Why Do Analytics Overwhelm Supply Chain Leaders?

Analytics can be complicated. They require the ability to track information, understand from where this new information is derived, and connect disparate bits of data to arrive at new insights. At the same time, today’s supply chain leaders were not trained in the age of data efficiency and application; they were focused on moving larger quantities. Data scientists are one of the fastest-growing positions on the planet, reports Supply Chain 24/7, and many organizations do not know where to begin when it comes to analyzing data.  Traditional warehouse management styles focused on moving a relatively small number of different SKUs, which were palletized or in cases,  from manufacturer to distribution center to reseller and to customer. Obviously, there was some wiggle room in the model as home shopping through TV came to light. However, that was only a fraction of the surge in small orders that have occurred through e-commerce.

Benefits of Warehouse Management Analytics

There are several types of warehouse management analytics, reflecting the ongoing process optimization in today’s supply chains. The use of warehouse management analytics can be broken into five broad categories, including:

• Better marketing efforts. Knowing more information about your customers allows for the continuous refinement and targeting of customer needs through online and in-store experiences.
• Merchandise optimization. These analytics help supply chain leaders understand how to layout inventory across all shipping channels to maximize purchases.
• Adjustments within the supply chain. As e-commerce grows, more customers will come from emerging markets in areas where an established supply chain is limited at best. As a result, supply chain leaders will need to enhance their existing supply chain processes to enable a broader distribution network.
• Enhanced store operations. The idea of buy online and pick up in-store (BOPIS) can leverage supply chains in two ways. It can involve items shipped from a distribution center to the store for the customer’s pickup. Alternatively, they can use the existing brick-and-mortar staff as “pickers” to fulfill more orders. As a result, the brick-and-mortar store sees higher profitability from faster inventory turnover.
• Improved cybersecurity. Using analytics to test company programs, platforms, and firewalls continuously, for penetration or vulnerabilities, is an excellent way to enhance cybersecurity of your supply chain, while still tracking information to improve overall operations.

Best Practices in Implementing Warehouse Management Analytics

Supply chain leaders that wish to apply analytics in the warehouse need to redefine the definition of a warehouse. In today’s world, warehouse management can involve the management of distribution centers, brick-and-mortar stores as a fulfillment center, localized e-commerce fulfillment centers, and more. Even the inventory in the yard will require an additional level of management and control. Thus, leaders should follow a few best practices to ensure that nothing is overlooked.

1. Recognize the needs of your facilities.
2. Identify possible system vendors.
3. Think outside of the box when looking at analytics in the warehouse, including any activity or process that can be tracked in some way.
4. Leverage automation during system configuration, testing, and ongoing maintenance.
5. Take advantage of microservices that allow for the “testing” of new services, functions, or capabilities.
6. Connect all data aggregators to analytics platforms.
7. Consider partnering with a supply chain systems integrator to ensure analytics are used to their fullest potential.

Deploy the Right Warehouse Management Analytics to Save More and Manage Resources Effectively Now

The right analytics strategy in your warehouse and supply chain will be a real game-changer. However, the relative nature of analytics means it can be challenging to get started. For assistance in discerning where to begin, choose an expert in warehouse management, such as Veridian. Visit Veridian online to learn more today.

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What’s Wrong with Traditional Warehouses?

It is vital to understand that traditional warehouses do use data in some form. However, the use of data is not what sets the next-generation warehouse apart. Instead, it is the ability to bring analytics to data and eliminate the hassle associated with data use today. As explained by Digitalist Magazine, the top problems in today’s warehouses using data include:

• Inability to access data and analytics remotely.
• Poor access to data analytics to modify their configuration.
• Diminished ability to replicate data promptly, as well as remove or alter data entries to continuously refine operations.
• Delays between data loading and application.
• Risk of data loss.
• Too many data sources and collection points to efficiently manage.
• Traditional problems, including maintaining excess inventory and sharing data between systems.

The opportunities of data in the next-generation warehouse must overcome these problems to produce a streamlined, turnkey approach to the application of data.

