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Predictive analytics and ‘Internet of Things’ can help in driving innovation in process of designing strategy for effective and efficient Supply chain:
- Helps in collecting data thru universal plugins/adopter
(can capture data from all kind of application on premise/cloud), organizing, and
- What if analysis – create model and simulation
to design Supply chain strategy
- Helps in accurate predictive analysis of demand
fluctuation to avoid stock out and excess inventory situation.
- Can capture trend on Social Media – Twitter,
Facebook, WhatsApp etc. for particular product and quickly convert it in to
demand and supply opportunities.
- Incorporate data on short / medium term weather
forecast for specific geography to predict and adjust demand accordingly.
- Add data on big events like Major Sporting event
/Olympic Games, Asian Games, World Cups events, war like situation which can
affect commodity prices.
- Proposed Free trade agreement (FTA) between
countries to take advantage in designing sourcing strategy of product/components.
- Add data on Geo-political situation, Labour
unrest of area to avoid stock out situation.
- 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.