As we move forward into 2021, the involvement of data and analytics (D&A) in supply chains is moving towards becoming a core business function. With more emphasis than ever on building resilience to better manage disruption, access to data and analytics comes into focus. In fact, according to Gartner, in comparison to IT, a higher proportion of businesses have increased spending on data and analytics due to COVID-19.
The use of D&A has the potential to address disruption and digital transformation, leading to the optimization of business processes. Many previous D&A trends such as the connection between AI and decision intelligence, have only increased in relevance due to the pandemic. These innovations continue to push for new changes in D&A, and continue to be accelerated. Read on to learn the top 3 things about data and analytics (D&A) that are going mainstream across supply chains.
The Smart Supply Chain
In order to accelerate change, businesses must take on AI systems that prove to be scalable and smart. The availability of information in the supply chain continues to grow. Therefore, the implementation of AI allows businesses to adapt to constant changes in inventory, demand and supply. Shorter cycle times to evaluate value is an important concept in the growth of AI. It quickens the application of AI and leads to greater accessibility to a wide-audience of users across the organization.
Generating Improved Business Value
Businesses are going to continue to search and push toward innovative methods of creating value. This is with the hope of developing faster actions, higher-level visibility, and having access to more insightful data. In order to achieve this, decision-making must be taken into account. Studies show 65% of decisions made are more complex today than they were two years ago. Engineering stronger methods of decision intelligence into a business helps combat complex choices and streamlines the decision-making process. In return, this leads to improved business value.
Information or data sharing is critical to drawing the connection between data and insights, as well as utilizing the right channel to relay this information to the necessary audience. Graphing technologies are able to converge the gaps between data, and conveys information in a manner that can be easily distributed across users, teams and departments. Gartner predicts that by 2025, graph technologies will be used in at least 80% of data and analytics innovations. This adaptation provides businesses with better access to their most critical insights through easy-to-read data visualization.
Interested in learning how your supply chain can be on its way to positioning data and analytics as the core of your business? Visit https://www.conversight.ai/request-demo/ to learn more.