Large-scale corporations use the method of supply chain analytics to acquire deep insights and extract value from extensive quantities of data concerned with the processing, distribution, and procurement of goods.
Though it has existed as a discipline for over a century now, the data infrastructure, mathematical models, and applications have evolved remarkably over time. Accomplishing end-to-end supply chain analytics demands putting information together across the procurement of raw materials and extends through production, distribution, and aftermarket services.
To cater to the growing demand in this field, Imarticus Learning has come up with Professional Certification in Supply Chain Management and Analytics. This Supply Chain Management course with Analytics furnishes candidates with a chance to work on 6 real-world projects and learn from the best faculty.
This article will give you an elementary understanding of different types of uncertainties managed in the supply chain and walk you through the various aspects of supply chain analytics. A supply chain analytics course training can give you an in-depth knowledge of this field.
Understanding supply chain analytics
Corporations need to analyze the deluge of information they gather from numerous applications affiliated with their supply chain. These include data from inventory, order warehouse management, procurement, transportation, and shipping costs.
The whole system of the supply chain acts like dominoes, with each step directly dependent on the other. Any problems at any step of the entire process can impact the overall result and hamper customer expectations. Supply chain analytics help you to analyze the data and ensure a smooth running of the total operation.
Different types of supply chain analytics
There are mainly 3 types of supply chain analytics that will help you to in managing your business better:
- Descriptive Analytics: These help you keep track of your daily operations and the changes required monthly.
- Predictive Analytics: These provide you with an early warning so that you can gear up production, staffing, and procurement to fulfill the increase in demand.
- Prescriptive Analytics: They provide suggestions so that you can maximize your inventory system performance and serve as the best posture for your entire inventory policy.
Best practices in supply chain analytics
If you are in the position of managing the supply chain of your trade firm, then these supply chain analytics practices will help you to optimize your decisions:
- Help you maintain your inventory history for accurate forecasts
- Use the Product Life Cycle (PLC) to adapt your forecast
- Use analytics to plan your shelf space and increase sales
- Organize your prime hours with overlapping shifts
- Help you identify the possibility of Full Truck Load (FTL) given various frequencies of replenishment
Key deliverables of supply chain analytics
Some of the key deliverables of supply chain analytics to boost your business are:
- Reduce inventory and release cash
- Improve fill rates and deliver growth
- Eliminate wastages and improve margins
- Improve forecast accuracy
- Improve service levels
- Reduce cost to serve
Supply chain analytics compliance requirements
With your business expanding and integrating more and more technology suppliers, you will have to blend supplier compliance management into your all-around compliance agenda. Quality management systems (QMS) record the methods, strategies, and obligations for quality and control objectives.
They also include the management of vendor relationships. Try to concentrate on the most business-critical vendors first to uphold business continuity and protect your customers.
Some major supply chain analytics compliance requirements are:
- Define your control requirements in all Service Level Agreements (SLAs)
- Try to set key performance indicators for monitoring your suppliers
- Establish communications by moving to a shared digital portal
The field of supply chain management is an evolving one and promises a lot of scopes to grow and prosper. Take the Supply Chain Management course with Analytics by Imarticus Learning and become a supply chain analyst for a career of great promises, prosperity, and growth.
A supply chain analytics certification with IIT, Roorkee can help students get into top positions in this field.