Supply Chains Predictive Analytic benefits
Friday, September 3, 2021
Unlike historical analytics, predictive supply chain analytics allows you to anticipate and prepare for the future, taking out the conjectures planning processes and improving decision making.
Shipping and logistics.
Determine the optimal shipping frequency and quantities to satisfy the market demand and minimize costs, it's also possible to determine strategic routes, taking account of the traffic congestion, distance, weather and delivery points.
“Image representing an analysis performed by our data scientist Nayib Ahued about the different Walmart distribution centers in the state of Florida.”
Enables improved demand forecasting by analyzing past and current trends and combining it with market intelligence and economic forecasts, forecast businesses demand.
Predictive analytics determines the optimal inventory levels to minimize inventory, allowing supply chain managers to determine detailed inventory requirements by region, location and usage, reducing safety stock levels and placing inventory where it's needed. Also read: "POI Analysis and Characterization."
Predictive monitoring of equipment can identify when maintenance is needed, as well as provide advance warning of component failures, reducing spare parts inventories and avoiding unplanned equipment outages. At PREDIK Data-Driven we help companies implement analytics to improve efficiency within supply chain processes.
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