An article by Nari Viswanathan, Vice President of Product Management for River Logic, was recently featured on Supply Chain Management Review. In this article, Nari discusses the fact that Supply Chain in particular has been slow to adopt advanced analytics capabilities, mainly due to their apprehensiveness around replacing existing systems. However, Nari makes the argument that, given recent advancements in technology, data and more, it's now easier than ever for Supply Chain leaders to embrace the change that their companies are so greatly need. Below is a blurb from Nari's article. The full article can be accessed on Supply Chain Management Review."According to Deloitte, 79 percent of companies with high-performing supply chains achieve above average revenue growth. Yet, very few companies include supply chain managers in their boardrooms.
While other areas of operation like marketing or manufacturing have relied on advanced analytics for years, supply chain management has been slower to adopt. However, businesses that have applied big data analytics to their supply chain functions have seen a reduction in costs, improved risk management, shorter cycle times, more accurate forecasting, and an overall improvement when it comes to making informed decisions.
Still, supply chain managers are apprehensive when it comes to replacing existing tools. Many wonder if this is just another round of software evolution. Does it require product investment? Can this really help improve the quality of the supply chain? Many feel wary of adopting new technology due to their experience in massive endeavors, such as implementing enterprise resource planning and warehouse management tools.
Implementing prescriptive analytics technology is not a major endeavor supply chain leaders should fear."