Maximising Value With Supply Chain Management

Increasing customer expectations due to abundance of choice and development of new technologies, coupled with emerging competitors has created a need for supply chain systems to transform rapidly.

Companies are required to be able to fulfil customers' expectations and cope with a shifting paradigm at any point of time. Despite this, many businesses are not equipped to keep up with these dynamics in the short or long term. Organizations must proactively seek ways to prepare their supply chains so that they can strategically contribute to growth. A well designed MBA in operations management enables students who can play this part in organisations they join.

Here are the two most effective and innovative ways business leaders are taking action to get more value from their supply chains:

1. Evolving to Meet Growing Demand

The largest supply chain and logistics players are now investing heavily in new devices to perform automation, latest delivery technologies, and Internet of Things (IoT). Some examples of such investments include having sensors that provide visibility of items in transit, cloud platforms for fleet management optimization, robotic fulfilment vehicles, and drone deliveries. Real-time asset tracking, monitoring, and alerting allow businesses to run with minimal disruptions.

Such data which regularly affects assets, includes weather conditions, driving patterns, traffic situations, and speed of transit. When analyzed geospatially, this real-time data can help third-party logistics companies, for example, choose more efficient routes, pay lower fuel costs, manage drivers' time, and organize head counts. Ultimately, this leads to optimizing fleet availability, efficiency, and reliability while meeting more demanding service level agreements.

New technologies allow aspirational supply chain goals to become practical: to provide today's consumer with better, faster, and cheaper fulfilment options.

2.Using Big Data to Make Important Predictions

As rich, informative data flows into organizations, they need to access the right data as quickly as possible to visualize, aggregate, analyze, and apply the insights in order to make well-informed decisions at all levels of the supply chain planning. Successful companies employ artificial intelligence (AI) and machine learning to predict future activities and simulate new networks, enabling proactive decision-making relating to both strategy and performance.

Most modern firms are adjusting their business practices in predictive environments to adapt to changing demands and predict what products their customers will want, and where, as well as who their best customers are and which services will bring maximum income.

Manufacturers use predictive algorithms to forecast demand, conduct predictive maintenance, and optimize their after-sale services to increase profit margins. Location is becoming more vital in big data analytics as IoT and smart technologies produce data from tracking devices, drone images, and more. Using deep learning algorithms, meaningful data can be derived and analyzed to create optimized insights; observations; and, ultimately, accurate predictions about customer behaviour.

To learn about such methods it is vital to get your education by pursuing the best MBA in operations management. Head over to https://www.siom.in/ to know more about the only institute in India that offers high-quality education in operations management.

Siom nashik I am a Professional Blogger and Content Writer for Siom Nashik.