Supply chain management is a broad term that has many applications. Supply chain managers are responsible for ensuring that the right products get to the right place at the right time and that they have all of their necessary components. Supply chain analytics can be used in almost any industry, but it is especially important in industries where high-profit low-volume products exist - such as fashion retail. Hence, a supply chain management career is in high demand.
The Growing Importance of SCM Analytics?
Supply chain management and analytics are becoming more important than ever. Supply chains are growing in size, importance, and complexity - especially as modern businesses expand into global markets. Supply chains have become so complex that managers can no longer rely on traditional methods of forecasting such as historical data or gut intuition! Instead, they must develop a new approach to forecasting high-profit low-volume products using supply chain analytics!
How to forecast high-profit products in supply chain management and analytics?
- As Supply Chain Management continues to be a growing field for professionals, the relationships between companies and their suppliers continue to grow as well. Over the past few years, there has been an increase in focus on analytics within supply chain management as it can help provide better insight into business decisions that need to be made.
- When considering forecasting high-profit low volume products with Supply Chain Analytics, certain tools may come in handy. With the Logistics and supply chain management course, software programs, and analytic tools available today, Supply Chain managers would have more opportunities than ever before when trying to forecast demand for future products they will sell.
- Using analytical methods like linear regression analysis can also offer helpful techniques on how best to predict demand for certain products. This can be used when Supply Chain Management professionals want to forecast demand for different types of products, especially those with low volume and high-profit margins.
- Other methods Supply Chain Managers can use are multi-variate regression analysis as well as decision trees which may help them make better business decisions in the future concerning their supply chain management processes.
- With a greater emphasis on Supply Chain Analytics combined with effective forecasting techniques, Supply Chain Managers will have more opportunities than ever before to offer customers an improved experience throughout their buying process.
- Using these tools effectively would also increase sales revenue from new product offerings since having access to this type of data is becoming increasingly important among modern businesses today.
- In conclusion, Supply Chain Managers can use Supply Chain Analytics, Econometric Forecasting Software, and Statistical Modeling Tools to effectively forecast high-profit low volume products every day. This allows them to increase their sales revenue from new product offerings as well as offer customers a better experience throughout the buying process.
Make Your Career in Supply Chain Management and Analytics with Imarticus Learning
Imarticus Learning offers a Supply chain Management course to build the career of supply chain aspirants. The duration of the course is 6 months. It is uniquely designed by IIT faculty and industry leaders to help you learn and make a bright career. With the ever-increasing trend of e-commerce, the amount of movement of goods has been ever-increasing. There has been a disproportionate jump in the number of jobs for SCM across industries.
Here’s Course USPs:
- Experiential learning & impressive project portfolio
- Cutting-edge curriculum and certification from e-learning center, IIT Roorkee
- Real-life industry project-based learning for a better know-how.