For the recovery, renewal, and upgrading of supply chains
Supply chain disruptions are inevitable. The causes can be anything from late supply deliveries to production line shutdowns or transportation shortages. It is reasonably common for supply chain organizations to detect and respond to events quickly and without affecting the service to their customers and operations.
Today, however, organizations are facing major disruptions that affect their supply chains significantly. A recent survey by Gartner found that 76% of supply chain executives are facing more disruptions in their supply chains these days than three years ago. Furthermore, another 72% reported that disruption events have become more damaging.
A recent example is the COVID-19 pandemic. Other examples include tariff disputes, natural disasters, and supply failures. Companies increasingly rely on supply chain analytics tools for identifying disruptions, analyzing their scale, and predicting their effects on the supply chain.
How Do Supply Chain Analytics Mitigate Business Disruptions
The success of a business depends on diverse analytics strategies & supply chain analytics tools.
There are four ways business disruption can be mitigated by supply chain analytics.
Keep track of the unfolding disruptive event
Supply chain companies can monitor disruptive events based on publicly available data. The data of many organizations are either free or available for a fee. Satellites and distributed sensors can provide information about an event in real-time, allowing supply chain companies to monitor it in real-time.
Analyze the impact of the event on the supply chain
Companies can analyze disruptions in the supply chain using visualization analytics. It is especially important for companies whose global supply chains include thousands of suppliers. Geolocation analysis of suppliers and customers can be used to identify potential disruptive events.
Be proactive in reducing negative impacts
Artificial intelligence (AI) and machine learning allow supply chain leaders to make short-term decisions. As events unfold, they can take immediate action to minimize impact on their supply chain using machine learning and AI. In contrast to traditional statistical modeling, machine learning algorithms can utilize near-real-time data in order to forecast and leverage dynamically evolving events.
Analyze future supply and demand scenarios
After taking initial steps to diffuse the short-term impacts of the disruption, supply chain organizations must continue planning for the long-term impacts. Forecasts can be based on statistical analysis and simulations, which helps supply chain managers prepare for the future.
What is the Best Way to Prepare for Future Disruptions Using Supply Chain Analytics?
Supply chain analytics and a visibility platform, such as Monitor Pro, offers reliable data to predict future disruptions and recover from current issues.
Monitor Pro is a scalable and AI-driven tool. It identifies anomalies in volume, velocity, and value patterns and can mitigate future failures.
Using real-time data, it identifies, prioritizes, and responds to supply chain challenges quickly. It also sends periodic alerts, enabling you to keep track of changes in your supply chain network.
Supply Chain Analytics Challenges
Good supply chain analytics is crucial for supply chain excellence. Even so, implementing supply chain analytics in most organizations is not easy:
Here are some of the challenges you might have to face in implementing supply chain challenges:
Most organizations lack the scalable data foundation necessary to accurately model supply chains.
An unclear supply chain analytics business case can impede adoption.
Supply chain analytics talent and skills are scarce.
How to Build a Strong Supply Chain Analytics Strategy?
Ensure your collection of information is as valuable as possible by developing the competencies and knowledge required
Identify and evaluate various supply chain analytics methods to mitigate business disruptions
Invest in supply chain analytics software to analyze the supply chain in real-time
How Can Monitor Pro Help You?
Developing the right strategies is critical to excellence in supply chains. Investing in real-time supply chain analytics software like Monitor Pro allows supply chain analytics leaders to make accurate and insightful business decisions throughout the organization. With our real-time supply chain analytics, we enable supply chain leaders to design solid supply chain analytics strategies.
For many organizations, however, implementing supply chain analytics faces many challenges: few have the required data foundation; talent and skills required are scarce; adoption of supply chain analytics tools is low due to uncertainty regarding return on investment.
To find the right digital solution for your business, get in touch with Monitor Pro today.
Our team of experts will work with you to analyze your business requirements and provide modernized solutions to upgrade your organization’s technologies.