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HowAnalyticsCanEnhanceSupplyChain
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September25,2014
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AccordingtoWikipedia,supplychainisasystemoforganizations,people,activities,
information,andresourcesinvolvedinmovingaproductorservicefromsupplierto
customer.Activitiesinsupplychaintransformtherawmaterialsintoafinishedproduct
andfinallydeliversittothecustomer.Traditionalsupplychainincludeselementslike
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suppliers,manufacturers,wholesalers,retailersandfinallycustomers.
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Inthisblog,Iamgoingtodiscusshowanalyticsisplayingacrucialroleinenhancingthe
performanceofsupplychain.Tosetthecontext,Iwillhighlightthethreemajor
problemsbeingfacedbysupplychainexecutivesandlaterexplainhowanalyticsis
helpingthemsolvetheseproblems.
BRIDGEi2i Analytics
@BRIDGEi2i
11 Jul
Supplychainchallenges
Tweet to @BRIDGEi2i
Witheveryeconomybecomingglobalizedandcompaniesincreasingtheirpresence
acrosscountries,operationsofglobalmanufacturingandlogisticsteamsarebecoming
complexandchallenging.Delayedshipments,inefficientplants,inconsistentsuppliers
canstallanddelaytheshipmentstherebyincreasingthecompanyssupplychaincosts.
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Someofthemajorchallengesthatsupplychainexecutivesarefacingtodayare
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1. Visibilityofglobalsupplychainandlogisticprocesses
BRIDGEi2iAnalyti
2. ManagingDemandVolatility
924likes
3. Costfluctuationsinsupplychain
AnalyticsinSupplychain
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TheincreasingimportanceofAnalyticsandplanningtoovercomethesupplychain
Share
Bethefirstofyourfriendstolikethis
challengesthatexecutivesarefacingtoday,cannotbeignored.Mostofthe
organizationsareplanningtoincreasetheirinvestmentsinAnalyticswithabulkof
itgoingtosupplychainfunctionbecauseitholdsthegreatestpotentialforinnovationand
competitiveadvantage.Withbusinessanalyticsimprovingsignificantlyinthelastdecade
andofferingdecisionsupportforthecriticaltacticalandstrategicsupplychainactivities,
insightsfromtheseactivitiesarehelpingthecompaniestoreducetheircostsandalso
helpinginoptimizingthesupplychains.
Thesolutionsprovidedbytheanalyticstothechallengesfacedbythesupplychain
executivesareclearlydetailedbelow.
MovingtoSmarterLogisticstoimproveSupplychainvisibility
Globalizationhascreatedsomanysuppliers,manufacturingunitsanddistribution
locations.Whilethebusinessgrowthopportunitiesarebecomingstrong,growingproduct
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regionalsupplychainswhichhastobemonitoredclosely.
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variancetosuittheneedsofgloballydispersedcustomershascreatedacomplexwebof
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Increasingsupplychainefficiencybeginswithenhancingbasicmetricsandreporting,as
theseprovidetheessentialdataforperformanceimprovementinitiativesandprovide
visibilityofsupplychainactivities.Applicationofadvancedanalyticsdrivencontrol
metricscanmonitorrealtimecriticaleventsandKPIsthroughmultipletouchpoints.
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Whencombinedwithpredictiveanalytics,thesemetricscanprovidevaluablesavingsin
areassuchasfreightoptimizationofthecustomer.Organizationsthatareinvestingin
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supplychainvisibilitycanmakedecisionstoincreasesupplychainresponsiveness,
optimizecostandminimizecustomerimpact.
Managingvolatilitythoughdemandandinventorymanagement
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Withglobalizationandincreaseinproductvariancetomeettheneedsofglobally
dispersedcustomers,demandvolatilityhasincreasedsignificantlyandpermanently,
makingdemandandinventorymanagementabigchallenge.Industriessuchasretail,
consumergoods,automotiverequiredailyorrealtimeforecastgenerationstoperformat
market.Advancedanalyticscanbeappliedtotheseareastomoreaccuratelyanticipate
demandandtopredictandmonitorsupplyandreplenishmentpoliciesandplaninventory
flowofgoodsandservices.
Planninginventoryflowofgoodsandservicesisespeciallyrelevanttocustomerfocused
organizationsallowingthemtoleveragetheirhistoricdatasourcestooptimizeservice
levels,augmentinvestmentdecisions,andimprovesupplierperformanceandquality
http://bridgei2i.com/blog/howanalyticscanenhancesupplychainperformance/
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controls.Companieswillalsobeabletorunsimulationonbestfitsolutions,theycan
programcontextualexceptionhandlingalertsandusemulticriteriainventoryranking
withassistanceofadvancedanalytics.
Reducingcostfluctuationsbyoptimizingsourcingandlogistics
activities
Supplychaincostsformasignificantpartincompanyscostsandsupplychain
executivesfaceachallengeinhandlingthesecosts.Supplychaincostssignificantly
impactkeyfinancialmetricslikeworkingcapital,costofgoodssold,andcashflow.
Constantneedtoimprovethefinancialperformanceshouldhappeninindustrieswhich
handlelargeamountofinventories.Keyareaswherecostscanbecontrolledwith
analyticsdrivenintelligenceinclude:
Materials:Analyticaltoolscanimprovevisibilitytothetruetotalcomponent
costofproductsratherthanjustprice.Acompleteviewofsupplychaincost
foranygivenmaterialisnecessaryformakingoptimalpurchasedecisions
onashouldcostbasis.Byplacingcompleteinformationatthefingertipsof
thesupplychainmanagers,organizationscanreducethematerial
purchasesthroughimprovementsinsupplychainpracticesandbetterprice
negotiationoutcomes.
Logistics:Fluctuatingdemandpatternsandanexpandingbaseof
suppliersandlogisticspartnershavedrivencompaniestocontinuously
rethinktheirlogisticsnetworkstrategy.TheycanrealizestrongROI
improvementsthroughanalyticsdrivenplanningactivitiessuchasroute
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optimization,loadplanning,fleetsizingandfreightcostreconciliation.
Sourcing:Asbusinessesexpandintonew,volatilemarketswithdiversified
productportfolios,managingamultitudeofsuppliersaroundtheworld
becomeschallenging.Thereareconsiderablecostsandpotentialrisks
whensigningoneachnewsupplier.Whileanindustrymightplayseveral
suppliersagainsteachothertoachievethelowestprice,withoutproper
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balanceofsourcingandrelatedoperationalcontrols,theresultscouldbe
counterproductive.
Sophisticatedanalyticsprogramsgeneraterealtimesupplierperformancemanagement
datathatsupplychainmanagerscangenerouslyusetoimprovetheirsourcingstrategy.
Thisdataempowerssourcingprofessionalsbyprovidinganalysisfrominitialscreeningto
ongoingriskmanagement.Potentialsupplierriskisassessedthroughacombinationof
financialanalysisandcapabilityconstraints.Astrongfactbasedsupplierselection
processratherthanonebasedsolelyoncostistheresult.
SupplychainAnalytics,thereforeplaysakeyroleinenhancingtheperformanceof
supplychainbyimprovingsupplychainvisibility,managingvolatility,andreducing
fluctuationsincost.
Iwouldlovetohearyourviews.Pleaseleaveacomment.
Theauthor,VenkateswaraPrasad,isanAnalyticsConsultantatBRIDGEi2iAcompany
onamissiontounleashthepowerofanalyticsandtransformthelivesofenterprisesand
individualsalike.Webelievethatthesolutionstoalmostallintractableproblemslies
buriedinsidethedata.TheSupplyChainAnalyticsgroupwithinBRIDGEi2iisfirmly
focusedongoingthedistancewithclientorganizationstomakesurethattheybetter
manageinventory,reduceworkingcapitalthroughourgranularunderstandingof
demandandsuppliervariabilityanddeploymentofcuttingedgeoptimization
techniques.Toknowmorevisitwww.bridgei2i.com
Connectwithus:
Theviewsandopinionsexpressedinthisarticlearethoseoftheauthoranddonot
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