The Next-Generation Warehouses Gathers, Analyzes, and Applies Data

The next-generation warehouse must gather, analyze, and apply data. As explained by Curbed.com, this is what sets major logistics companies, including warehouses, apart from their traditional counterparts. Within months, a startup can scale a company that applies data correctly to rival the most massive super warehouses on the globe. Of course, it depends on the ability to adjust and adapt to the modeling of data. Using data to generate demand forecasts is great, but problems arise when these demand forecasts rely on outdated, or even worse, the wrong data. All subsequent activities and processes falter when one data point is incorrect. Therefore, supply chain leaders must develop a load and information script that allows for the continuous remodeling of data. In other words, supply chain systems in use must have the capability to accommodate new technology. Fortunately, advanced configuration and system testing tools optimize implementation. This empowers supply chain leaders with a faster deployment schedule, maximizing return on investment.

How to Take Advantage of an Omnichannel, Next-Generation Warehouse

There is not a one-size-fits-all approach to leveraging technology in an omnichannel, next-generation warehouse. Each supply chain is different, and available supply chain management platforms are designed with a one-size-fits-all approach in mind. However, the rise of software-as-a-service payment models is giving supply chain leaders the tools and resources necessary to leverage customized technologies that will enhance operational efficiency. One of these critical functions in modern systems is the use of native, real-time analytics. These analytics allow for enhanced accuracy in managing all parts of the supply chain from raw material origin through customer service. Knowing more about the warehouse allows for the movement from a traditionally assumed demand forecast to an accurate, timely forecast. Therefore, warehouse managers can take advantage of just-in-time fulfillment models, reducing carrying costs, and increasing customer service levels. It is simple; supply chain leaders must begin leveraging the latest technologies and ensuring their complete and thorough integration with all systems and processes.

Leverage the Power of New Technology and Data in Your Warehouses Now

Supply chain leaders have a vast opportunity to drive warehouse efficiency through next-generation warehouse improvements. Instead of merely trying to maintain the status quo, leaders must look toward the future, capturing and analyzing data, making meaningful improvements through data and more. It is a tall order, and supply chain systems integrators, such as Veridian, can help you make sense of the data. Learn more about the ways integration and meaningful system use can help you transform your warehouse from a traditional fulfillment center to the next generation enterprise by contacting Veridian online today.

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1. Utilize a WMS

Implementing a modern WMS that combines the features of or integrates directly with a WES and WCS is a critical step in improving warehouse productivity.

2. Track the Right Data

Today’s warehouses generate a mountain of data per second, and this data can lead to misinformed decisions and poor outcomes. Supply chain leaders need to track the right data that impact productivity, such as lines filled per order and product cycle times.

3. Leverage Big Data Analytics to Understand Activities

Warehouses should also leverage big data analytics to understand activities. Big data analytics makes sense of the data, giving warehouse managers and supply chain leaders a means to review operations at a glance and drill-down when necessary.

4. Integrate Systems to Share Data

Integration between systems and the sharing of data eliminates data inconsistencies, as well as gives leaders access to the information necessary to make informed decisions regarding how to best improve throughput per unit of time.

5. Scale Operations Based on Demand and Data, Not Assumption

The biggest mistake companies make when scaling warehouse order throughput is deciding based on assumption. In today’s world, every decision made by a supply chain leader should be based on data and demand, not someone’s “guesstimate.”

6. Use 2D Barcodes to Increase Data Within Labels and Increase Data Accuracy When Scanning Items.

The use of 2D barcodes, or QR codes, can store more information, be read from multiple angles, and reduce delays caused by traditional barcodes.

7. Increase Visibility With New Technologies

New technologies can be used throughout the warehouse to increase visibility. Although these technologies generally are used to increase visibility, their application can also increase accountability and efficiency. For example, blockchain technology offers the promise of incorruptible data storage and retrieval.

8. Deploy Automated Systems

Automated systems, including automated storage and retrieval systems (AS/RS), optimize warehouse operations and eliminate many of the costs of moving product manually.

9. Use Robotic Arms and Routing Systems to Reduce Warehouse Travel Costs

Robotic arms and routing systems can effectively reduce warehouse traveling costs. These costs are the result of unplanned, inefficient routes within the warehouse itself, leading to delays in order fulfillment.

10. Use Exception Automation in Systems of Record and Management

There will always be instances where an exception to a pre-defined process within supply chain systems will occur. However, modern systems can leverage exception automation to eliminate the need for human intervention utilizing algorithms and advanced functions.

11. Collaborate with Supply Chain Partners

Collaboration within the supply chain, including peers and partners using similar systems, will lead to improvements in your warehouse and better throughput. If you’re looking for innovative technology solutions to improve your supply chain management, consider partnering with a trusted Blockchain Development Company in Dubai.

