LETTERS: Supply chain management is the backbone of businesses. It's the process of ensuring that goods and services are delivered to customers in the most efficient way possible.
With the rise of e-commerce and globalisation, supply chains have become more complex, and businesses are facing challenges in managing them. But there's a game-changer in town: supply chain analytics.
Supply chain analytics involves the collection, analysis and interpretation of data to gain insights into the performance of a supply chain.
By using this data, businesses can make decisions and take measures to boost their supply chain operations.
In short, it's like having a crystal ball that tells businesses what's going to happen in their supply chains.
In this way, businesses can work smarter, not harder.
Supply chain analytics has made an impact in Malaysia and globally. The Malaysian Palm Oil Council (MPOC) has implemented a supply chain analytics platform to monitor the palm oil supply chain.
The platform enables the MPOC to track palm oil production, identify bottlenecks in the supply chain, and improve efficiency.
Plus, the MPOC has been able to reduce production costs and improve the sustainability of the palm oil industry.
Globally, supply chain analytics has been used by Amazon, Walmart, and Procter & Gamble.
Amazon uses it to optimise its delivery network, reduce costs and improve the customer experience.
By using predictive analytics, Amazon can anticipate demand, optimise inventory levels and reduce delivery times.
Walmart uses supply chain analytics to monitor inventory levels, reduce waste, and optimise transportation routes.
Procter & Gamble uses supply chain analytics to gain insights into customer demand, improve production planning and optimise logistics.
The future of supply chain analytics is exciting. As technology advances, businesses will have even more data at their fingertips, which means increasing opportunities to optimise their supply chains.
This will lead to more efficient operations, reduced costs and improved customer satisfaction.
In conclusion, businesses that adopt supply chain analytics will have a competitive advantage in the marketplace.
PROFESSOR DR VEERA PANDIYAN KALIANI SUNDRAM
Faculty of Business and Management
Universiti Teknologi Mara and Malaysia Logistics and Supply Chain Association president
PROFESSOR DR JAAFAR PYEMAN
Faculty of Business and Management, UiTM
The views expressed in this article are the author's own and do not necessarily reflect those of the New Straits Times