Supply Chain Analytics should include Social Analytics because looking at social data can help supply chain managers make important adjustments, maintain the right levels of inventory, monitor order management and decrease returns. This will help the company keep costs to a minimum and increase customer value.
What Does Social Media Mean to Your Supply Chain?
Luciano Cunha on the Warehouse Management Systems Guide discusses how companies can start thinking about the use of of social media in the supply chain. Specifically, he notes that “The absolute real-time nature that is inherent in social media can act as a blessing and a curse for professionals overseeing a supply chain. In one sense, access to real-time data can help supply chains run ultra lean – as proper analysis can lead to producing just enough product to meet consumer demand.”
Manage Your Supply Chain Analytics like a Baseball Team
Jeff Kavanaugh wrote in Industry Week that “Social analytics has the ability to help supply chain
Social Media and Supply Chain Analytics
managers make critical adjustments, maintain proper inventory levels, monitor order management and decrease returns, which in turn help control costs and improve customer satisfaction.”
Using Advanced Analytics as Applied to Supply Chain & Trade Data
How does a company take in to consideration social media data that’s available out there? Marc Dragon in an interview with Dustin Mattison discussed using advanced analytics as applied to supply chain & trade data. He believes in looking at three different types of data sources: the owned data source – the structured data within enterprises, the paid data sources, and the social media data.
Supply chain analytics practitioners can use social media data in their analyses.They need to take advantage of the opportunities for using social media data to improve forecasting and meeting demand. Ultimately, social analytics is about using social media to increase predictability for key operational metrics.