Data Science Helps Companies Operate More Efficiently
Over the past few years, external shocks have caused significant corporate Supply chain disruptions and what has become more and more apparent to those companies is the need to access real-time insightful, actionable information. Collecting data, running descriptive statistics, and providing an overview of ‘what happened’ could be a nice begin, however once an intermission like the COVID-19 occurrence hits the global economy, this approach can solely make sure the disruption your suppliers, employees, & customers are feeling. Any disruptions or an unexpected event like COVID-19 comes on quick, leaving businesses clambering to continue operations in a high-risk environment. Firms who embrace data science and data analytics can have a major leg up on those who do not.
Data science techniques, specifically predictive analytics, machine learning, & AI, enable companies to fortify their Supply chains for such disruptions by approach of correct visibility, simulation, & automation. The power to better foresee in the long run, anticipate and set up for future events and disruptions, and strategically scale back risks helps firms continue their operations within the face of disruptive events.