Analytics Companies Offer Solutions to the Supply Chain Crisis

Analytics companies offer solutions to the supply chain crisis that is causing businesses to lose 3.6% of their annual profits due to the 8% of stock that is discarded each year due to expiry or overproduction. The global report released by Avery Dennison, a global Fortune 500 materials science and digital identification solutions company, found that while companies are acutely aware of the problem, they are not investing the budget required to fix it.

Analytics companies can help businesses to track unique items and gain visibility and traceability of their supply chain. This can be done through the use of blockchain technology, smart devices (including sensors and drones), and industrial IoT. These solutions can help to reduce the amount of waste in the supply chain and increase the efficiency of the supply chain.

Analytics companies can also help businesses to become more sustainable by providing them with data and insights into their supply chain. This data can help businesses to identify areas of waste and inefficiency and take steps to reduce them. Additionally, analytics companies can provide businesses with data on the ethical sourcing of their products, helping them to make more sustainable decisions.

Analytics companies can also help businesses to meet the needs of their customers. The report from Avery Dennison found that quality and durability are amongst the top three concerns for cautious consumers, significantly outranking sustainability. Analytics companies can provide businesses with data on customer preferences and trends, helping them to create products that meet customer needs.

Finally, analytics companies can help businesses to become more transparent. Over two in five surveyed (43%) agree that when buying clothing, “transparency about a product’s journey to the consumer is important to me” and ‘being more transparent about materials/ingredients used” was ranked as the top driver for making more sustainable decisions when buying food and beauty products – stated by (37%) and (35%) of shoppers respectively. Analytics companies can provide businesses with data on the journey of their products, helping them to become more transparent and build trust with their customers.

In conclusion, analytics companies offer a range of solutions to help businesses to address the supply chain crisis and become more sustainable. These solutions can help businesses to reduce waste, become more transparent, and meet the needs of their customers.