4 Common Areas for Supply Chain Improvement

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Headings…
4 Common Areas for Supply Chain Improvement
Finding Better Ways to Manage Inventory
Identifying Recalls
Reducing Order-to-Cycle Delivery Times
Managing Risk
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Supply chains are made up of so many interconnected moving parts that, even if the chain as a whole is functioning, there are always improvements available to make business outcomes a little better.
Here are four common areas for supply chain improvement organizations can achieve through data analytics.
Improving supply chain analytics is helping organizations optimize their approaches to inventory management, among other developments.
Rolls-Royce is using data analytics from ThoughtSpot to give project managers, supply chain analysts and buyers the ability to match up excess spare parts the company has sitting around with sales opportunities.
But some slip-ups are inevitable, and supply chain participants need a way to identify product issues and trace products back to their origins.
Data analytics and artificial intelligence technology are boosting traceability through the supply chain, helping companies figure out which products need recalling and why—as soon as possible.
Today’s supply chain is rife with Internet of Things (IoT) technology, all generating useful data about products and processes.
The food industry supply chain is reckoning with traceability in the face of recalls.
Analytics is useful in ramping up traceability because it can help identify “patterns that affect quality, profitability and safety.” When companies can bring together disparate data to understand the product path from point A to point Z, they can identify problem areas and work to fix them, reducing the chances of future recalls and miscommunications.
Delivery cycles are make-or-break in the supply chain industry.
As Computerworld cites, embedding data analytics into supply chain operations can lead to a 4.25x improvement in order-to-cycle delivery times—in part because it can reduce the amount of time it takes organizations to identify supply chain issues and implement constructive solutions

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