What is analytics? Simply, it is the process of taking raw data and turning it into actionable info. Many systems on the market today make advanced analytics available to firms. As a result, firms can make more informed decisions quicker. Although this process is not entirely new, it is becoming all the more relevant to businesses.
As Thomas H. Davenport points out, many firms offer similar products with similar tech. Business processes are among the last remaining points of differentiation. This makes the use of analytics increasingly valuable .
Many supply chain professionals are beginning to see the payoff of advanced analytics. Technology is playing a huge role in supply chains becoming more complex. However, it can also make them more manageable. In a survey done by Bloomberg, 73% of executives said that supply chain analytics tools are important to meeting their goals. Analytics give managers a new, more advanced way of looking at data. The info can help identify trends that traditional research may have missed. Also, it can help create actionable plans to move forward based on the results.
Finally, analytics are the key to opening the door to a new type of supply chain management. The tech available today makes it possible to gather big data at all stages of the supply chain. Also, advanced analytics is also a way to manage data overload. So, it can provide managers with the most pertinent info needed in making key decisions. Many organizations predict that “advanced analytics will most accelerate supply chain performance in 2016.” This highlights the need for advanced analytics as a business strategy.
Analytics with Clear Spider
So, what do Clear Spider’s inventory solutions offer? A comprehensive package of reports and analytics that help clients. Withanalytics built into your system, you can help improve efficiency and reduce costs. Some of the features include instantly generate reports, create graphs, or compare data over time. This info can then be passed along to decision makers right away. You can view these results yourself, or export to others. As a result, you can focus on the growth of your organization.