Why Predictive Data Analytics Will Drive the Supply Chain of the Future
August 23, 2023
It’s hard to imagine a crucial aspect of business that’s been more disrupted, unpredictable, and volatile over the last few years than supply chains. As a result of worker shortages, geopolitical issues, manufacturing shutdowns, unstable fuel prices, and myriad other factors, supply chains across almost all industries were unable to make on-time deliveries and meet customer demand.
These problems—and the impact on consumers who were forced to wait weeks, months or longer for products—have caused organizations to rethink their supply chains. We’ve detailed how to navigate managing the complexity and volume of your supply chain in this downloadable eBook Your Supply Chain Future is Now with Predictive Analytics. Companies have realized that legacy technologies and basic forecasting methods are not sufficient to predict and meet demand, especially as many consumers now expect next-day or even same-day delivery.
The ability to accurately predict demand and ensure the right products are available at the right time in the right place and with a favorable price point is increasingly difficult. Even seasonal demand that used to be fairly easy to predict based on previous buying habits is breaking long-standing patterns and becoming more unpredictable. Everything has changed, and organizations that aren’t modernizing and using supply chain analytics will be at a significant disadvantage.
Supply Chains of the Future Demand Predictive Analytics
To say that supply chains of the future will require new data analytics capabilities, including predictive analytics and supply chain analytics, is certainly true. But today’s supply chains need them too. Predictive analytics and other innovative technologies enable supply chains to be automated, respond faster, become more resilient, and be more sustainable.
The need to modernize supply chain processes by integrating data for predictive analytics will define one of the priorities for Chief Supply Chain Officers (CSCOs). This role will also be tasked with implementing the right data platform to manage ever-growing data volumes, build new data pipelines easily, and deliver analytic insights at scale.
As supply chains stretch around the world, having visibility into processes and suppliers, along with managing risk, is critical, but difficult. A scalable data platform is needed that can integrate, manage, and analyze data—and perform predictive analytics—at the speed modern businesses require, while also offering strong price performance.
A Look into the Future of Supply Chains
Modern supply chains must be efficient, agile, and connected. They must also have advanced forecasting capabilities to deliver granular insights into supply and demand, ensuring there’s enough product on the shelves to meet consumer needs, but not too much or it results in costly inventory, storage, or waste.
Organizations that don’t have a strategy for supply chain modernization will likely experience higher costs, spend more time on manually intensive processes, face ongoing inefficiencies, and fall behind their forward-looking peers.
The supply chain of the future will be more automated, with the use of technologies such as the Internet of Things (IoT), predictive analytics, blockchain, robotics, and even drones. These technologies will enable real-time tracking and monitoring of supply chain processes such as procurement, manufacturing, and distribution of goods. This eBook can help businesses like yours:
- Implement predictive analytics and deliver trustworthy insights.
- Understand and build the supply chain of the future.
- Improve supply chain sustainability.
- Evolve the role of the CSCO to meet current and future needs.
- Manage diversification in your supply chain.
- Create a roadmap for ongoing success.
- Make data analytics easy to use with the right cloud data platform.
Get Easy-to-Use Supply Chain Analytics You Can Trust
Supply chain success starts with the right platform. Customers trust Actian for data and analytics, including predictive analytics, for visibility, insights, and data-driven automation to better manage and optimize their supply chains. The Actian Data Platform is easy to manage, enabling you to transform your supply chain and your business by simplifying how you connect and analyze data. Forrester recently recognized Actian as one of the top 15 cloud data warehouse providers. See why and find out how Actian can help modernize your supply chain.
Get the eBook to learn more about how the Actian platform can make managing your supply chain easier.
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