Value-Added Analytics in Supply Chain Planning
Supply chain optimization relies on translating immense amounts of transactional data into actionable insights that will improve decisions around the near and long-term future of the business. Advanced analytics help us understand what has happened, and predict what is likely to happen, before choosing the optimal path forward.
Getting your hands on (and planning systems around) the transactional data can range in complexity from exporting ERP files to unstructured data-mining. However, getting the data is only the first step in optimization. Data provide information. Analytics provide insights. But in order for analytics to make an impact on business performance, they must cater to business planners (read: not data scientists) and ultimately: be consumable.
“Moreover, information is different than insights. And insights are different than actions based on insights. Collecting lots of data is costly, and meaningless, unless you invest in insight gleaning, and go on to invest more in new actions that replace old actions because of the insights you’ve learned. Those who win are typically those who can masterfully implement actionable insights based on data,” Visible Supply Chain Management told Logistics Management.
Advanced analytics paired with a user interface designed for decision-making ensures usable, actionable insights are brought to the forefront of planning discussions. This is what we call Consumable Analytics. With out of the box, best practice-based charts, reports and dashboards; organizations can gain valuable insights from day one and have the ability to create new charts, reports and dashboards on the fly. You have a lot of data in a complex planning system. Consumable Analytics helps your users and executives take complex data and instantly create valuable insights.