5 KEY SUPPLY CHAIN MODELS AND METHODS THAT ARE USED TO ANALYZE SUPPLY CHAINS

 

5 KEY SUPPLY CHAIN MODELS AND METHODS

1. DESCRIPTIVE ANALYTICS

This is the best type of supply chain management analysis that you can use to check out the past performance of the supply chain. It will tell you what has happened, so you can check if the results are matching with your plans and objectives. This method uses data mining to gather raw information from the supply chain. Summarizing it and presenting it in a compact form will allow you to get a clear image of the desired period in the past.

2. PREDICTIVE ANALYTICS

If you want to see what might happen in the future, this is the method you should use. As the name suggests, predictive analytics will form potential scenarios that may take place in a month, two, a year from now. Although it is never guaranteed that they will happen exactly as predictive by this method. Even so, you will know what to expect, in a significant proportion, so you can adjust your plans accordingly.

3. PRESCRIPTIVE ANALYTICS

In case you want to see what could happen and get useful pieces of advice on what to do if future scenarios come to life. This method will help out. In other words, you will be advised what to do according to what the method predicts to happen in the future, based on the acquired data.

4. PERFORMANCE METRICS

This supply chain analysis method is good to use when you want to see how the supply chain is performing. Just do have in mind that there are several metrics and each of them provides a different type of information. So, you need to decide which metrics are most useful and relevant to your business, so you can keep an eye on those in particular.

5. HYBRID PERFORMANCE MEASUREMENT

This is a more complex form of chain analysis, as it utilizes several methods in the same framework so that the business owner can make the best decisions. Thus, a hierarchy of objectives is used, together with mathematical equations and simulations that should present. Hypothetically, what could be possible if certain conditions are met.

-Gazi Sanaul Hasan