Supply chain managers face the continuous threat of disruptive actions that can derail operations at any turn. However, when business leaders integrate enterprise resource planning (ERP) data analytics solutions into supply chain management, problems can be identified early on or eliminated.
Uncertainty and supply chain management
Supply chains are, by their very nature, prone to uncertainty. However, your operation can overcome distribution and supply chain disruptions with ERP analytics.
Let’s consider some of the most common challenges faced in supply chain management:
- Last-minute changes to customer orders
- Compliance issues with suppliers or their suppliers
- Unexpected machine input and output variances
- Inaccurate measures and tracking of inventory
- Transportation delays
- Sudden changes in supplier quality
- Lack of traceability
- Poor communication and collaboration among suppliers
While headline-making natural disasters or geopolitical issues get the most attention, usually these more mundane but real day-to-day issues cause the most headaches.
The strength of data analytics
Data analytics help predict and preempt the most common supply chain issues. Forward-thinking companies are turning to data analytics to get ahead of supply chain complexity, simplifying processes, using data effectively and transforming operations.
Data analytics have long been a part of supply chain management. The difference today is that more data are available and trackable; companies can do more with the data they have to develop smarter solutions, often in real-time.
Data analytics are generally bundled into one of three types:
- Descriptive Analytics. These insights use data to illustrate past performance or behavior. It gives your organization a clear and detailed picture of what has happened. It’s the most foundational and basic type of analysis and plays an important role in planning, strategy development, and decision-making.
- Predictive Analytics. Data that are collected, organized and reported upon in a coherent manner can help managers make better projections for future behavior. For supply chain leaders, these projections can help forecast events that could be disruptive.
- Prescriptive Analytics. While the first two categories model data, prescriptive analytics go a step further. They start with a corporate goal and use your predictions, along with rules, real constraints and limitations. These analytics will identify disruptions and help to find a solution.
Collectively, analytics programs provide insights from massive data sets, leveraging the Internet of Things, cloud computing, machine learning, and automation to provide a real-time of your supply chain and related business metrics. They offer insights needed for better decisions in the moment of most crucial need.
Acumatica and business analytics for your supply chain
At Acumatica, data analytics are a critical component of our ERP solutions. Start with a single version of the truth with a unified data collection and reporting system. Use multiple display options that generate reports for key staff based on role, visual dashboards for KPIs and exports to Excel for use with programs like Power BI.
Acumatica data analytics solutions include:
- Business intelligence and analytics from data collected from Acumatica and external sources
- Generic Inquiries, which extracts data and allows for multiple reporting and analytics applications
- Acumatica Reporting, with access to more than 250 standard reports, and report creation and modification capabilities
- Acumatica Dashboards, customizable by role, department or person
NexTec helps businesses identify, install and optimize the right ERP solution for their unique needs. Our experts help you leverage supply chain data for better solutions completed more quickly.