The supply chain plays a huge role in any manufacturing project. So, having a functioning supply chain eco-system that is fully optimized is crucial. To do this, many companies use supply chain analytics. Because they are adapting to this method, the industry has grown exponentially. In just 2021, experts say that the market size is valued at USD 5.63 billion and can increase by 17.6% in the approaching years of 2022-2030.
Even though the basics remain the same, supply chain analytics have gone through years of evolution. Today there are different methods for people to compile large amounts of data and extract relevant information from them. Here are a few trends in supply chain analytics you can look out for in the upcoming years:
As we have entered well into the modern era, it is important to update our ways from analogue to digital. Through digitization, we are ensuring that all work is accessible at any time with just a few clicks. Simply arrange the data in an optimized way so it is easily accessible. This way, we can keep track of important information such as storage, vendor details, etc.
2. Artificial Intelligence (AI)
AI is one of the greatest technological advances we have ever seen. It enables machines to work, think, and solve problems as we do. This is why artificial intelligence is a go-to solution for supply chain analytics. It can compute large amounts of data within minutes and give us the best case scenario without any errors. Whereas it would take a human weeks or months to do the same.
3. Cloud computing
Even though most of our data these days is in digital form, it is still scattered. To have all-time access to relevant information, we need a cloud-based platform. Cloud workspaces are a network of remote servers that store data on the Internet along with managing and processing it. By utilizing these online forms, we can have all the information we need from multiple sources/suppliers in one place.
When it comes to high-value data or confidential information, Blockchain is the way to go. This is a more secure platform for those who prefer more protection for sensitive information. Blockchain does not rely on any third party, so it guarantees high security.
We can achieve the best results in supply chain management by combining this with Robotic Process Automation (RPA). For example, if you take the help of RPA in the supply chain inventory check and monitoring, you can increase the efficiency by up to 60%.
6. Agile supply chains
When the pandemic began, we have learnt the importance of agility. One bad decision can give our competition a chance to rank over us. Analytics that showcase concerns as they arise can be helpful during times similar to the Covid-19 pandemic. This is when we can use prescriptive analytics on our data to make quick and essential decisions.
The analytics help you understand and optimize your supply chain management better. This is why knowing the latest supply chain analytics trends is essential. Find out more about supply chain management at Radiant Appliances & Electronics.
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