But before buying analytics software, it’s best to take a step back and determine what’s right for your organization. There are numerous vendors selling different types of supply chain analytics software, but unless you’re ready for what they offer, you may be wasting your money.
To illustrate the point, a recent paper from Ventana Research on supply chain planning revealed issues that companies using spreadsheet planning have experienced, including:
For example, why do L’Oreal and Apple consistently score notoriety over 29 other superior supply chain companies and more than 500 publicly-held ones?¹ We take a look at several reports on leading supply chain companies, specifically with the filter of advanced analytics, to highlight the answers.
Myth #1: Companies believe they already have/use prescriptive analytics. Just mention advanced analytics or its subsets like machine learning, AI, simulation, etc., and you’ll find many people use these terms interchangeably. Advanced analytics is an umbrella term for the following:
