What is supply chain analytics and why is it important? | Definition from TechTarget
Summary
The process of creating supply chain analytics typically starts with data scientists who understand a particular aspect of the business, such as the factors that relate to cash flow, inventory, waste and service levels. This type of process analytics can be used to create a digital twin of the organization that can help identify supply chain opportunities for automation across procurement, production, logistics and finance. Henry Ford adopted Taylors techniques in the creation of the modern assembly line and a supply chain that supported more efficient means of production. Another turning point in the field of supply chain analytics was the advent of cloud computing, which provides a vehicle for delivering IT infrastructure, software and platforms as a service. Deep learning techniques are being used to drive advances in machine vision such as inventory tracking and natural language understanding is being used to automate contract management and improve routing models.