Transforming supply chain resilience: Frameworks and advancements in predictive analytics and data-driven strategies
1 Bowling Green State University, Ohio USA.
2 Independent Researcher, USA.
3 Independent Researcher, UK.
4 Labatt Breweries of Canada.
Review
Open Access Research Journal of Multidisciplinary Studies, 2024, 08(02), 085–093.
Article DOI: 10.53022/oarjms.2024.8.2.0065
Publication history:
Received on 13 October 2024; revised on 20 November 2024; accepted on 23 November 2024
Abstract:
Supply chain resilience is critical in maintaining operational stability and competitive advantage in an increasingly volatile global economy. This paper explores the transformative potential of predictive analytics and data-driven strategies in enhancing supply chain resilience. Organizations can achieve real-time monitoring, improved demand forecasting, and robust risk assessment capabilities by integrating advanced technologies such as IoT, big data, and cloud computing. These innovations enable proactive decision-making, agility, and recovery from disruptions across supply chain stages, including procurement, production, and distribution. The paper also discusses frameworks and models for leveraging predictive analytics, highlighting their application in mitigating risks and optimizing operations. Furthermore, it addresses challenges such as data quality, technological complexity, and cybersecurity, providing actionable recommendations for organizations seeking to implement these tools. The findings underscore the importance of data-driven approaches in building resilient supply chains equipped to navigate uncertainties and maintain efficiency in a rapidly evolving market.
Keywords:
Supply chain resilience; Predictive analytics; Data-driven strategies; IoT in supply chains; Risk assessment; Demand forecasting
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0