12. Stay Informed of Changes and Updates

The systems and technologies in use for warehouse management and operations are continually evolving. Supply chain leaders should stay informed of new technologies and systems that are available, including off-the-shelf solutions.

13. Think of Initial and Perpetual Costs During Implementation of New Systems

Implementing a new system or process does not necessarily cost exactly what initial implementation claims. Modifications to the system and other factors, including integrations, will add to the initial and perpetual costs.

Better Throughput Is Key to Improving Warehouse Productivity

Improving warehouse productivity is about much more than merely deciding to increase volume. It goes back to having the right technologies and data-driven processes in place to empower your team and company to fill more orders, spend less time correcting mistakes, and eliminate risks. Supply chain leaders should follow the tips mentioned above to continuously improve and prepare for faster scalability and ensure they make the right decisions. If your organization is ready to finally take the steps for strengthening warehouse productivity, visit Veridian online today.

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Data Inaccuracy Contributes to Poor Omnichannel Experiences

According to a recent survey of retailers, reports Brian Wassel of Retail TouchPoints, up to 66% of retailers cite inaccurate inventory data as fundamental problems when pursuing an omnichannel supply chain, particularly the buy-online-pickup-in-store (BOPIS) experience.

How Data Affects Omnichannel Experiences

Omnichannel retail is based on the ability to connect both online and in person experiences through a seamless use of services and offers. Unfortunately, the nature of an omnichannel experience, blending traditional channels, requires accuracy and integrity in data. Problems within data translate into big problems for customers and data management which may lead to lost customers.

For example, customer A decides to make a purchase in the store, but the store lacks the item. The customer chooses to complete the purchase online, selecting a ship to store model, and the customer then receives an indication that the product is on backorder. This will create a hostile experience and increase the chances of the customer leaving your company to shop with your competitor.

The same scenario can apply in reverse, being the defining factor between the customer getting what they want or becoming disappointed and shopping elsewhere. Ultimately, omnichannel is designed to reduce the friction between customers and retailers, streamlining purchasing decisions, and giving consumers more options. Data is the key to all options and the ability to leverage omnichannel.

How to Improve Data Accuracy and Reduce Poor Omnichannel Experiences

As explained by Food Dive, supply-chain leaders should follow these tactics to ensure a positive omnichannel experience:

• View each channel from the omnichannel perspective.
• Create an effortless way for consumers to make purchases.
• Track inventory in extreme care and detail.
• Leverage data to fuel and understand changes in volume.
• Recognize the varying needs of consumers, says Salesforce.
• Get to know your consumers.
• Target consumers with e-commerce and brick-and-mortar programs.
• Give customers something to remember you by, such as an added tip or benefit.
• Connect disparate supply chain systems.
• Take advantage of existing retail space to lower costs and reduce time lost in logistics, notes Greg Henry of My Total Retail.
• Be mobile-first, but do not ignore other channels, says CMS Wire.

Ensure Your Data Integrity and Accuracy With the Right System

Get your data on track by ensuring your systems are properly integrated and ready to handle omnichannel demands. Find out what you need to do to get started by reaching out to the supply chain system integrator experts at Veridian.

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The High Costs of Returns in E-Commerce 

More than $400 billion worth of merchandise will be returned following the 2018 holiday shopping season, notes Retail Dive, and that figure will swell to more than $550 billion by 2020. In addition, returns from online purchases have a notoriously high rate, often cited at 30 percent. However, e-commerce return rates around the holidays soar to 50 percent, if not more. Unfortunately, failure to understand the problem contributes to its worsening. For instance, even 100-percent accurate orders will still be subject to some returns.

The Key to Reduce Returns’ Frequency in E-Commerce Turns on Accuracy in Fulfillment

E-commerce returns are the result of customer and retailer actions. When a customer purchases a product with the intent to return one or more items, such as the case for ordering variations of product sizes or colors, retailers need to find a way to prevent this from happening. For this example, providing more details about fitting and product specifications can help.

Although colloquialisms have been coined for shoppers with routine returns’ practices, such as the “Try It On” Consumer, the “Wardrober,” and the “Fitting Roomer,” it is important to continue offering a hassle-free returns’ policy. However, tracking information about customers’ returns can help identify these instances so that they may be managed proactively.

