oboloo

oboloo Glossary

Business Analytics And Supply Chain Management

oboloo Glossary

Business Analytics And Supply Chain Management

Business analytics is a powerful tool for uncovering valuable insights into your company’s operations. By applying sophisticated techniques such as data mining, predictive modeling, and optimization to large datasets, you can discover patterns and relationships that drive improved decision-making and increased efficiency. It helps organizations gain deeper knowledge of their business processes and identify areas for improvement in order to increase their competitive edge. Meanwhile, supply chain management (SCM) is the coordination of all activities that involve the flow of goods and services across an entire organization. This includes the sourcing of raw materials, production of products, inventory management, delivery of products, and finally, customer service. SCM ensures that the right amount of products are sourced from the right vendors, at the right time and place, and with the optimal cost structure. With better SCM strategies, businesses can reduce wasted resources and make sure their customers get what they need at the right time. By combining these two fields together, you can achieve a much more comprehensive understanding of your operations that will help you succeed in today’s highly competitive marketplace.

Want to find out more about procurement?

Access more blogs, articles and FAQ's relating to procurement

Oboloo transparent

The smarter way to have full visibility & control of your suppliers

Contact

Feel free to contact us here. Our support team will get back to you as soon as possible

Oboloo transparent

The smarter way to have full visibility & control of your suppliers

Contact

Feel free to contact us here. Our support team will get back to you as soon as possible

© 2024 oboloo Limited. All rights reserved. Republication or redistribution of oboloo content, including by framing or similar means, is prohibited without the prior written consent of oboloo Limited. oboloo, Be Supplier Smart and the oboloo logo are registered trademarks of oboloo Limited and its affiliated companies. Trademark numbers: UK00003466421 & UK00003575938 Company Number 12420854. ICO Reference Number: ZA764971