Supply chain has undoubtedly become the big thing since the start of COVID-19. With everyone stuck at home, consumer habits has shifted shopping online as an exponential rate. However, supply chain is also one of the trickiest parts of a business because the chances of error are quite high. Therefore, the need for proper synchronisation and accurate prediction analytics is essential to create a competitive edge. There are many ways in which supply chain management is becoming more and more competitive and efficient with the help of predictive analysis:
Predictive analytics help forecast future demands on various levels with the help of current and historic sales figures. It can help to forecast in a detailed manner which products are doing better at which outlets, and even take into consideration seasonality such as holidays, weather forecasts, and then integrate with promotional events.
Optimising Your Inventory
Here, predictive analytics helps in giving a clear forecast the amount of inventory you should have and how it should be positioned so that you can effectively optimise your warehouse space. This helps to make inventory budgeting easier and much more optimised. Also, analytics helps in getting recommendations for safety stock along with customised holding of stock for various customer demands.
Planning Your Delivery with Analytics
Lastly, predictive analytics help to predict and visualise the best routes of transportation and delivery. It takes into consideration various predictive models to find the best shipping routes, backhaul routes, mode of shipment, and various constraints and compliances of transportation that are to be followed.
Are you in the Supply Chain industry looking to advance your career? Data Science is what you need to move up the ladder. Regardless whether you are new to Data Science, or someone with some background and trying to learn more, we’ve got you covered. What are you waiting for? Sign up for our next class today!