supply chain optimisation: Data analytics unlocks valuable insights across the entire supply chain, including demand forecasting, inventory management, logistics optimisation, and supplier performance evaluation. This comprehensive approach leads to impactful solutions, as exemplified by a pharmaceutical company’s initiative. They successfully harnessed operational performance data, allowing them to manufacture and globally distribute a critical vaccine, resulting in almost 10% cycle time reduction and ensuring uninterrupted supply of vital medications for patients. Demand forecast too plays a critical role in maintaining optimal inventory levels, reducing costs, and improving customer satisfaction, achieved through analysing historical data and market trends. Inventory management itself is a delicate balancing act – excessive stockpiles heighten storage costs and waste risks, while shortages disrupt supplies and sales. The remedy lies in analysing industry data, encompassing sales trends and seasonal variations, to prevent such challenges.

enhanced safety: Data analytics offers valuable avenues to identify potential hazards, facilitating proactive measures to prevent accidents and ensure a safe working environment. Although safety has traditionally relied heavily on human intervention, this application of new-age technologies can power industries with a more secure approach to achieving the same goal.