Prevent Supply Chain Issues With Data Analytics

  • 6th Apr'22
  • 119
  • 9
  • 10

Many businesses have difficulties understanding different data types spread through the supply chain network. This leads to supply chain issues. Supply chain analytics involves analyzing data from various sources. Analyzing data from different supply chain sources gives your business a comprehensive picture of its logistics networks. It helps your company understand the effects of supply chain challenges up and down the network. Here are some ways to prevent supply chain problems by incorporating data analytics.

 

1. Advanced Demand Forecasting

Inventory management is essential for supply chain optimization. Without proper inventory management, suppliers experience stockouts or overstocks of popular products. When you cannot address a customer’s specific needs at the right time, you lose revenue. Your customers will take their business to another supplier.

Analytics for advanced demand forecasting increases efficiency in many supply chain processes. Real-time analysis of structured and unstructured data on retail sales, inventory, and movement of goods leads to actionable insights that allow an organization to determine price fluctuations, plan product promotions, and manage deliveries.

 

Prevent supply chain issue with data analytics

 

2. Predictive Maintenance

When you analyze data from systems that support artificial intelligence, the Internet of Things (IoT), and machine learning, you can perform predictive maintenance to improve safety and prevent downtime. Predictive maintenance considers historical and real-time data to determine malfunctioning equipment and develop strategies for preventive maintenance.

A predictive maintenance strategy ensures maintenance is only done when it's necessary. As a result, you can avoid unnecessary costs of supplies and spare parts. You will also avoid unplanned maintenance that can lead to production delays and challenges in the supply chain.

 

3. Increased Warehouse Efficiency

Warehouse efficiency ensures your inventory meets customers' demands as soon as possible. Analytics at the warehouse stage of the supply chain is crucial for improving warehouse operations.

Over two-thirds of businesses don't pay heed to their supply chains. With real-time analytical insights into your warehouse workflow, you are aware of the condition and movement of products. Consequently, you know the best way to utilize your warehouse space and are familiar with potential issues that could disrupt the supply chain.

 

supply chain issues

 

4. Real-Time Transportation Tracking

Analytics from your transportation management protocols can give you valuable insights. For example, information on traffic on major roadways, fuel consumption, and weather conditions can help you determine the best routes to use. Furthermore, it can help you limit damaged or expired goods and accelerate delivery times.

You can monitor your cargo in real-time and make informed decisions and risk management. This helps you keep your clients informed on delivery progress in real-time.

 

5. Improved Point Of Sale

Big supply chain analytics is crucial for brick-and-mortar retailers. Data analytics are crucial for making decisions on mark-down pricing and shelf-space optimization—these insights influence retailers’ decisions on where to place products. For instance, products can be placed in high-value locations like aisle ends. It also enables them to maximize sales by clustering related products in one location.

Data analytics also help retailers determine out-of-stock goods. For example, if a product sold every few minutes is out of stock, an alert is triggered. Other data analytics technologies are being tested to improve point of sale. These include the installation of weight sensors on shelves and using cameras to stay up to date with the on-shelf stock levels.

Another popular technology is Amazon's Dash service. With this service, consumers can use wireless buttons to place orders on domestic products like washing powder. This enables stores to access data from a customer's internet-connected refrigerator to determine real-time demand.

 

Conclusion

Data analytics is crucial for any business seeking to avoid supply chain issues. It prevents problems with satisfying a customer’s demands. Insights from data analytics help improve innovation and streamline an organization’s supply chain.

 

We at OpenGrowth, are committed to keeping you updated with the best content on the latest trendy topics from any major field. Also, both your feedback and suggestions are valuable to us. Do share them in the comment section below.

Sources/References:

*Note: The content published above was made in collaboration with our members.

About the author:

Mallika Khandelwal, Super admin

A staunch proponent of karma, Mallika believes in what goes around, comes around philosophy. She is ecstatic with her life and strives to live it to the fullest.


