Boosting Supply Chain Functions Through Data Analytics

Boosting Supply Chain Functions Through Data Analytics

Over the last two years, the rapid evolution of technology has taken shape by creating about 2.5 quintillion bytes of data every day. Additionally, with new advancements in technology segments, such as the Internet of Things and 5G, this number is expected to significantly increase in the near future. With big data continuously growing, forward thinking organizations are starting to take advantage by implementing analytics into their overall operations, including supply chain strategies. As the electronics industry shifts into a data-centric environment, high technology companies are now maximizing their efforts in applying available data into their supply chain functions, including improving on-hand inventory and logistics efficiency as well as identifying potential market forecasts and trends.

For optimal inventory management, innovative organizations like Advanced MP Technology are now taking a more data-centric approach to scale their customer offerings and fulfillment center’s efficiency. By incorporating both real-time and historical data analytics into daily practices, fulfillment proficiency increases as inaccuracies can be avoided before being implemented and executed. More smart supply chain decisions are being made by incorporating vast amounts of data when searching for the best sourcing routes and freight transportation options. This analytical data also allows for minimizing duplicated efforts as well as eliminating waste.

Specifically, OEM and EMS companies, as well as OCM companies, within today’s electronic supply chain can greatly benefit from the power and availability of big data analytics from a well-resourced company like Advanced MP Technology. Deeply analyzing market data, such as dynamic market price and component availability, empowers business strategies in making effective decisions and bringing in strong, driven results. For example, forecasted demand and market shifts can be properly planned and accounted for with the help of big data. Manufacturers can strategically adjust their BOM’s component pricing for improved margins through analyzing big data.

Through utilizing deep data analytics, management teams overall make more educated and logical decisions to positively impact their supply chain strategy. Attaining more accurate market trend forecasts with analytics allows organizations more opportunity to drive sales and boost customer satisfaction rates while maintaining a reliable and reputable image.

For over 40 years, Advanced MP Technology has proven to be a reliable and reputable global distributor of electronic components within the electronics supply chain. Through analyzing vast amounts of data accumulated throughout the past 40 years, Advanced MP Technology has helped many OEM and EMS companies make easy and effective strategic solutions when searching to boost their supply chain practices.