Why Are Supply Chain Analytics So Important?
Supply chain and real-time data analytics make businesses smarter, quicker and more efficient across the entire length of the supply chain and organization. A recent Gartner survey revealed that 29% of surveyed organizations said they have achieved high levels of ROI by using analytics.
Effective use of supply chain analytics allows businesses to better understand and predict future risks by identifying patterns and trends throughout the supply chain.
By analyzing real-time customer data, supply chain analytics can also help businesses predict future demand, allowing for informed decisions on purchase orders, RFQs, new products, and end-to-end customer needs.
Supply chain analytics can be used to monitor warehouse inventory, responses from partners and suppliers and other aspects of the supply chain, to achieve a leaner, more productive supply chain across the board.
In the modern world, your business needs a modern approach to analyze the complexity of a global supply chain. Supply chain analytics allow businesses to parse through, understand and implement changes to ensure their supply chain management is optimized for the 21st century.