Supply chain is an integral part of executing business success, from procurement sources to logistics and end-users – all are finely woven into its intricate network web, each playing a critical role. The execution of the supply chain attracts significant attention because this area is ripe for cost savings if things are done right. Harnessing advanced analytics can provide the most-wanted insights into how each element functions independently and together as a unit to ensure the steady flow of goods, even in the face of unprecedented challenges.
Today, supply chains are becoming increasingly complex, with several partners getting added to the network to cater to the needs of overseas customers. Hence, optimizing supply chain execution with analytics is more important than ever.
Supply chain execution encompasses the myriad tasks making up the supply chain and their steady flow, from procurement, sourcing, order fulfillment, and warehousing to transportation of end goods to customers. Every step in the supply chain leaves behind an array of information.
With the help of advanced analytics, such insights are extracted in real-time and shared with concerned partners to optimize the process accordingly and make it immune to any sudden disruptions, predictable or unpredictable.
For example, the supply chain network of Consumer Goods companies is ridden with many challenges, impeding their growth. These challenges include:
Supply chain analytics is the analysis of information drawn from the various elements connected to the company’s supply chain. One miscalculation or error in either of the processes creates a domino effect, rippling through the network and impacting every element along the way. This will leave the customers heavily unsatisfied. Hence, timely availability of supply chain analytics can save the business millions of dollars and its reputation.
The following are the benefits of optimizing supply chain execution with analytics for businesses:
Improved visibility: Businesses need to get a comprehensive eagle-eye view of their supply chain. Data and analytics shared on a single cloud-native platform help businesses and other concerned parties spot patterns and anomalies in a particular location, analyze the data and take actions accordingly.
Better understanding and mitigating risks: Again, identifying market patterns from historical data and present disruptions equips businesses with the knowledge and foresight to promptly create fail-safe plans to mitigate timely.
Supply chain planning enhanced: Supply chain planning is based on market demand for goods and services. Real-time insights provide such data based on which future planning is carried out effectively.
More customers satisfied: Better planning and timely address of disruptions improve customer satisfaction significantly. With the help of supply chain analytics, businesses can match the delivery promise to customers and reduce the loss of business to competitors.
Higher profitability: The whole purpose of supply chain analytics is to ensure businesses save as much cost from the network and identify opportunities to scale efficiency and profitability.
TradeEdge Platform captures insights across the demand value chain and makes them available to every person responsible for decision-making in the supply chain. Such insights accelerate profitable growth and foster an autonomous supply chain.
This cloud-based solution enables brands to gain maximum channel visibility, add new channel partners, improve retail execution and reach new markets faster.