Post Your Comment
lewiswakefield

Good news I came across NEW HORIZON CREDIT 1 , I used to have a lot of sleepless nights due to my low (FICO) credit score that was below expectations ,and I couldn't access loans and mortgages for the new house I was about buying for me and my lovely wife .   New horizon credit1 has been able to bring up my credit score tremendously by monitoring my credit between the three credit bureaus and resolving issues with providers. They are always available when I call. They take their time to discuss progress on my case and keep me updated.    After about four working days of contacting them I was shocked to discover my credit score went from 650 -780 . Now I just got approved for a mortgage ! .       I highly recommend NEWHORIZONCREDIT1ATGMAILdotCOM , because their representatives are helpful ,hardworking and they also do what they say ,  fix your credit  !   

2022-04-06 23:07:15

CREDIT REPAIR SPECIALIST

Building credit can make life easier, it gives you a better chance of qualifying for loans or credit cards. You also might get lower interest rates, better car insurance rates and a chance to skip utility deposits. Let’s say your score is 450, this range is considered a bad credit.I recommend that You reach out to this professional credit repair specialist via his email CREDITFIXTECH@GMAIL.COM or via his phone number +12093173690 to help you fix and boost your credit score. He helped me fix mine and my credit score got boosted by over 150 points. He removed all collections, negative entries and marked my student loan as paid. He is the best.

2022-04-14 14:09:20

Robert Mitchell

Am Robert Mitchell USA , How i purchased Willy Wonka Golden Ticket from Wal-Mart #2605 in Gallipolis and won $15,000, It still feels incredible that my life has changed and I thank Dr Prince  everyday for his help. It is the best feeling in the world knowing that I am financially secure.Dr.Prince has proved that all the comment that i have read about him are all true, I am saying this now because before i contacted Dr.Prince i was having doubts if all what i have read about Dr.Prince are true but after contacting him, i believed that Dr.Price  is truly powerful and his spell has the capability to Win all kinds of lottery All thanks Dr prince, his number +18144484537 This Man has been of immense blessing to me and my friends and i am putting his email here to help the world at large know about his abilities and power to solve various types of problems contact him today via website https://obinnaspelltemple.com/ obinnaspelltemple@yahoo.com

2022-04-18 11:59:32

Blank ATM Card +393512615163

Get $5,500 USD every day, for six months! See how it works. What'sApp : +393512615163 I want to testify about Dark Web blank atm cards which can withdraw money from any atm machines around the world. I was very poor before and have no job. I saw so much testimony about how Dark Web hackers send them the atm blank card and use it to collect money in any atm machine and become rich. Email : carolblankatmcard@gmail.com Hangout : carolblankatmcard@gmail.com What'sApp : +393512615163 They also sent me the blank atm card. I have used it to get 90,000 dollars. withdraw the maximum of 5,000 USD daily. The Dark Web is giving out cards just to help the poor. Hack and take money directly from any atm machine vault with the use of an atm programmed card which runs in automatic mode.

2022-05-19 21:59:04

Allen Dave smith

Investing online has been a main source of income, that's why knowledge plays a very important role in humanity, you don't need to over work yourself for money.All you need is the right information, and you could build your own wealth from the comfort of your home!Binary trading is dependent on timely signals, assets or controlled strategies which when mastered increases chance of winning up to 90%-100% with trading. It’s possible to earn $10,000 to $20,000 trading weekly-monthly in cryptocurrency(bitcoin) investment,just get in contact with Mr Bernie Doran my broker. I had almost given up on everything and even getting my lost funds back, till i met with him, with his help and guidance now i have my lost funds back to my bank account, gained more profit and I can now trade successfully with his profitable strategies and software!! 
Reach out to him through Gmail : Bernie.doranfx01@gmail.com ,Telegram: bernie_doran_fx or +1(424)285-0682 for inquires

