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Darrell Edwards, SVP & Chief Supply Chain Officer, La-Z-Boy Incorporated [NYSE:LZB]
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Scott McDevitt, President & CEO, Translogistics
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Richard Sherman, Senior Fellow, Supply Chain Centre of Excellence, TCS [NSE:TCS.NS]
Supply chain's Right Pick-Prescriptive Analytics
Imagine it’s a Christmas season, a new store opening: if a three-person-team normally takes two months to plan deliveries and supply chain operations, a prescriptive analytics of the operations would cut short the procedure to merely a week with a two-person -team. That said, Supply chain managers are dubious about replacing existing tools. Though marketing and manufacturing sectors have bestowed their faith upon the advanced analytics, supply chain has been slower to adopt.
Businesses are in dire need to enhance efficiency, decrease disruptions and propel profitability; Prescriptive analytics assisted businesses in effective management of supply chain operations. Basically, supply chain transformation process is all about aligning the supply chain with business goals to maximize efficiency. The other aspect to consider is connecting the dots between supply chain and finance, enabling agile and precise in making decisions and boosting end-to-end visibility. Correlating supply chain output to the finances associated with businesses is one of the stirring methods that can be employed by managers. The matter of concern is that traditional tools refrain from being visible between supply chain and finance department. As a repercussion, it becomes hard to delineate the impact of supply chain on the bottom line. Introduction of advanced analytics to supply chain entails management to consider variable rate of return for cash flow. This will pave way for a strong supply chain management plan that is financially viable.
The other aspect of a robust environment of business demands apt and prompt decision which can dictate the way factories are run, how employees get paid, and how demands are met. Prescriptive analytics gives a platform to make more fact-based decisions.
End-to-end supply chain visibility solutions persist to expand as companies embrace more comprehensive advanced analytics platforms. As the benefit of executing prescriptive analytics, silos are eradicated, and supply chain managers adopt outside-in way of thinking. Moreover, end-to-end visibility helps reduce costs, minimize risks, provides precise forecasting, and agility to face fluctuating market demands. Prescriptive analytics has an overarching impact on the company. Employees become more efficient and well-organized as they bank on prescriptive analytics to assist them to make fact-based decisions.