A supply chain is the biggest asset a company can possess. Today, organizations have already come a long way in terms of improving their supply chain competence and enhancing the speed of operations. But, pricing pressures, global operating systems, and the dynamic customer expectations are putting a lot of pressure on supply chain operations. This, in turn, compels the organizations to move out of their conventional supply chain implementation systems and change over to advanced techniques that can better accommodate the dynamic market conditions and meet customer demands. But, what is the best way to make the supply chain work harder and more productively? The answer is pretty straightforward: supply chain analytics.
And that, in short, is why supply chain analytics will be so important in 2020. Not just from a financial standpoint, but also to increase faster order delivery, increasing sales, and most importantly raising standards of the supply chain.
To understand this concept, let’s study the importance of supply chain analytics in 2020 in-depth.
Supply Chain Analytics: Increasing Sales
The main focus of any business is to make its products and services attract customers and result in sales. To boost returns, companies need to find whether they own the right inventories, raw material, and supply chain network. This is where supply chain analytics comes in, it helps companies identify a slow-moving stock that was the result of wrong predictions and inaccurate estimates. It can also help find instances where there is a possibility to sell more products and meet the demand that was there but left unmet.
Supply Chain Analytics: Speeding-up Materials Movement
It is not difficult to forecast that advancements will be made to make supply chains to move more quickly in order to reduce inventory levels and free-up cash. The trick is to know how to make them move quickly, and here, supply chain analytics comes into play. It helps you understand what is the impact of order size and stock-keeping rules and policies along with the impact of demand variability and to what extent the range proliferation added to average inventory levels.
Supply Chain Analytics: Data in Abundance
Put it all together and you can see why and how supply chain analytics can significantly impact a business’s supply chain operations. Today, supply chains are throwing off unprecedented amounts of digital information that was once recorded on paper, are now routinely digitally captured and stored. Experts predict that in the year 2020 so much data will be available regarding the efficiency of supply chains that the greatest challenge faced by companies will be transforming that data into actionable insights.
If you want to stay ahead of the competition in the supply chain curve, it is recommended that you take up an online course in supply chain management or any certified supply chain management course. These courses help you consider the external as well as internal factors affecting the health of the supply chain of a business. Certified supply chain management courses focus on understanding and analyzing various managerial levers and apply them to achieve supply chain excellence. Also, an online course in supply chain management can familiarize you with the key drivers, obstacles, and decision areas of supply chain analytics along with helping you excel in supply chain analytics tools and techniques used for analysis and quick decision making.