2022-05-26 13:38:47

Allen Dave smith

Investing online has been a main source of income, that's why knowledge plays a very important role in humanity, you don't need to over work yourself for money.All you need is the right information, and you could build your own wealth from the comfort of your home!Binary trading is dependent on timely signals, assets or controlled strategies which when mastered increases chance of winning up to 90%-100% with trading. It’s possible to earn $10,000 to $20,000 trading weekly-monthly in cryptocurrency(bitcoin) investment,just get in contact with Mr Bernie Doran my broker. I had almost given up on everything and even getting my lost funds back, till i met with him, with his help and guidance now i have my lost funds back to my bank account, gained more profit and I can now trade successfully with his profitable strategies and software!! 
Reach out to him through Gmail : Bernie.doranfx01@gmail.com ,Telegram: bernie_doran_fx or +1(424)285-0682 for inquires

2022-05-26 13:38:48

Allen dave

Investing online has been a main source of income, that's why knowledge plays a very important role in humanity, you don't need to over work yourself for money.All you need is the right information, and you could build your own wealth from the comfort of your home!Binary trading is dependent on timely signals, assets or controlled strategies which when mastered increases chance of winning up to 90%-100% with trading. It’s possible to earn $10,000 to $20,000 trading weekly-monthly in cryptocurrency(bitcoin) investment,just get in contact with Mr Bernie Doran my broker. I had almost given up on everything and even getting my lost funds back, till i met with him, with his help and guidance now i have my lost funds back to my bank account, gained more profit and I can now trade successfully with his profitable strategies and software!! 
Reach out to him through Gmail : Bernie.doranfx01@gmail.com ,Telegram: bernie_doran_fx or +1(424)285-0682 for inquires

2022-05-26 13:43:09

Allen Dave

Investing online has been a main source of income, that's why knowledge plays a very important role in humanity, you don't need to over work yourself for money.All you need is the right information, and you could build your own wealth from the comfort of your home!Binary trading is dependent on timely signals, assets or controlled strategies which when mastered increases chance of winning up to 90%-100% with trading. It’s possible to earn $10,000 to $20,000 trading weekly-monthly in cryptocurrency(bitcoin) investment,just get in contact with Mr Bernie Doran my broker. I had almost given up on everything and even getting my lost funds back, till i met with him, with his help and guidance now i have my lost funds back to my bank account, gained more profit and I can now trade successfully with his profitable strategies and software!! 
Reach out to him through Gmail : Bernie.doranfx01@gmail.com ,Telegram: bernie_doran_fx or +1(424)285-0682 for inquires

2022-05-26 13:45:02

Allen Dave

Investing online has been a main source of income, that's why knowledge plays a very important role in humanity, you don't need to over work yourself for money.All you need is the right information, and you could build your own wealth from the comfort of your home!Binary trading is dependent on timely signals, assets or controlled strategies which when mastered increases chance of winning up to 90%-100% with trading. It’s possible to earn $10,000 to $20,000 trading weekly-monthly in cryptocurrency(bitcoin) investment,just get in contact with Mr Bernie Doran my broker. I had almost given up on everything and even getting my lost funds back, till i met with him, with his help and guidance now i have my lost funds back to my bank account, gained more profit and I can now trade successfully with his profitable strategies and software!! 
Reach out to him through Gmail : Bernie.doranfx01@gmail.com ,Telegram: bernie_doran_fx or +1(424)285-0682 for inquires

2022-05-26 13:46:39

Allen Dave

Investing online has been a main source of income, that's why knowledge plays a very important role in humanity, you don't need to over work yourself for money.All you need is the right information, and you could build your own wealth from the comfort of your home!Binary trading is dependent on timely signals, assets or controlled strategies which when mastered increases chance of winning up to 90%-100% with trading. It’s possible to earn $10,000 to $20,000 trading weekly-monthly in cryptocurrency(bitcoin) investment,just get in contact with Mr Bernie Doran my broker. I had almost given up on everything and even getting my lost funds back, till i met with him, with his help and guidance now i have my lost funds back to my bank account, gained more profit and I can now trade successfully with his profitable strategies and software!! 
Reach out to him through Gmail : Bernie.doranfx01@gmail.com ,Telegram: bernie_doran_fx or +1(424)285-0682 for inquires

2022-05-28 20:19:33


You may also like