Want to Know Why Supply Chain Analytics Can Be Your One Stop Solution for All Your Supply Chain Management Challenges? Take a Look at the Blog Now!
LONDON--(BUSINESS WIRE)--Jan 25, 2019--Quantzig, a leading analytics advisory firm that delivers customized analytics solutions, has announced the completion of their article on the . The article lists out the benefits of supply chain analytics in reducing inventory costs and optimizing production plans. It also gives an overview of the key supply chain management challenges faced by companies.
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Key supply chain management challenges. (Graphic: Business Wire)
With the onset of the economic downturn, many companies have started facing a different set of challenges such as rising pressure from global competition, increasingly complex patterns of customer demand, and consumer expectations. Businesses have been hugely affected by commodity volatility, changing demand forecasts, and supplier-specific challenges. Moreover, inaccurate forecasts during periods of unanticipated demand have led to stock-outs for companies. This has forced companies to integrate different SCM execution platforms and leverage supply chain analytics to view and analyze data on goods at every step in the supply chain process.
Some of the key supply chain management challenges:
Supply chain management is crucial for companies to deliver what they have promised to their customers on time. The timely delivery of products in the right quantity becomes an arduous task for companies due to various factors. This not only hampers their brands’ value but even creates difficulties in retaining customers.
With the hike in fuel and transportation costs, it has become quite challenging for companies to manage their operating costs. Moreover, the rising number of global customers, labor rates, and commodity prices have increased the pressure on supply chain managers.
Supplier-partner relationship management
Businesses need to create, understand, and follow standards that are set by both suppliers and partners. This allows for a better understanding of the ongoing process and provides effective strategies for growth. Implementing different standards from both ends makes it difficult to analyze the performance and results in wastage of time and resources for businesses.
Keeping pacing with the rising costs is critical for companies to avoid heavy losses in the long-term and know how our supply chain analytics solutions can help you successfully manage your operating costs.
Benefits of supply chain analytics:
Reduced inventory costs
Supply chain analytics is proving to be of great help for companies, especially in terms of amalgamating previous order data with real-time market analyses and creating demand forecasts. Predicting changes in the demand landscape drives more value to inventory management. With better demand sensing via advanced supply chain analytics, companies can better plan their production and free up the storage space according to the needs of the customers.
Optimization of production plans
analyzes the specific process of waste or inefficiency and feeds the existing processes schedule into the analytics workflows. This helps companies to optimize productions plans by presenting back-up plans in response to real or hypothetical disruptions. Moreover, it keeps the production plans on track even during the time of unexpected or unforeseen contingencies.
Supply chain analytics promotes cross-functional collaboration and creates highly-visible, shareable forecasts that can help disparate teams across a particular organization to work in sync for achieving the common organizational goal. This reduces the possibility of miscommunication among different teams and ensures operational efficiency.
is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit:
View source version on businesswire.com:https://www.businesswire.com/news/home/20190125005232/en/
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INDUSTRY KEYWORD: SUPPLY CHAIN MANAGEMENT RETAIL
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PUB: 01/25/2019 09:33 AM/DISC: 01/25/2019 09:33 AM