Analytics keeps on playing a greater role in supply chain management. That is why more courses focusing on date-driven decisions have been inserted into the world of supply chain training, in order for operations managers to stay up-to-date with the latest developments and utilize analytics to improve their efficiency.
Here is a closer look at the relation between analytics and the supply chain, and why Supply Chain training is so important in this area.
The Importance of Data-driven Decision making in Supply Chain Management
To comprehend the increasing demand for supply chain operation managers to have knowledge of analytics, it is important to examine the growing importance of data-driven decision-making.
Multiple factors contribute to this trend, beginning with the fact that it significantly enhances accuracy and precision in the decision-making process. With the use of data analytics, managers can now make decisions based on a large amount of precise and accurate information that was not readily available in the past.
To learn how to gather and utilize this valuable information, many operation managers choose to enroll in supply chain training, where they have access to a variety of courses on the subject.
The use of analytics in decision making results in many advantages. Thanks to Big Data, the quantity and the clarity of insights available to operation managers improve the accuracy of forecasting demand and helps optimize inventory level. No longer are there hidden or unknown aspects of inventory, supplier performance or customer demands.
By properly analyzing and utilizing this information, optimization of inventory can be achieved, resulting in more efficient operations, cost reduction and the ability to meet customer expectations
What are the Analytics Courses offered in Supply Chain Training?
Analytics skills are important to those who recruit supply chain operation managers. That is because they are known to increase operational efficiency, generate more revenue and reduce costs. It is, therefore, no surprise that many courses and certifications are offered by supply chain training schools on the subject, covering a range of topics.
One trendy topic that has gained traction in recent years is “IoT in Supply Chain Analytics.” This comes as no surprise, given the widespread interest in the Internet of Things (IoT) across various industries in the 21st Century. The course offers an introduction to operations managers on how companies are utilizing IoT to collect data and gain a competitive edge over their rivals.
Other topics covered include Big Data analytics, using descriptive analytics for informed decision-making and the importance of predictive analytics.
Amazon: A Great Example of the Impact of Data Analytics on the Supply Chain Decision Making Process
It is often easier to understand a topic by using an example. On this subject, Amazon is one of the most interesting case studies available. Upon closer examination of their decision-making process, it becomes clear that the company heavily relies on analytics in their supply chain operations.
In doing so, their goal is to maintain a competitive edge and deliver efficient and cost-effective services to its customers. This is why they incorporate analytics into demand forecasting, logistics optimization and even automation and robotics within their organization.
We can conclude by saying that in today’s business world, the majority of companies rely on analytics to make supply chain decisions. It explains why investing in training for analytical skills is crucial for companies to stay ahead in their market. As such, Amazon serves as a prime example of the benefits of using data-driven strategies in the supply chain, today.
Article and permission to publish here provided by Tomasz Rezik. Originally written for Supply Chain Game Changer and published on March 29, 2024.
Cover photo provided by Tomasz Rezik.