Regardless of the size, the amount of data a running business gathers and has to process on a daily basis is enormous, and it is of utmost importance to make sure the analysis is done errorlessly in order to keep up the business, discover patterns and get proper insights.There are various fields that a company receives data from, which can get extremely inefficient and time consuming if obtained manually. By the grace of an integrated supply chain analytics software to intake and process all of this input not only will help establish a coherent database but also ensure a major shift in your company’s growth.
What is supply chain analytics?
In a business where supply chain is involved, there are a handful of critical fields. Each of which generates countless amounts of data everyday by every passing minute. These include production management, inventory management, shipment and transportation management, storage management , order management and many more. To properly register each information maintaining the protocols and then to process it manually, takes inhumane amounts of effort and time without any guarantee of foolproof data. Supply chain analytics signifies the process of an integrated data analysis, derived from all the applications tied to the integrated supply chain management. Supply chain analytics is one of the core elements of the entire management system.
Types of supply chain analytics
The supply chain analytics has been classified into 4 different categories keeping the type and number of data in mind, which gets processed by each of these analytical systems.
- Descriptive analytics: Descriptive analytics takes in all the data that comes from each of the applications tied to the central supply chain management system, processes them through and through, and finally discovers all the patterns and provides clarity across the whole supply chain. It includes data from both internal and external supply systems, hence one can simply detect any and all kind of disciplinary or infrastructural problems that might exist. That makes it very easy for any owner to solve any potential issues before they get any bigger. Furthermore, it makes the growth or shrinkage of the company easily visible so any necessary changes can be made expectantly.
- Predictive analysis: This is actually the most interesting of all the analytics. Reason being, it’s work resonates its name perfectly. Predictive analysis helps a company by predicting results of the proposed decision using the patterns that derived from the data earlier. Predictive analysis makes sure that the decision makers can easily probe every repercussion a change may carry. Which helps a company immensely in the next step of solving any problem in order to ensure maximum business value, and helps understand potential disarray in the future, all by using the patterns and utilizing the data.
- Prescriptive analysis: Prescriptive analysis takes in account whatever descriptive analysis and predictive analysis proposes and then helps companies take the best decision by prescribing actions to achieve optimum results. Using prescriptive analysis one can actively increase a company’s room for growth and most importantly can help to mitigate any chance of potential disarray using very little time or effort. It also helps greatly in determining a company’s approach to different sorts of crisis and crisis management itself by evaluating company and client’s data. It has evidently worked to prevent major supply chain disruptions in many companies.
- Cognitive analysis: This is the last and is often rendered the most useful of all types of analysis. With the help of Artificial Intelligence(Ai), cognitive analysis helps by giving answers to critical questions in natural language. And it does so by the help of fast learning and deep learning. Cognitive analysis is almost like a second brain which is much more advanced and has much more capacity that helps in taking crucial decisions and understanding complex contexts. This single handedly manages the tasks of staff who have to prepare reports on the complex contexts which is extremely time inefficient. Also the real-time analysis of the data by the help of AI can manage any disruption even while supporting new business models.
The benefits of supply chain analytics
The benefits of using digital analytics software in your supply chain management are pointed out below:
- Instant decision making skills: By quick and integrated analysis of all the data of your supply chain management, you can have a single source of truth which will help you to make instant necessary decisions .
- Complete and proper dissection of risks: By the help of real time data analysis patterns discovered by descriptive analysis and risk prediction by predictive analysis, your company can get a full understanding of any sort of risks and mitigate it.
- Multiple data stream management: Huge sum of data can get processed in just a matter of minutes while being connective and collaborative. Which will actively help to achieve more accuracy in decisions and planning.
- Data Transparency: By complete data transparency you can easily get proper operational insights which will help to reduce excessive costs and improve margins as well.
- Overall boost in management: Lastly, having utilized all these services, you can boost your management to the proper level and ensure optimum results for the entire supply chain management.
How Nuport supply chain analysis can help
A proper supply chain analytics and data platform can turn your entire supply network management process around. An integrated solution to improve risk management, decisional accuracy, boost working capital allocation through proper client credit analysis, and most importantly ensure optimum results, can easily be adapted by using the supply chain analysis platform of Nuport. Nuport supply chain analytics can provide you with the most technologically advanced and personalized module to perfectly fit your supply chain management and ensure optimum results, full data transparency, risk management and prepare for future endeavours. To get a fully personalized consultation, schedule a demo today!