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Darrell Edwards, SVP & Chief Supply Chain Officer, La-Z-Boy Incorporated [NYSE:LZB]
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Analytics-Reshaping the Future of Supply chain
In today’s complex supply chain environment, most of the organizations have realized that data analytics is the key enabler to triumph and stay ahead of the game. Analytics gives supply chain manager a strategic advantage. According to the survey conducted by Hackett Group, 66 percent of supply chain professionals consider that advanced supply chain analytics are significant to their supply chain operations. The study showed some insightful information associated with increasing traction of analytics to drive improved supply chain performance.
By implementing analytics, organizations can drastically enhance forecast accuracy, optimize transportation performance, product tracking and traceability and analyze product ROI. However, 44 percent of supply chain professionals still use legacy enterprise resource planning systems to obtain superior enterprise and supply chain-wide visibility. Be it cloud warehouse management system or digital delivery confirmation, enterprises must implement analytics in their end to end supply chain to enable a new stream of revenues and increased operational efficiency. Investing in advanced technologies such as data analytics, and cloud technologies improve the organization’s productivity, reduces cost, and decreases time to market.
Supply chain management professionals across the globe are largely using analytics to improve company efficiency and reduce expenses. As the complexity of supply chain management continues to grow, more logistics executives depend on big data analytics to make an informed decision. The deployment of analytics is helping companies manage many innovative and effective solutions that have enhanced supply chain operations.