For example, notifying consumers of past purchases that were similar, as an attempt to discourage the purchase of an item that will be returned.

Also, another factor can be derived from reviewing the reasons why consumers return merchandise. Up to 22 percent report receiving inaccurate orders, so optimizing order fulfillment to reduce this aspect of returns is essential.

Best Practices to Reduce E-Commerce Returns

Some of the best ways to reduce returns’ frequency in e-commerce, explains Peter Sobotta of Return Logic, include:

1. Offer Hassle-Free, Incentivized Returns.
2. Use Data to Refine Product Selection.
3. Make Customers See and Feel Online Purchases.
4. Make Customer Reviews Visible.

Exert Control Over E-Commerce Returns at Last

E-commerce returns do not have to be an expensive cost of doing business, and retailers can take steps to reduce returns’ frequency in e-commerce. However, such reductions require retailers connect with customers on a personal level, provide more detail and information about products, leverage data to understand returns’ causes and frequency, and encourage consumers to keep what they order. Ultimately, it all depends on visibility into the entire supply chain and marketing strategy. If retailers can help consumers pick and receive the right product from an online purchase, returns’ rates will decrease. Therefore, retailers must upgrade their systems, connect them, and work to increase communication and collaboration throughout the supply chain.

Veridian, a Manhattan Associates, HighJump, and JDA warehouse management system implementation company, can help you realize your supply chain success. Fill out the contact information below in order to schedule a consultation call with one of our supply chain professionals.

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E-commerce spending will surpass $4 trillion annually by 2020, reports eFulfilmentService, accounting for approximately 15 percent of total global retail spending. To meet demand, shippers must rapidly ramp up production and move more product, but the industry is struggling. The capacity crunch continues, and the ELD mandate has lowered the number of trucks available. This creates a major problem for managing e-commerce fulfillment when orders spike and shippers need to understand how data analysis may help.

Challenges in Managing E-Commerce Fulfillment

The challenges of managing e-commerce fulfillment go back to the need to rapidly scale operations to meet changing demand. This implies a need to gain greater accountability and efficiency throughout the entire supply chain. Instead of focusing on individual challenges, it is best to categorize the issues into their overarching causes. According to Webgility, these may include:

• Manual processes and activities.
• Lackluster insight into freight spend and poor freight management controls.
• Disjointed systems and data silos, creating delays in processing and deficiencies in visibility.

Data Analysis Enhances E-Commerce Forecasts and More

Take a moment to consider what goes into managing e-commerce fulfillment. Warehouse Managers and logistics services providers need to have an estimate of the projected demand for all given times. This is about demand forecasting and understanding the ability of a facility to handle changes in demand. Fortunately, data analysis allows Warehouse Managers to gain the insights necessary to create metrics to track performance, which are also known as key performance indicators (KPIs). According to Conveyco, KPIs should be established through data analysis to measure these key areas:

• Warehouse capacity.
• Order picking accuracy.
• On-time shipments.
• Modes of transportation used in terms of costs and delays associated with each.
• Order volume.
• Picking efficiency and productivity.
• Label accuracy.

The list of metrics can go on and on, so shippers should consider streamlining the entire process by automating supply chain controls and notification systems with business intelligence. This will contribute to fewer headaches in managing KPIs and free Warehouse Managers to focus on work, not following up on countless metrics.

Shippers must also estimate the space required, determine the effect on logistics, reslot the warehouse, move toward a just-in-time inventory management process, clear receiving, boost returns management, consolidation SKUs, and develop robust practices to enhance supply chain efficiency for e-commerce, explains Brian Barry of Multichannel Merchant.

Benefits of Data Analysis in Managing E-Commerce

Data analysis KPIs help Warehouse Managers improve operations and ensure success. Gains in productivity are often the result of implementing new best practices in the e-commerce supply chain, so knowing how to leverage data is key to success. Some of the best uses of data, asserts Don White of Multichannel Merchant, include:

• Use of automated picking technologies, such as robotics, resulting in efficiency gains in orders picked.
• Slotting optimization, reducing foot traffic in picking more orders.
• Flexibility to enable better insights into data, like increasing employees to meet short-term spikes in demand.
• Performance measurement of team members, helping leaders know when coaching or additional training may be necessary.

