database have to overcome several challenges in terms of managing the inventory. Data analytics enables operation managers to get regular updates and identify the hurdles that slow down the supply chain process.

For instance – Amazon, one of the biggest online retailers use data analytics in inventory management. From selecting the nearest warehouse to distributing the inventory as per customer preference – everything is handled by big data analytics.

Execution and delivery

Big data can help with supply chain management by reconfiguring the moving parts to optimize the available resources and maximize the output. It is all about speed, accuracy and efficiency. Real-time data monitoring can reduce a lot of redundancies and result in significant performance improvements.

Besides, data analytics can help reverse the logistic costs such as – restocking the expenses, transportation cost, shipping overheads etc.

Types of Supply Chain Analytics

As mentioned earlier, supply chains generate a huge volume of data. Small, medium and large enterprises need to use supply chain analytics to streamline their operations –

1. Descriptive analytics – Use descriptive analytics to improve the visibility of supply chain operations. The insights from descriptive analytics can be used to keep track of the operations. Y=Using descriptive analytics in the supply chain can reduce the overhead expenses and lower risks – while improving the supply chain.

2. Predictive analytics – It is all about predicting future trends such as supply chain metrics, predicting future trends etc. Using sophisticated models, companies can determine detailed inventory requirements by usage, location and region. According to sources, companies that adopt predictive analytics models achieve a high return on their investment. Unlike historic analytics, predictive analytics allows supply chain companies to anticipate and prepare for the future.

3. Prescriptive analytics – Prescriptive analytics is all about what you should do next. Enterprises can depend on prescriptive analytics to posture the inventory policy. These analytics use predictive analytics as a foundation and add optimization capabilities.

The rise of the digital supply chain has allowed supply chain companies and transportation services to work together in profound ways. We at Amvion labs offer unstacked data solutions that enable our clients to collect, organize and analyze the data for better decision making. Our Analytics solutions provide you with a 360-degree view of your target audience and help you improve content personalization, targeting and campaign performance.

Want to know more about how we can help you turn your big data into actionable insights? Contact us today!