The following are the four major types of supply chain analytics that help enterprises improve the efficiency of their business operations, streamline logistics, and save time and money without compromising quality.
Descriptive: Identify patterns in historical data from internal and external sources. This dashboard has to be reviewed every day to prevent delays in deliveries.
Predictive: Forecast what could happen by predicting different scenarios and coming up with solutions to prevent delays and losses.
Diagnostic: An attempt to replicate human behavior using machine learning and artificial intelligence to automate recurring work.
Prescriptive: A combination of descriptive and predictive analytics to identify the necessary actions that will result in achieving the business goals.