The implementation of modern technology enables companies to improve supplier relationships and gain shareholder support when implemented into your Supply Chain (SC) process. Even though the cost is challenging to justify, deploying Analytics can dramatically reduce the costs of Supply Chain Management, and enables the minimisation of SC disruptions in the warehouse.
Warehouse Managers should focus on integrating systems and connecting existing systems to an Analytics platform into 21st Century, systems like Cloud-based technology and Analytics platforms, as part of the Internet of Things (IoT). The mountain of data generated in supply chains makes it difficult to get a clear comprehension, therefore, complicating the analyses of it. The only way to successfully minimise Supply Chain disruption is through continuous improvement.
Potential benefits Analytics bring in your Supply Chain
Some of the most notable effects of deploying analytics in the Supply Chain include the following:
• Analytics provide warehouse managers with actionable insight to lower operating expenses, analysing the cost associated with SC and Inventory Management, by identifying the actual costs versus decreases to expenses.
• Better demand forecasting. Having the ability to know when a product will be needed, Warehouse managers can move product between distribution centres, regional warehouses, brick-and-mortar stores, and every other potential channel.
• Real-time visibility and accountability into product location and freight. When result in an unforeseen delay, such as weather-related events risk, Analytics can be used to identify the best course of action, like selecting alternative routes, to avoid negative customer experience.
• Analytics deployed by Warehouse Managers can identify strengths and weaknesses within their existing Supply Chain partnerships and gain collaboration from them.
• Analytics in your SC results in order fulfilment, in inventory carrying, and returns management. At the same time, it improves labour productivity and reduces costs, fulfiling products to customers faster and accurately.
CONCLUSIONS: Failure to implement and integrate all systems to unforeseen issues brings disruption in the SC, and activities could result in mislaid competitive advantage and additional costs to the company. The value of deploying Analytics is undisputed, given that the number of Internet-enabled devices, connected to the Internet of Things is expected to climb exponentially over the next decade.
Warehouse managers need to give their business the uplift it needs by deploying Analytics in the Supply Chain, taking advantage of the newest technologies possible.