Handle Sudden Changes in E-Commerce Fulfilment Now

E-commerce places a heavy strain on Warehouse Managers. Existing systems may be stretched to their max, and maintaining productivity in competition with Amazon, are difficult goals to accomplish. Organizations that leverage data analysis can mitigate the sudden changes in e-commerce fulfillment and demand, preventing bottlenecks and confusion. 

Veridian, a Manhattan Associates, HighJump, and JDA warehouse management system implementation company, can help you realize your supply chain success. Fill out the contact information below in order to schedule a consultation call with one of our supply chain professionals.

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Analytics can be used to improve operations throughout the entire supply chain, but the role of analytics is often applied to warehouse operations and forward logistics. In other words, analytics are associated with today’s warehouses and supply chains in the direction of a supplier to customer. However, reverse logistics can benefit from analytics as well. Managers need to understand the role of analytics in reverse logistics, reports Cerasis, and how they can provide significant benefits throughout the entire supply chain.

The Issue: Analytics in Reverse Logistics Are Often an Afterthought

Reverse logistics make up a significant portion of any modern enterprise, and reverse logistics may be subject to increased use depending on how a customer purchased a product. By some accounts, reports Stacey Rudolph of Business2Community, online purchases may have a 30-percent return rate. This return rate directly affects reverse logistics costs. In other words, up to 30 percent of all warehousing costs could be reduced by simplifying and streamlining the reverse logistics management process. The only way to gain insight into anything in a modern warehouse, to understand what is happening and apply this on a global scale, warehouses must use analytics for this purpose.

The Solution: Analytics Enable Reverse Logistics Cost Recovery

Analytics provides a means of using data across tens of thousands of points, as well as internal and external factors, to understand what is happening. But, the use of analytics can be applied to gain a view of what is likely to happen, what needs to happen to avoid poor outcomes, and why certain events may lead to a given outcome. It sounds complicated, but cloud computing technology has enabled a new generation of analytics which can be applied to reverse logistics.

The Reward: How to Use Analytics in Reverse Logistics to Reap Greater Savings

In today’s age, many supply chains outsource reverse logistics management and processing. Unfortunately, this is an added expense to the company. Companies that process reverse logistics, such as returns management, for other companies are effectively using your product to make a profit. This may include the reselling of merchandise, restocking of merchandise, and recycling of products that may have been defective. Warehouse Managers, therefore, need to know how to use analytics in reverse logistics to recover costs and reap greater savings.

To use analytics in reverse logistics in the warehouse, the Warehouse Manager should follow these steps:

1. Integrate systems, allowing inbound and outbound systems, as well as business-to-business and consumer-facing systems, to communicate.
2. Monitor inventory from a single location.
3. Simplify all planning and fulfillment tools by automating the process.
4. Use the Internet-enabled devices, connected to the Internet of Things (IoT), to obtain real-time visibility and full unit lifecycle tracking.
5. Set realistic key performance indicators and metrics for insights gained from analytics in reverse logistics.

Implement Analytics in Reverse Logistics Today

Although analytics are a revolutionary way to improve warehouse operations, such improvements may not be possible or may be severely limited when analytics in reverse logistics are ignored. Warehouse Managers should begin the process of implementing systems to leverage the power of analytics in reverse logistics. If your organization is unsure where to begin or is ready to begin the integration process, contact Veridian.

Veridian can help you realize your supply chain success. Fill out the contact information below in order to schedule a consultation call with one of our supply chain professionals.

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The Problem: People Analytics Get Overlooked in the Digital-Driven World

People analytics in warehousing may be overshadowed by the traditional analytics categories of descriptive, predictive, and prescriptive. Unfortunately, analytics may seem irrelevant, and the Warehouse Manager is unable to track information about employees. However, people analytics in warehousing can be accessed through numerous ways, such as wearable devices, feedback from employee-facing systems, and ongoing performance measurement tools. Every action an employee makes costs the company money, such as actions that are necessary during business like pickers filling orders. However, Warehouse Managers are overlooking opportunities when they fail to recognize the value of using people analytics in warehousing, says Josh Bersin via Forbes.

The Solution: People Analytics Give Warehouse Managers a Means to Manage Labor

People analytics give Warehouse Managers a means to manage labor data tracking. Obviously, there are some privacy concerns and constraints in tracking employee actions. Employees may not want to participate, or they may feel tracking personal data is an invasion of their privacy. However, the means to track employee actions, including biometric information such as heart rate, can be used to position a company as a caretaker, as well as an employer.

