Introduction Supply chains are the lifeblood of any business, serving as the vital link between suppliers, manufacturers, and end consumers. While they are essential for the smooth operation of a company, supply chains come with inherent risks that, if not managed effectively, can have far-reaching consequences. This newsletter will explore how analytics can revolutionize supply chain management, mitigating risks and enhancing operational efficiency. Harnessing the Power of Predictive and Prescriptive Analytics Predictive analytics is the key to foreseeing future events, such as equipment failures or the precise amount of inventory needed based on sales forecasts. Conversely, prescriptive analytics provides actionable insights, guiding businesses in making informed decisions. For instance, it can determine the optimal mix of in-house production versus outsourcing, factoring in cost and quality control considerations. Recent advancements in machine learning have fueled the rise of...
In a world faced with the prospect of tightening supplies, higher energy costs heightened geopolitical risk, and strained transportation networks, advanced supply chain technologies will become mission-critical for many more companies. The supply chain task is not an enterprise problem; it is an end-to-end network problem involving multiple enterprises. Therefore, the solution does not lie in fixing one link in the chain but in devising a community.