As mentioned in our previous article on 3 Applications of Data Science in the Supply Chain Industry, supply chain forecasting can be tricky as there are numerous variables to consider. Furthermore, it is all about accurate forecasting where further decisions regarding logistics and production can be taken to create that competitive edge. But what benefits does Data Science Analytics & Machine Learning bring? Let us break it down for you:
- Accuracy: One of the biggest and obvious benefits of data science is that it can give better accuracy as compared to other tools. This is because with a larger set of data, you can analyse them with diverse quality, resulting in a more accurate forecasting.
- Improved Management: Supply chain management is not easy feat! And it requires finding the right insights that can be both time and cost-effective. Data science takes help from supervised and unsupervised learning to find the features and factors that affect the overall quality of management.
- Pattern Recognition: Whether it is a data insight pattern or a visual data pattern, data science and machine learning are highly effective in recognising the same. Therefore, it helps in inspecting the quality of the physical assets of the supply chain.
- Supply Chain Enhancement: As the consumer market is ever changing (e.g. COVID-19 impact on supply chain), the techniques of handling the supply chain needs to always be kept up to date as well. Therefore, there is always a scope of reducing the costs of the supply chain by lowering the resource wastage, inventory blockage and risks of scarcity. For this, machine learning can give insights on how to improve the warehouse, logistics, inventory, and manufacturing management.
- Enhanced Performance and Reducing Costs: Machine learning and data science tools are capable of predicting and visualising the best routes of transportation and delivery. This reduces the risks and also makes the supply chain more time and cost effective. This will make your consumers go, “Yay to shorter delivery times!”
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!