Employees that engage in analytics and contribute to the pool of data can improve not only their performance but potentially their health while at work. For example, if tracking biometric information, when an employee’s heart rate exceeds a given threshold, this could correlate to an increase in the risk of an accident or other health issue. Biometrics could also be leveraged to identify other issues such as exhaustion and improper body mechanics.

With today’s level of technology, simple devices such as wearables could be used to monitor employee health and performance while working. The solution to making use of such technology to employees in the warehouse lies in positioning the technology to improve safety and reduce risk to employee health.

The Reward: Using People Analytics Boosts Employee Productivity and Morale

People analytics include much more than just biometric factors, says Bersin. Employees can provide real-time feedback for order pick tickets accuracy, the location of bins, routes, and much more. This information can be analyzed by existing warehouse systems to determine if routes prescribed by the system are effective, and if not, the system can provide Warehouse Managers with the information necessary to better optimize the warehouse layout. As a result, employees can successfully take more orders and avoid the frustration that comes with problems.

Since employee information can be used to improve overall operations, the number of conflicts between Warehouse Managers and staff members should decrease. Less conflict has a direct relationship to lower staff turnover and boost employee morale. Unless your warehouse operates solely on robotics, the role of employees and maintaining and running a successful warehouse is a top priority.

Start Using People Analytics in Your Organization

People analytics in warehousing is an excellent tool to bridge the current divide between Warehouse Managers and the workforce. People analytics in warehousing may also be part of workforce analytics, but there is a difference. The difference lies in using information to improve employee productivity on a personal scale. As a result, increases in employee productivity on a personal scale will contribute to greater productivity in the workforce. It’s micro analytics for workforce analytics. More organizations are turning to the power of people analytics in warehousing to improve productivity and resolve disputes before they occur.

Veridian can help you realize your supply chain success. Fill out the contact information below in order to schedule a consultation call with one of our supply chain professionals.

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Using analytics in the supply chain has the most potential to dramatically reduce costs of supply chain management, as well as minimizing supply chain disruption. Unfortunately, the upfront investment costs for deploying the technology necessary to use analytics can be difficult to justify, so Warehouse Managers need to know a few things about house analytics to enable the minimization of supply chain disruptions. This insight can be used to improve supplier relationships and gain shareholder support for new system implementations, upgrades, and additional use of modern technology.

The Problem: E-Commerce Data is Almost Overwhelming

Today’s supply chains, including those using small or nonexistent omnichannel supply chains, generate a mountain of data. Unfortunately, the amount of generated data is difficult to comprehend, and even more difficult to analyze. This is where analytics come into play. Analytics are crucial stepping stones in minimizing supply chain disruption, says Supply Chain Management Review; however, disparate systems result in inconsistencies. Analytics is only as effective as its weakest link, so failure to integrate all systems will lead to unforeseen issues and additional disruptions in the supply chain.

The Solution: Minimizing Supply Chain Disruption Requires Analytics

The only way to successfully minimize supply chain disruption is through continuous improvement. Continuous improvement can permeate every aspect of supply chain management, ranging from vendor management to reverse logistics. Warehouse Managers should focus on integrating systems and connecting existing systems to an analytics platform. Since the modern world is heavily focused on cloud-based technology, analytics platforms often exist in the cloud as well. Thus, the Warehouse Manager should work to bring their systems into the 21^st century by connecting systems to the Internet of Things (IoT).

The Reward: Additional Benefits of Analytics in the Supply Chain

Analytics in the supply chain can have hundreds of potential benefits, but some of the most notable effects of deploying analytics in the supply chain include the following:

