Companies are drowning in data, but are low on insights. Exciting advances in analytics are opening up new opportunities for supply chain teams. The challenge is that it means charting a new path and defining new processes to take advantages of new capabilities. The path forward means charting a new direction. It is not an evolution. –Lora Cecere, Founder, Supply Chain Insights
The evolution of supply chain analytics is an exciting development and opportunity for business leaders. While traditional analytics approaches focus on the building of analytics as an extension of traditional applications—Advanced Planning (APS), Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), Supplier Relationship Management (SRM), Transportation Management Solutions (TMS), and Warehouse Management (WMS) -- new analytic approaches are designed based on data flows and requirements. In this new world, data pools, and streams inform business teams. The significant advances are:
These changes are not an extension of existing processes and technologies. Instead, it requires testing and learning to understand the value and limitations of the technology and then designing and implementing new processes.
To take advantage of new analytics approaches, supply chain leaders need to learn from the past to unlearn to relearn to take new advantage of the opportunity. Companies with Analytics Centers of Excellence and business funding for testing and learning will drive business results the fastest. The benefits cannot be approached through the use of traditional project plans. Instead, it needs to be driven by small, scrappy teams with a test and learn mindset.
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