How Business Intelligence can Drive Better Decision-Making
Manufacturers that incorporate demand forecasting in their planning tools can accurately predict what lies ahead in terms of demand, optimal prices, and inventory. Business Intelligence (BI)—the driving force behind modern decision-making—helps to predict future economic volatility and uncertain events that may have a huge impact on supply chain if not forecasted well. As business leaders are struggling to derive insights from enterprise as well as market data, the solution to this challenge lies in effectively using BI tools.
In order to capitalize on actionable insights from the available data, enterprises must get rid of their old-styled BI approach and adopt advanced BI tools.
Following are the four essential points that executives must do to achieve accurate predictions:
1. Aligning the workforce with goals of the organization
The C-suite executives must ensure the data teams are aligned with the long-term goals of the organization. Since the traditional analytical tools do not provide enough insights, the key to effective decision-making lies in asking right questions.
2. Leveraging the power of artificial intelligence, machine learning, and cloud computing
According to a PwC research report, the manufacturers that are concerned about future economic and consumer behavior must leverage artificial intelligence and machine learning. This will help them to take better stand in the uncertain events in future.
3. Incorporating external information in BI
External market behavior affects the supply chain operations to a greater degree, therefore, it is imperative to involve external information in their BI and analytics processes.
4. Using the right BI approach
Although it is impossible to predict future uncertainties with 100 percent accuracy, enterprises are required to update their BI approach consistently. Manipulating data aggregated from data scientists, industry experts, and economists, AI and machine learning can enable manufacturers to accurately derive best insights into their supply chain. All in all, manufacturers can improve their predictions and gain a competitive advantage if they incorporate the right BI approach.