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Logility and Peerless Research Group Unveil Top Opportunities & Challenges that Face Supply Chain Advanced Analytics Initiatives
Momentum Increases as Executives Tackle Increasing Data Volumes and the Need to Drive Higher Service Levels
Logility, Inc., a leading provider of collaborative supply chain optimization and advanced retail planning solutions, in collaboration with Peerless Research Group, has published, “The Keys to Creating and Leveraging Actionable Information.” The report highlights feedback from executives on the opportunities, challenges and use of advanced analytics across their supply chains.
According to the report, the top business pressures facing companies today include the need to reduce operating costs, increase service levels, enhance supply chain flexibility and improve forecast accuracy. At the same time, the ability to analyze Big Data, automate forecasting and deliver actionable alerts are considered important supply chain capabilities. Advanced analytics powered by artificial intelligence (AI) can leverage the vast amount of data available from both structured and unstructured sources to uncover new opportunities to make faster and smarter business decisions. However, only 22% of companies have implemented an advanced analytics initiative to help them achieve their supply chain and customer service goals.
63% identify supply chain planning and forecasting as the priority areas to utilize advanced analytics
47% cite a reliance on spreadsheets as a hurdle to adopting advanced analytics
44% plan to upgrade or implement an advanced analytics solution within the next two years
“The speed and complexity of business requires companies to quickly turn information from disparate data sources into actionable insights that focus supply chain efforts on high-impact, value added activities,” said Allan Dow, president, Logility. “As evidenced by this research, spreadsheets and legacy solutions can hinder a company’s ability to harness information from multiple data sources to significantly impact and drive the business forward. Advanced analytics such as those in Logility Voyager SolutionsTM help companies make faster and smarter business decisions, better understand customer needs and predict market trends with ease. We are accelerating new supply chain insights with prebuilt predictive analytics that minimize the cost and complexity of custom solutions which often require businesses to hire expensive data scientist talent.”
“Artificial intelligence and machine learning algorithms are quickly emerging as methods to further improve and automate algorithmic planning, and we believe their long-term promise is enormous,” commented Keith Peterson, president, Halo, Logility’s advanced analytics platform. “In particular, the adaptive learning nature of these technologies combined with the ability to handle large volumes of complex data are key factors to reduce costs and increase service levels through automation. Leveraging advanced analytics can help companies transform their supply chain by delivering greater agility to handle dynamic demand, evolving networks and rapidly-changing fulfillment strategies.”
Download the Full Report: The Keys to Creating and Leveraging Actionable Information