LONDON--(BUSINESS WIRE)--For optimum business performance, proper alignment and management of supply chains with business strategy is required to ensure an organization's competitiveness. Supply chain analytics are extremely useful in overcoming the challenges of supply chain management while reducing costs and ultimately increasing revenue. An increasing number of manufacturers are turning to supply chain analytics services to consolidate and enhance the whole supply chain process, which is driving market growth.
According to global analytics and advisory firm Quantzig, the global market for supply chain analytics is expected to double between the years 2015-2020, reaching USD 1.83 billion. Supply chain analytics tools and services help organizations automate processes involved in material purchasing and maintenance of inventory. They also generate purchase orders, help execute orders, and match invoices with the materials received. This segment is the second largest of the global retail analytics market, accounting for a market share of 32%, just slightly behind the consumer analytics segment which holds 36% of the market, according to Quantzig. The global supply chain analytics market is growing at a CAGR of 15% and for good reason; many manufacturers are seeing wonderful results adopting automated procurement systems instead of recruiting professionals.
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Quantzig’s analytics experts were recently tasked with solving inventory planning problems for a global plastic bottle manufacturer and supplier. The client was facing inventory planning issues for its manufactured stock and due to the lack of inventory management, the company was losing out on sales. After collecting the data from the client’s sales, production, distribution and warehousing processes, Quantzig’s analysts were able to determine optimum inventory levels, cost of standing stock, opportunity costs for lost sales due to unavailability of products and create an inventory optimization plan for the client.
By using scenario analysis, impact analysis, predictive modeling, and real-time monitoring of stock, the solutions provided by Quantzig allowed the manufacturer to determine the stock replenishment levels based on demand forecast and criticality of need. This resulted in an improved USD 40 million in revenue compared to the year prior.
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Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 12 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of about 120+ clients, including 45 Fortune 500 companies.