Word of the Day: supply chain analytics

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Word of the Day Daily updates on the latest technology terms | April 22, 2020 supply chain analytics Supply chain analytics is the use of mathematics, statistics, predictive modeling and machine-learning techniques to gain business knowledge from examining order, shipment, transactional and sensor data.   Supply chain management (SCM) software is a broad category of applications and features that helps organizations manage everything from the procurement of raw materials to the delivery of final products. This type of software is sometimes divided into two categories -- planning components and execution components. In order for an analytics initiative to be effective, there needs to be strong integration between the two types of components .   Analysis can be conducted with the help of embedded features in dedicated supply chain management software. Dedicated business intelligence (BI) tools that have access to supply chain data are also a popular choice. Increasingly, artificial intelligence (AI) is being added to enhance both predictive analytics and prescriptive analytics.   Many enterprise resource planning (ERP) vendors include modules for supply chain analytics as part of their ERP software offerings. The right supply chain analytics software can help a business be more responsive to changing customer demand. Continue reading... Today's Takeaway "New supply chain analytics tools are designed to give companies more predictive, more real-time response, so operations can get the jump to solve problems more quickly." -- Ann Grackin Related Terms You Should Know supply chain planning predictive analytics prescriptive analytics logistics strategic sourcing supply chain security supply chain visibility value chain traceability supply and demand Buzzword Alert bullwhip effect The bullwhip effect is one of the most problematic issues in supply chain management. It's why there are so many empty shelves in your grocery store.   supply chain risk Now that global supply chains have been disrupted, companies to diversifying suppliers and rethinking strategies like lean manufacturing.   transparency Tech vendors have responded to the need for supply chain transparency with new tools for gathering and disclosing supplier information. supply chain disruptions Faced with the unpredictability of the coronavirus pandemic, enterprises are using AI and machine learning to keep their supply chains flowing. Quiz Yourself Do you speak supply chain? Test your knowledge and brush up on your supply chain management terminology. Take the quiz!   Stay in Touch Thank you for reading! For feedback about any of our definitions or to suggest a new definition (or learning resource) please contact us at: editor@whatIs.com FOLLOW US About This E-Newsletter The Word of the Day is published by TechTarget, Inc., 275 Grove Street, Newton, Massachusetts, 02466 US. Click to: Unsubscribe. You are receiving this email because you are a member of TechTarget. When you access content from this email, your information may be shared with the sponsors or future sponsors of that content and with our Partners, see up-to-date Partners List, as described in our Privacy Policy. For additional information, please contact: webmaster@techtarget.com. © 2020 TechTarget, Inc. all rights reserved. Designated trademarks, brands, logos, and service marks are the property of their respective owners. Privacy Policy | Partners List