16 Oct What Exactly Are Supply Chain Analytics and How Can Companies Benefit?
In a research article published by The Hackett Group, 66% of supply chain leaders say advanced supply chain analytics are critically important to their supply chain operations in the next 2 to 3 years. Yet some companies still ask, ‘What exactly are Supply Chain analytics?’
A Definition of Advanced Analytics
According to Gartner, “Advanced analytics are the autonomous or semi-autonomous examination of data or content using sophisticated techniques and tools, typically beyond those of traditional business intelligence (BI), to discover deeper insights, make predictions, or generate recommendations. Advanced analytic techniques include those such as data/text mining, machine learning, pattern matching, forecasting, visualization, semantic analysis, sentiment analysis and more.”
So How Do We Use Analytics in the Supply Chain?
The Hackett Group study reported the key areas analytics provide the greatest potential for growth, include:
- Improving forecast accuracy
- Optimizing transportation performance
- Improving product tracking & traceability
- Analyzing product returns.
These are just a few of the uses that Voxware sees customers benefit from supply chain analytics. Voxware is more than just the leading provider of cloud-based voice solutions.
How Do Supply Chain Analytics Work?
Customers who deploy VoxPilot,a complete analytics solution offering Descriptive, Diagnostic, Predictive and Prescriptive analytics designed for distribution operations, see an additional 10-15 percent increase in productivity and accuracy. This is on top of the other double-digit gains realized by using voice solutions.
VoxPilot can analyze any data that effects the ultimate delivery of the product to the end customer and optimize the processes it takes to make that happen.
This includes data from:
- Voxware Voice Management Suite (VMS)
- Warehouse Management Systems (WMS)
- Transportation Management Systems (TMS)
- Order Management Systems
Voxware understands the importance of analytics and sees analytics as a competitive differentiator. This is one of the reasons Keith Phillips, Voxware President and CEO, is participating in the upcoming Supply & Demand Chain Executive “Predictive Analytics II” live webinar on October 24, 2018 at 1:00pm ET.
What Are the Benefits of Supply Chain Analytics?
Let’s take a deeper look at the benefits from an investment in an advanced analytics tool like Voxware’s VoxPilot:
- Collect and Use Data in Real-Time: While backward-looking reporting will remain valuable, companies that run analyses in real-time can use data to help ensure deliveries leave the facility on time and make staffing and other adjustments in the event of inclement weather or traffic.
- Let Users Design Analyses: When data can be quickly accessed and leveraged by end users, it’s effectiveness skyrockets. That’s why advanced analytics tools offer flexible, user-driven capabilities that allow users to run custom analyses important to them.
- Predict Outcomes: One of the biggest challenges for companies is being able to accurately plan and prepare for future demand. Advanced analytics can compile data from sales forecasts and voice picking software to show different outcomes based on staffing.
- Visualize Data: Advanced analytics technology makes data easy to digest with straightforward graphs, charts in a dashboard-format.
If you’re one of the 66% of supply chain leaders who claim advanced analytics are critically important to your supply chain operations, we encourage you to invest an hour of your time on October 24, 2018 and learn how organizations can leverage Predictive analytics to make better informed critical decisions and become more forward thinking.