CIOReview
CIOREVIEW >> Supply Chain >>

How is Supply Chain Using Analytics to Mitigate their Challenges?

By CIOReview | Thursday, October 29, 2020

Supply chain analytics is resolving many pain points in supply chain management at the strategic, operational, and tactical levels.

FREMONT, CA: The supply chain is a very delicate business; one missing point that is a lack of synchronization can break the complete chain and mean millions in losses for a company. The adoption of analytics in this field is resolving various pain points in the supply chain management at the strategic, operational, and tactical levels. It can also be said that supply chain analytics brings data-driven intelligence to a business, reducing the overall cost to serve and enhance service levels. As far as the supply chain professionals are concerned, it means to use advanced analytics to improvise operational efficiency and make data-driven decisions.

Analytics leverages data to make predictions in order to help businesses take advantage of the widely available data in the supply chain industry. The data visualization techniques such as charts, graphs, and more help in decision-making by uncovering the patterns and generating insights. 

Business analytics and intelligence have significantly improved in the last decade, leading to a dependable system, which can help solve the domain's issues with meaning, insights, analysis, and predictions. Here are three case studies concerning the use of analytics in the supply chain to motivate the professionals in the domain to upskill.

Identify the most efficient shipping carriers with advanced analytics

 One of the most prominent challenges that a Fortune 100 CPG company faced was assessing every carrier and choosing the right carrier for shipment worldwide. As several metrics were available, the challenge was ranking carrier performance and selecting the right one for shipping. Understanding the carrier selection structure, the solution by Fractal Analysis followed a step-wise approach by knowing the correlated attributes, ranking of carriers, and assessing alternate carriers through what-if analysis.

Oil & gas major was delivered interface, forecasting, and visibility by Pierian Digital 

A Global EPC Service Provider had issues without a common user interface throughout applications to offer end-to-end visibility, the visibility of global supply chain and logistics processes, and predicting for cost and schedule. Pierian Digital's solution offered Proactive Supply Chain Performance Management Analytics insights impacting the top and bottom-line business growth, specifically with the improvements in the whole supply chain.

Gartner Analyzes the Market for Supply Chain Management Solution

 A Fortune 500 company was aware that its innovative solution for supply chain management had colossal potential; however, management required the validation of the market, the competitive landscape, and opportunities to secure the funding. A Gartner engagement answered all their questions by conducting a complete product assessment, sizing the market, and analyzing the competitive alternatives.