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analytics program enablement for growth-mindset organizations

4 Supply Chain Opportunities with Data Analytics

4 Supply Chain Opportunities with Data Analytics

With the aid of data analytics, better insights and transparency is easier to attain in the supply chain. By leveraging this data, relevant organizations can develop how they respond to risks in the supply chain or unstable demands.

Here are some examples on how data analytics can provide ways to improve the supply chain process:

  • Understand clients better and how they relate with the company.
  • Fine-tune inventory management and deliver products based on actual demand.
  • Manage supplier relationships better and to effectively understand vendors.
  • Learn how clients interact through varied channels and provide personalized product recommendations.
  • Create in-depth supplier profiles that include data from external sources

These are four major opportunities for supply chains that data analytics can address:

  • Improve Efficiency

The top priorities of many businesses in the supply chain industry are cost reduction and efficiency. Integrating data analytics in business operations results in a 10% increase in the improvement in supply chain efficiency.

  • Enhance Prediction of Customer Needs

The majority of dissatisfied clients will refuse to do business with a company that failed to rise to their expectations. Providing the right products to the right client at the right time and place is the secret to increasing customer loyalty and satisfaction. With data analytics, comprehensive buyer insight will help companies understand personal wants and needs, as well as develop an excellent brand experience.

  • Develop Advanced Assessments of Risk

Data analytics offers better predictability and visibility across supply chains – this technology aids in assessing the chances of problem happening and its likely impact to an organization. By combining the analysis of scenario planning, risk mapping and historical data, a better risk management approach is developed.

  • Prioritize Agility and Speed

The ability to readily adjust to customer expectations and objectives is considered one of the top drivers of competitive advantage across several industries. Integrating data analytics in operations can result in 400% improvement in order-to-cycle delivery times and a 41% increase in reaction time to relevant issues in the supply chain.

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