In this busy world with people having marathon life, the value of time has increased rapidly, resulting in the high expectations of people for their stuffs to receive within shorter period of time. Now let’s make it more clearly by taking your example, in simple words, if you need a laptop for your official purpose so what are the things that comes on priority basis before buying it? The product should be reliable that you can trust on, the rate should be within your budget and the most important, when will you get it? Because even a day can bring lots of trouble in your life so you definitely want it within as soon as you can. So basically the supply chain should be good enough to get your work done within the given time.
Data analytics is a process of probing the raw data which helps to get into the conclusion about the information. Now a days it is used in number of industries to help companies, organizations or firms to make superior business decisions, and helps to know whether the previous models or theories needs to be followed or not.
These days it’s nothing new to hear about the booming use of data analytics in logistic functions and the supply chains.
As an individual we expect our orders or products to reach us when we need, now let’s say, getting a pizza within 30 min is something old now but it is a step taken to stand out of the rest and increase the productivity, now the crowd would rather order that food chain for it’s delicious pizza instead of ordering someone who’ll deliver within an hour or two.
Supply Chain Analytics is a study of end to end process which helps into cost cutting as well as using time as precious tool. It results in getting a happy satisfied customer.
Features of Supply Chain Analytics
- Understanding the demand– A proper study should be conducted to understand the customers and their need so the company can modify itself for the successful supply and can satisfy their customers by providing them with their requirements.
- Selection of supply chain– An efficient supply chain and reliable distribution network can help the company to deliver the service to their customers on time.
- Flexible policies– The company or service provider must equip their customers with several powers like return policy. Usually after getting the product the customer suffers lot of pain to return the product due to any reason so the company should keep their policies crystal clear to the customer for a trustworthy relationship.
What can affect the Supply Chain?
Supply Chain Analytics can be easy affected by many reasons like hike of fuel price, recession or even the movement of supplier from one place to another.
So the Supply Chain Analytics plays a prominent role into the development of the company’s profit and cost structure, it is a tool that helps a company to compete because of its exact complexity structure.