• Lower overhead expenses. Analytics in the supply chain can be used to analyze the costs associated with supply chain management and inventory management. By identifying the actual expenses versus decreases to expenses, analytics can provide Warehouse Managers with actionable insights to lower operating expenses.
• Better forecasting. Having the ability to know when product will be needed and where is a common hallmark of a truly omnichannel supply chain. Analytics in the supply chain allows for better demand forecasting, reports Supply Chain 24/7. Depending on the degree of analytics used, as well as the ability to access it and analyze information from both consumer facing and business facing platforms, Warehouse Managers can move product between distribution centers, regional warehouses, brick-and-mortar stores, and every other potential channel.
• Real-time visibility and accountability into product location. Since customer experience is everything in the modern supply chain, analytics can be used to improve real-time visibility and accountability into freight and product location. If something occurs that will result in an unforeseen delay, such as weather-related events, analytics can be used to identify the best course of action to avoid negative customer experience, and if possible, analytics can be used to avoid this issue in its entirety. In other words, analytics could be used to identify potential weather-related risks to a given shipment and select an alternate route.
• Collaboration with other supply chain partners. Analytics in the supply chain also help to improve collaboration by allowing Warehouse Managers to identify strengths and weaknesses within their existing supply chain partnerships.
• Innovative inventory management in order fulfillment strategies, such as slotting optimization and waveless picking, can be used to improve labor productivity and reduce the costs associated with order fulfillment, inventory carrying, and returns management. Essentially, getting products to customers faster, accurately, and without additional cost will reduce returns management at the same time.

Use Analytics to Supercharge Your Supply Chain Today

The value of analytics is undisputed, and given that the number of Internet-enabled devices, connected to the Internet of Things, is expected to climb into the trillions over the next decade, Warehouse Managers should focus on implementing analytics in the supply chain today. Failure to implement analytics throughout all aspects of supply chain management and activities could result in lost competitive advantage and additional costs to the company. Instead of taking the risk, give your organization the boost it needs by deploying analytics in the supply chain, integrating systems, and taking advantage of the newest technologies possible.

Veridian can help you realize your supply chain success. Fill out the contact information below in order to schedule a consultation call with one of our supply chain professionals.

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The Challenge: Analytics Look Difficult to Management

The days of using data scientists to carefully look through each byte of data are over,  . Modern enterprise resource planning (ERP) tools, as well as software-as-a-service platforms, take advantage of cloud technologies to insert analytics into everyday operations. Moreover, a huge amount of hype exists behind the analytics trend, and Bernard Marr of Forbes magazine notes, applying Big Data through prescriptive analytics in the supply chain allows for the structuring of data, the so-called cleansing of data, and improving operations, ranging from inventory management to in-warehouse activities. Unfortunately, the complicated process powering these insights is enough to send any Warehouse Manager running for the hills, but supply chain managers may realize that modern systems are much different.

The Solution: Analytics Are Automated and Run in the Background

Take a moment to think about the modern supply chain system. It uses cloud computing technology and leverages automation. The ability to automate systems and processes allows for the natural use of automated systems and automated analytics. As a result, analytics can run in the background, collecting data on everyday activities, identifying trends, recognizing how to avoid common problems, and much more. Since analytics function in the background, they pose minimal disruption risk while still enhancing operations. Analytics are comparable to a seamless way to dramatically improve operations without extreme costs.

The Reward: Applying Prescriptive Analytics in the Supply Chain Produces Major Benefits

Warehouse Managers need to know what type of analytics exist and what they mean for overall operations. As explained by Supply Chain Digest, analytics in the supply chain can be broken down into the following three categories:

• Descriptive analytics, which leverage historical data to describe what is happening. This is similar to an information-gathering phase when seeing a healthcare provider. The initial check-up identifies symptoms, key concerns, and other actions that may have contributed to the current issue or opportunity.
• Predictive analytics, which identifies what is likely to happen if current activities continue unchecked. For instance, a sick system that continues to “play outdoors in the rain” is more likely to suffer a major breakdown. As a result, Warehouse Managers can use this information to know when something is going wrong, but it can also be used to ensure current operations are working correctly.
• Prescriptive analytics, which are comparable to the prescription given to correct an issue identified during a doctor’s visit. Prescriptive analytics tell Warehouse Managers what needs to happen to achieve a given outcome. For example, if the existing system is likely to suffer severe setbacks due to outdated data entry, prescriptive analytics can identify how a warehouse can improve productivity and avoid such setbacks.

Put the Power of Analytics in the Supply Chain to Work in Your Organization

Using descriptive, predictive, and prescriptive analytics in the supply chain can increase visibility, reduce overhead expenses, lower risks, and improve the supply chain, as well as the lives of personnel working within it, asserts Supply Chain Management Review. Warehouse Managers and supply chain leaders need to begin the process of implementing analytics in the supply chain.

Veridian can help you realize your supply chain success. Fill out the contact information below in order to schedule a consultation call with one of our supply chain professionals.

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