Integrating Big Data Analytics and Machine Learning to Supply Chain
Supply chain analytics at its essence is about transforming all the gathered historical data and incoming flow of current supply chain data into insights for making better planning decisions. Using big-data analytic tools that employ sophisticated algorithms and machine learning to aggregate and dissect data, supply chain analytics produces (i) Descriptive, (ii) Diagnostic, (iii) Predictive, and (iv) Prescriptive insights to empower supply chain managers to make better supply chain decisions.
Each analytic component serves a larger purpose. Descriptive analytics, which includes KPI tracking and internal reporting metrics based on historical data such as what sold where and how many, provides the baseline analytics foundation. Diagnostic analytics, takes the data a step further by pointing to the root-cause of issues based on patterns in the historical data, enabling directional guidance for faster reactions to fix problems.
Predictive analytics uses statistical techniques to estimate the likelihood of future events such as stock outs or movements in your product's demand curve. It provides the foresight for focused decision making that avoids likely problems in the future. Finally, Prescriptive analytics closes the loop by tying all the analytics components into actions and automated decisions (with exceptions based planning) to improve the bottom line supply chain results.
A supply chain analytics platform not only includes advanced science for predictive modeling, scenario analysis, machine learning and optimization in the back end but also includes interface tools such as monitoring and visual dashboard capabilities with the advanced query, reporting, alerts and drill down capabilities on the front end. It is not a black box but rather a platform to provide views and insights on your end to end supply chain to drive timely management decision making.
Supply Chain Analytics Platform
Solvoyo combines the best of supply chain planning and supply chain analytics into one integrated platform. The Solvoyo Elevation Platform harnesses the power of big data analytics to drive insights to make smarter supply chain planning decisions with a comprehensive view of your complex supply chain.
Key features of the Solvoyo supply chain analytics solution include:
- Big-data analytic tools that employ sophisticated algorithms and machine learning to aggregate and dissect supply chain data
- Advanced forecasting tools to generate detailed demand curves and net inventory requirements for individual SKUs by location
- Predictive and prescriptive analysis that alerts users on impending stock-outs, excess or misaligned inventory distribution with a recommended action plan
- Automate routine replenishment and allocations by using advanced prescriptive analysis that factors in real-time data and all your business constraints
- An exception report based planning environment that frees up and focuses supply chain teams on only the highest priority supply chain decisions
- Ability to run quick and accurate scenarios and what-if analysis to get answers to complex supply chain questions