In the initial shock of the “black swan” event that was (and is) COVID, it should come as no surprise that many people questioned the validity and effectiveness of predictive analytics in the supply chain. However, those in the logistics and supply chain field know, “If not predictive analytics, then what?” Do supply chain leaders simply operate in the dark? Should they focus only on immediate demand and turn a blind eye to what may (or may not) come to be?
Obviously, that is not the answer. Supply Chain Analytics still has a very important place in supply chain management, perhaps more so than ever. In a report by Thomson Reuters, ONESOURCE stating, “The three biggest benefits for using big data within supply chains are traceability, relationship management (e.g., better customer service), and forecasting/predictability.” However, it’s how we harvest, analyze and deploy that data that has evolved. Below are five recommendations for supply chain leaders to consider to help make the most of predictive analytics moving forward: