Monday, October 6, 2014
Create a Strategy that Anticipates and Learns
Supply chains in the 21st century are sophisticated than ever before. They focus on providing the customer with maximum satisfaction. Customers cannot only get their products on time, but also can customize them according to their taste. To achieve both the goals at the same time, 21st century technologies such as 3d scanning and modeling, and predictive analytics are being using extensively.
Using these technologies and strategies, they can produce the goods at the fastest rate and make sure they are shipped to the customer in the fastest way possible. For any firm to be successful in the market, they need to have demand and the best way to supply. The online shopping experience where can customize the product the way they want takes care of the demand for the product. On the other hand, production of the products also needs to be done in the most economical way possible.
Predictive analytics helps in managing the inventory and dynamic pricing to make sure that the supply and demand are in equilibrium. Forecasting through these analytics help the company to reduce costs by maintaining and allocating the required amount of inventory to the appropriate warehouses. This later helps in delivering the product to the customer at the earliest possible.
Predictive analytics have become popular in the 21st century due to technological advancements in the data collection in different forms and different fields. This has grown extensively in the recent years with firms from different industries collaborating to deliver the customer with greater convenience and comfort. One great example is the apple IPhone’s capability to collect the owner’s health statistics and transmit that data on authorization to a third party software called epic, which is used by the doctors. This allows the patient to receive basic treatment from home.
Predictive analytics are not restricted to any particular field in the current scenario. It is now popular among all industries such food industry, health, and various other businesses. Executives are now able to make decisions quickly as the large data available with the use of new technologies is providing accurate predictions.
Firms are collaborating to provide the customers with the best experience possible. At the same time, they are also able to dominate the market like Wal-Mart, will this sabotage the small scale industries in the future? Do you think governments should involve to protect or let these firms that are growing rapidly in the free market form monopolies?