From the course: Digital Transformation in Supply Chains

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Optimize supply chains with advanced analytics

Optimize supply chains with advanced analytics

From the course: Digital Transformation in Supply Chains

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Optimize supply chains with advanced analytics

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- "Without data, you're just another person with an opinion." But that's not enough. In order to have an impact, we need to transform that data into insights. In this video, we'll look at five types of data analytics that we can use to analyze, optimize, and automate our supply chains. Analytics is a journey that always starts with collecting and cleaning and organizing our data. Once that's done, we can choose one of the five different approaches to analytics. The most basic approach is descriptive analytics. Descriptive analytics involves sorting and filtering data so that we can see patterns and describe what has happened in our supply chain. When we perform descriptive analytics, we often use statistics. We could be looking at past sales records, production volumes, or inventory levels. And we might be talking about average inventory levels or average lead times. Next is diagnostic analytics. Diagnostic analytics…

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