Rapid increase in volumes of business data across industries have prompted the need to adopt analytics solutions in order to convert raw data into meaningful information.
The supply chain analytics market is likely to witness growth due to increasing awareness about benefits of handling business data along with forecasting accuracy in supply chain analytics solutions. Rapid increase in volumes of business data across industries have prompted the need to adopt analytics solutions in order to convert raw data into meaningful information.
Supply chain analytics refers to balancing supply and demand along with corporate strategy in order to boost sustainability, profitability, and reduce inventory cost. To achieve this balance, supply chain planners access historical and real time data, which is categorized into outliers, trends, and exceptions.
Supply chain analytics provides opportunities to accelerate growth by enhancing strategic decision making, optimizing ROI, and leveraging procured insights. This also allows the companies to strengthen their market position. According to a report published by Grand View Research, Inc., increasing use of machine learning in supply chain analytics is anticipated to witness a substantial growth over the years.
With the availability of a large amount of data, the supply chain planners are able to make informed decisions. Machine learning enables forecasting with no need of data inspection as it is an application that mainly uses artificial intelligence (AI). It improvises from experience without being specifically programmed.
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