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Betting on Analytics as Supply Chain's Next Big Thing

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elctrnx_lyf
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Supply Network Guru
Accuracy of data
elctrnx_lyf   5/4/2013 2:16:24 AM
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I do not believe the supply chain can completely upon real time processing as long as there is various dynamic conditions such as customer demand, global economic and enviromental fluctuations. But once setup these software can learn themselves to make better decisions after long time usage. But in the end we stll need humans with right experience to understand these reports.

anandvy
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Re: Accuracy of data
anandvy   5/5/2013 4:34:46 AM
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But in the end we stll need humans with right experience to understand these reports.

@elctrnx_lyf, I totally agree with your opinion. We still need humans with right experience to understand these reports. If we can't properly interpret the data that is being generated by such tools then implementation of such analytics will add zero value to the company. So its very important to have right tool and right people to take advantage of Analytics.


SP
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Re: Accuracy of data
SP   5/5/2013 9:48:57 AM
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like in sports they develop software how the opponent team plays...to be particular how a strong player from the opponent player will play. at the end you need someone to analyze the software and make his own game plan.

TaimoorZ
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Supply Network Guru
Re: Accuracy of data
TaimoorZ   5/5/2013 10:15:52 AM
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" do not believe the supply chain can completely upon real time processing as long as there is various dynamic conditions such as customer demand, global economic and enviromental fluctuations."

@electrnx_lyf: I agree. The tools can help the users in obtaining data in larger quantities and with more frequency but the decision-making cannot be completely autonomous. The human element will always be there because of the dynamic nature of the supply chain.


Ariella
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Supply Network Guru
Re: Accuracy of data
Ariella   5/6/2013 10:12:47 AM
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@TaimoorZ you say, "The human element will always be there because of the dynamic nature of the supply chain," which is, undoubtedly, true. Do you imply from this that there are unpredictable aspects which make analytics not altogether accurate at predicting directions for the supply chain?

TaimoorZ
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Supply Network Guru
Re: Accuracy of data
TaimoorZ   5/22/2013 2:00:37 PM
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"Do you imply from this that there are unpredictable aspects which make analytics not altogether accurate at predicting directions for the supply chain?"

@Ariella: The analytics tool will give you predictions for future based on its capabilities but there has to be some level of human involvement to give the predictions a sanity check. You cannot blindly trust the predictions no matter how sophisticated the analytics tool is.


Ariella
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Re: Accuracy of data
Ariella   5/22/2013 2:13:33 PM
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@TaimoorZ I wouldn't argue with that. It makes perfect sense. The question is how can one apply a sanity check that would hold up as objective?

TaimoorZ
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Supply Network Guru
Re: Accuracy of data
TaimoorZ   5/22/2013 3:08:06 PM
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"The question is how can one apply a sanity check that would hold up as objective?"

@Ariella: There are no clear-cut rules for it and that's why the logic for this can't be built into the software. I think the ability comes partly from experience and partly from intuition.


tech4people
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Re: Accuracy of data
tech4people   5/22/2013 3:04:24 PM
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Taimoor,

Very,Very well said!

Any Company which relies blindly on Analytics Software without having someone Human at the Back-end to understand and appreciate the Output it generates deserves to lose its Shirt(in Business).

Beyond Silly Decision that would be for sure!

You can't discount the Human Influence factor here.

Not at all!

tech4people
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Supply Network Guru
Re: Accuracy of data
tech4people   5/22/2013 3:14:49 PM
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Electric,

Yes that would be reasonably accurate.

However,Don't you feel that even those self-learning Tools need lot of Guided Instructions(from Humans) even today?

Its not like you can just teach them stuff once and then leave them alone.

I am speaking from my Experience in the Financial markets where these Tools have found widespread acceptance  with often destructive consequences.

You can very easily put me in the Sceptics Category here!

Regards

Ashish.

Tholdis
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Stock Keeper
Re: Accuracy of data
Tholdis   7/1/2019 2:53:32 PM
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There are many ways to rush into betting, you know. And a separate stage includes itself analytics, which I test for https://bettingsiteskenya.co.ke/betpawa/. For me, this is a whole science and I would advise all beginners to gradually analyze and train.

SP
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Supply Network Guru
Betting on Analytics as Supply Chain's Next Big Thing
SP   5/4/2013 8:50:57 AM
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agreed. Analytics is the next big and important thing for supply chain industry.

nimantha.d
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Supply Network Guru
Re: Betting on Analytics as Supply Chain's Next Big Thing
nimantha.d   5/5/2013 12:28:37 AM
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@SP: You can do wonders if you get the correct analysis done with correct tools. For that to happen you need hands on experience on those tools. 


Ariella
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Supply Network Guru
Re: Betting on Analytics as Supply Chain's Next Big Thing
Ariella   5/6/2013 10:01:31 AM
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@nimantha.do yes, you need the right tools, the right data, and the right questions to ask.

Greg Riemer
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Stock Keeper
Betting on Analytics as Supply Chain's Next Big Thing
Greg Riemer   5/6/2013 10:09:46 AM
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Nice blog, I think there are some really great points throughout the post, people want to have real time analytics to help them make better decisions. The key is to have accurate information from everyone and to make sure all your systems are integrated. Global suppliers and global expansion has many advantages but one challenge certainly is system integration. Without taking the prober steps it doesn't matter how much you want to have supply chain analytic tools you can't get it if you aren't connected.

nimantha.d
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Supply Network Guru
Re: Betting on Analytics as Supply Chain's Next Big Thing
nimantha.d   5/7/2013 11:55:53 AM
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@Ariella: Plus the right person who has  sound knowledge on it to operate and get the right output out of the tool.     


anandvy
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Supply Network Guru
Re : Betting on Analytics as Supply Chain's Next Big Thing
anandvy   5/5/2013 4:30:24 AM
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with 71 percent of respondents noting that current analytics tools need to be more predictive and go beyond providing information about prior performance,

@Jennifer, thanks for the post. The survey clearly shows that companies expect more power analytical tools which can help them predict the trend. But its also imporant for the companies to train people with analytical skills so that they can make sense of huge amount of data that is being generated.


TaimoorZ
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Supply Network Guru
Re: Re : Betting on Analytics as Supply Chain's Next Big Thing
TaimoorZ   5/5/2013 10:11:16 AM
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@anandvy: I think apart from better tools, corporate users are also looking for more convenience when it comes to data related to supply chain. For instance, the trend towards analytical tools in the form of smartphone apps is getting quite common and more and more companies are looking to facilitate the users through these.

anandvy
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Supply Network Guru
Re: Re : Betting on Analytics as Supply Chain's Next Big Thing
anandvy   5/5/2013 1:04:11 PM
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For instance, the trend towards analytical tools in the form of smartphone apps is getting quite common and more and more companies are looking to facilitate the users through these.

@TaimoorZ, I agree with you. Such initiatives will really help the companies to collect  opinion  from large section and thus the end result generated by the analytics will be more realistic. 

Colman
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Stock Keeper
Analytics: only as good as the (timely) data it sit on
Colman   5/10/2013 9:51:37 AM
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Analytics is only as good as the data it examines.  That data must be timely, accurate and objective in nature - local subjectivity based on cultural, language or other differences can radically change perspectives.   For anyone with an extendedsupply chain, that means getting the data that you want from the earliest part of the supply chain - before it enters a container in any part of the globe.  

For lots of reasons, its not practical to extend ERPs into suppliers (or into their suppliers).  New tablet-based, cloud-based tools help both companies and their suppliers reduce total costs by having relevant, accurate and timely data, and the analytics to go with it.  



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