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Author's profile photo Former Member
Former Member
April 1, 2015 Less than a 1 minute read

Predictive analytics and ‘Internet of Things’ can help in driving innovation in process of designing strategy for effective and efficient Supply chain:

  1. Helps in collecting data thru universal plugins/adopter
    (can capture data from all kind of application on premise/cloud), organizing, and
    analysing it.
  2. What if analysis – create model and simulation
    to design Supply chain strategy
  3. Helps in accurate predictive analysis of demand
    fluctuation to avoid stock out and excess inventory situation.
  4. Can capture trend on Social Media – Twitter,
    Facebook, WhatsApp etc. for particular product and quickly convert it in to
    demand and supply opportunities.
  5. Incorporate data on short / medium term weather
    forecast for specific geography to predict and adjust demand accordingly.
  6. Add data on big events like Major Sporting event
    /Olympic Games, Asian Games, World Cups events, war like situation which can
    affect commodity prices.
  7. Proposed Free trade agreement (FTA) between
    countries to take advantage in designing sourcing strategy of product/components.
  8. Add data on Geo-political situation, Labour
    unrest of area to avoid stock out situation.
  9. Provide 360 degree view of supplier inclusive of
    supplier market position, Currency fluctuation, financial position, planned
    acquisition / expansion, labour relationship, trend in commodity pricing etc.
    to manage risk in supply chain.

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