Knowing where goods are in your supply chain has been a topic of discussion for supply chain professionals for far too long. With the proliferation of omni-channel, the need for real time visibility and insights into product movement and arrival has become critical. To capture revenue and client service level needs most effectively, knowing past supply chain behavior can be as valuable as predicting what might happen. Fortunately, the supply chain advanced analytics market has made significant progress. Now there are a variety of solutions that provide analytic support and insights to your supply chain network.
Descriptive analytics resolve the answers to questions of what is happening or has happened in the supply chain. This could include factors of weather, geopolitical issues, supplier disruptions and more. The solutions also provide diagnostic analytics that explain the reasoning behind an event or observation. Supply chain analytics include predictive analytics providing insights into future situations and should include prescriptive analytics providing recommendations so that you can reduce risk and execute actions. Leveraging the power of prescriptive analytics is essential to any organization looking to use their supply chain as a competitive driver. Artificial intelligence capabilities are being seen more often as a supply chain analytics solution as it can improve or replace human decision making through machine learning.
Ideally, you should be bringing your enterprise data in, and integrating the broader ecosystem and external data sources to drive analytical insights to understand the behavior of your supply chain. All these analytics combined and used effectively can give great insight into your end-to-end supply chain network. As noted in the Gartner Market Guide for Supply Chain Analytics “Vendors will continue to extend their capabilities to cover more of the five techniques in order to offer complete support of their customers’ analytics needs.” At TransVoyant, we lead the industry in leveraging real-time big data, machine learning and advanced analytics to understand and predict supply chain behavior. Our customers apply this understanding to improve service, reduce cost and proactively manage disruptions and opportunities in their operations. The Gartner Market Guide recommends “Work with your vendors so they can fully clarify the different analytics techniques available in their solutions. Specifically, investigate what advanced analytics techniques, like machine learning, are offered and the incremental value they might provide”. TransVoyant can assist as you plan your roadmap to improve your supply chain analytics capabilities and look to take advantage of understanding your supply chain behavior.
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