One of the biggest perks of analytics in supply chain management is its utilisation of the demand forecast. Managers at different levels of the supply chain may be using it for different purposes. The common factor is that they all use the data for making some sort of decision.
One could say that the supply chain management career will require you to make a lot of decisions based on the various data available at any given time. Decisions of different levels may be based on the same set of data or entirely different ones as well.
One must think about whether or not to align multiple levels using the forecasts. So the question here is, will it be wise to use a unified forecast across all levels?
Unified forecast in Supply Chain Management (SCM)
The technological advancements have made it easier to unify the various sections or levels in the SCM and send a common forecast for all. But, it is the only easy path here as there are more challenges ahead for such a decision to be successful. The main challenges here are,
- Efficiency: It is going to be a tedious process to repeat the same process every month for the specified period.
- Optimality: The optimal model that is successful for one product or material may not be at the same level for another product, even for the same company.
- Alignment: Aligning the forecast and aligning the performance may not be the same. Even with a unified forecast, the outcome of different departments may be different so it is not advisable to take such a move.
So, the answer to the question is, it is not advisable to align the forecast in a supply chain system. But what you can do is to provide the data in a single platform where it is accessible for all levels. This way a lot of fragmentation could be prevented. This is where a skilled supply chain manager comes into play.
Importance of Supply Chain Management & Analytics
These days businesses rely on data to come with better plans for their future. The supply chain uses the massive data generated through its operations on a daily basis. The SCM system and analytics can use this data to predict future trends so that the companies can optimize their production or increase their sales.
Opting for a supply chain management course with analytics will give you a clear idea about the various processes involved in these operations. The designing of the distribution network, planning, and coordination, etc are some of the topics that are included in such courses.
The Professional certification in Supply Chain Management & Analytics course here at Imarticus is in collaboration with IIT Roorkee. The course offers live sessions, discussions, assignments, assessments, and a capstone project that will award a certificate after successful completion. You will receive career support with the guidance of experts. The career options ahead include the Supply Planning Analyst, Procurement Specialist, Supply And Operations Planner, Quality Assurance Manager, Logistics Manager, etc.
Completing a course in SCM will enable you to see and make appropriate decisions based on the analytics. A smart manager will be able to run the show for any given period and will be able to adjust the decisions at crucial points, without compromising the competitive advantage. It is all about balancing the supply and demand so that neither of these is above or below the other.