Did you know that over sixty percent of businesses don’t have a completely visible supply chain? Sadly without these types of analytics, many companies simply aren’t able to optimize their business’s cost, speed, and accuracy.
This can have seriously detrimental effects on a business in the future. So, what’s the solution? Simply: read this article. In it, we’ll provide you with a crash course on supply chain analytics.
That way, you can begin identifying weak spots in your chain and make proactive changes to your model. Let’s get started!
What Are Supply Chain Analytics?
Supply chain analytics is the process of using data and information to make your supply chain more efficient. This type of analytics provides insights into everything from shipping orders to inventory management.
Supply chain analytics isn’t essential for every business. However, if you’re involved in eCommerce in any capacity, then it’s important. An efficient supply chain helps you ship products to your customers quickly and efficiently. This, in turn, will make them repeat customers.
How Can Supply Chain Analytics Help Your Business?
As we mentioned before, an efficient supply chain that uses supply chain analytics can make supping quicker and more affordable for your customers.
But, what are some specific benefits that it offers your business? Here are three huge benefits that show how supply chain analytics can help your business:
- Analytic data can help you predict future demand and scale accordingly
- It helps you identify and avoid certain risks that might be threatening your supply chain
- It allows you to optimize your supply chain while reducing any inefficiencies
How to Start Using Supply Chain Analytics Software
There are numerous types of data sets that you should be keeping track of within your supply chain. This includes things like your turnaround times, rate of order accuracy, on-time shipments, warehouse turnaround time, fulfillment costs, and the rate of inventory turnaround.
Unfortunately, keeping track of this data is easier said than done. As such, we recommend that you get supply chain analytics software that can easily track all of this information. But how do you find one?
If you need a great option, then look no further than Epicor Kinetic 2021. You can learn more about this software and the benefits it offers here: tomerlin-erp.com.
Want More Content? Keep Reading
We hope this article helped you learn more about the different ways that supply chain analytics is essential for your business. The truth of the matter is that if you aren’t taking an active internet in your supply chain, then you’re actively losing money.
Supply chain analytics can change that, but you still need to find the right type of software that fits your business’s needs. So, get out there is start experimenting so you know for sure which option is right for you.
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