Big Data and Manufacturing
In the past few decades, manufacturers have been able to reduce waste in their production processes and improve product quality and yields by implementing lean and Six Sigma initiatives. However, in industries such as pharmaceuticals and chemicals variability is still a major factor influencing ideal production. Given the complexity of production activities that influence yield in these industries, manufacturers need a more focused approach to improving operations. Advanced analytics provides just this. Full Article
The Complexity of Analytics is Correlated with Increased Value
The picture to your right graphically shows how complexity increases from basic analytics to advanced analytics. As you move from reporting to predictive modeling and stochastic optimization, the ability to earn value from your analytics increases significantly. Basic reporting can help in many ways but supply chain managers need the benefits of more complex analytics that include forecasting and modeling. Operation Consulting Group has the capability of implementing all levels of analytics for your organization with customized models and easy to use software. Learn more about business analytics
Supply Chain Analytical Services
We review raw data collected through your IT system to answer various questions and to draw conclusions on performance improvements.
Operation Consulting Group has helped clients in multiple industries learn how to make significant savings multiple levels of analytics. Supply chain consultants will use customized models to help your organization identify cost savings opportunities in your supply chain. We will work with your organization to formulate a plan that will provide significant results. We can empower management with the knowledge needed to develop operational excellence. Consultants will analyze your demand and construct forecast models to assist you with your purchasing decisions.
Retail supply chain consultants are especially good at managing your inventory. Supply chain consultants will use analytics to develop advanced forecasting models and inventory strategies to give you the confidence to make the correct business decisions.
Supply Chain Key Performance Indicators
To show improvement in operations, many supply chain management specialists implement supply chain performance indicators or metrics as one of the simplest, least expensive, and effective activities. Supply Chain KPI’s help businesses focus on important parts of their supply chain. Combining metrics with analytics is extremely powerful in generating value added operations. Without clear measurable indicators, management may not completely understand what is expected of them, leading to less than preferred outcomes and inefficient operations.
Operation Consulting Group breaks down KPI’s into five categories, each with it’s own four categories, Quality, Response Time, Cost/Financial and Productivity.
Top Five Categories of Supply Chain Key Performance Indicators
- Product Selection, Forecasting, and Procurement
- Inventory Management/LMIS/Customer Response
Categories of Analytics
Descriptive Analytics: insights from historical data that summarizes sets of data to determine patterns in demand and product flows
Predictive Analytics: predictive modeling using statistical learning techniques and multiple disciplines including business rules and mathematical sciences.
Prescriptive Analytics: decisions making analytics using optimization algorithms and simulations of big data. that makes suggestions for supply chains and shows the implications of each decision option