Supply Chain Analytics
The size of the global supply chain analytics market is expected to reach 15.6 billion euros by 2028, according to a recent report by Verified Market Research. This corresponds to an average growth of 20.49% from 2021 to 2028. Among the various types of supply chain analytics is predictive analytics.
Peter Fuhrmann, Regional Vice President South Europe & DACH at Conga , commented:
“The ongoing supply chain crisis is not a problem of the lack of data, but of the meaningful use of the data. Many companies are now turning to predictive analytics to respond to potential disruptions in their supply chain. Although the technology offers a number of advantages, it is far from being the panacea. In most cases, data across multiple supplier levels and business relationships remains unstructured and isolated between departments. Real data transformation – the process of linking data across all processes, systems and cloud storage – solves this challenging problem.
As with any technology, leaders need to rethink how they approach and apply predictive analytics. It is crucial that you first determine the digital maturity of the company, i.e. where you are currently on your path of digital transformation and how your data is currently being processed and stored. The emphasis is on developing a clear understanding of how and where changes need to be made gradually in order to improve the overall operational capability of the enterprise and unify the data cycle.
When companies have reached this state of true business and data intelligence, they can identify other areas that may need to be optimized and are thus much more flexible and adaptable to any given circumstances.“