Quantzig, a leading analytics advisory firm that delivers customized analytics solutions, has announced the completion of their article on the importance of supply chain analytics in solving the biggest supply chain management challenges. The article lists out the benefits of supply chain analytics in reducing inventory costs and optimizing production plans. It also gives an overview of the key supply chain management challenges faced by companies.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190125005232/en/

Key supply chain management challenges. (Graphic: Business Wire)

Key supply chain management challenges. (Graphic: Business Wire)

With the onset of the economic downturn, many companies have started facing a different set of supply chain challenges such as rising pressure from global competition, increasingly complex patterns of customer demand, and consumer expectations. Businesses have been hugely affected by commodity volatility, changing demand forecasts, and supplier-specific challenges. Moreover, inaccurate forecasts during periods of unanticipated demand have led to stock-outs for companies. This has forced companies to integrate different SCM execution platforms and leverage supply chain analytics to view and analyze data on goods at every step in the supply chain process.

Some of the key supply chain management challenges:

Customer service

Supply chain management is crucial for companies to deliver what they have promised to their customers on time. The timely delivery of products in the right quantity becomes an arduous task for companies due to various factors. This not only hampers their brands’ value but even creates difficulties in retaining customers.

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Cost control

With the hike in fuel and transportation costs, it has become quite challenging for companies to manage their operating costs. Moreover, the rising number of global customers, labor rates, and commodity prices have increased the pressure on supply chain managers.

Supplier-partner relationship management

Businesses need to create, understand, and follow standards that are set by both suppliers and partners. This allows for a better understanding of the ongoing process and provides effective strategies for growth. Implementing different standards from both ends makes it difficult to analyze the performance and results in wastage of time and resources for businesses.

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Benefits of supply chain analytics:

Reduced inventory costs

Supply chain analytics is proving to be of great help for companies, especially in terms of amalgamating previous order data with real-time market analyses and creating demand forecasts. Predicting changes in the demand landscape drives more value to inventory management. With better demand sensing via advanced supply chain analytics, companies can better plan their production and free up the storage space according to the needs of the customers.

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Optimization of production plans

Supply chain analytics analyzes the specific process of waste or inefficiency and feeds the existing processes schedule into the analytics workflows. This helps companies to optimize productions plans by presenting back-up plans in response to real or hypothetical disruptions. Moreover, it keeps the production plans on track even during the time of unexpected or unforeseen contingencies.

Cross-functional Collaboration

Supply chain analytics promotes cross-functional collaboration and creates highly-visible, shareable forecasts that can help disparate teams across a particular organization to work in sync for achieving the common organizational goal. This reduces the possibility of miscommunication among different teams and ensures operational efficiency.

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About Quantzig

Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal