Supply Chain Data & Analytics Can No Longer Be Ignored

Data and analytics are becoming a new gold currency in businesses around the globe. This is no different within the supply chain. Supply chain analytics represent the ability to make data-driven decisions based on a summary of relevant, trusted data, often using visualization in the form of graphs, charts, and other means. Supply chain analytics provide statistical methods to new and existing data sources while creating insights that can improve decision making. Improvements can be seen in front line operations and in strategic choices.

Warehousing is a segment of the business that is littered with data and analytical opportunities for advancement. A simple forklift can be transformed into a valuable source of information that can be used to analyze and monitor picking accuracy, warehouse productivity and inventory accuracy in real-time. Technological progress has now made it possible to optimize warehouse design and simulate new property configurations of existing warehouse space to improve storage efficiency and picking productivity.

Effective analytics requires the ability to become more customer-centric. A hidden benefit of supply chain data and analytics is the improved customer service experience that results from consistent monitoring of data. Analytics are now being used to predict a growing number of variables in the supply chain space including weather, regulations, labor challenges and even global conflicts. Delivery delays can be minimized by analyzing GPS data and weather data which leads to more optimized routes. In addition, the transparency of real-time tracking with deliveries and shippers’ ability to select the most efficient shipping methods for all customers are all a result of the data collected over a select period of time. This is a win for all parties involved.

We have just scratched the service of the impact data and analytics has on the supply chain. What additional uses of data and analytics are you keeping an eye on within the supply chain industry? Let us know in the comments.