Manufacturing Archives | Delaplex

The Power of Data Analytics Outsourcing

Beryl Mokros — Thu, 22 Feb 2024 15:39:55 +0000

In the dynamic and progressive business landscape, data drives transformation and shapes destinies. It is no longer about whether to invest in data analytics and business intelligence solutions, but about how to harness the full potential of these tools, paving the way for growth and innovation.

As tech-savvy trailblazers and forward-thinking enterprises contemplate this strategic business game, the resounding question echoes: Does your business need data analytics outsourcing?” Let’s take a deep dive to get the answer to this nagging question. 

The Data Dilemma

In the digital age, information is power, and businesses that know how to use the right information at the right place and time are always at the forefront of innovation.

According to McKinsey, 70% of enterprises believe that data analytics gives them a competitive edge in the market. Moreover, a separate study by Deloitte highlights that 96% of executives expect the use of data and analytics to become more important in the coming years. These figures are not mere statistics; they underscore the calculated moves data makes, positioning businesses for sustainable growth and market dominance. However, the dilemma is not about storing and collecting data but deciphering its secrets.

Developing an In-House Analytics Team

You might think by developing an in-house analytics team you would have better control over your data. Moreover, having seamless communication and immediate access to your data adds to the appealing advantages of having an in-house team. However, it comes with its own set of challenges, including:

Talent Crunch: There is a shortage of skilled data science professionals.
High Cost: A high investment in infrastructure, software, and technology is required. There are also overhead costs for recruiting, training, and management.
Technological Agility: Requires continuous training and updates to stay relevant amidst evolving technologies and rapid advancements. 
Limited Scalability: It's difficult to swiftly scale resources up or down based on unique project requirements, potentially leading to inefficiencies.
Risk of Attrition: Increases the risk of talent attrition due to extremely high demand for these specialized professionals, affecting the stability and continuity of the project.

Entangled in this perplexity, leveraging your data may not be as effective as you would like. Organizations like yours that are looking to develop or scale their data analytics capabilities are increasingly turning to outsourcing to get insights faster while staying within their budget.

What is Data Analytics Outsourcing?

With the global data analytics outsourcing market expected to reach a staggering $183.17 billion by 2032, it emerges as an engagement model that offers businesses flexible options to develop sophisticated analytics capabilities without the burden of extensive in-house resources and investments.

This signifies a massive shift in the business landscape. It reflects the growing awareness and recognition of the transformation data analytics outsourcing can bring to business operations. With data analytics services, companies can outsource their entire data science process, from data acquisition and integration to visualization and advanced analysis. While the service provider handles everything from infrastructure setup to data analysis, customers can tailor services as per the business needs and fill in the expertise they may have in-house.

According to the Deloitte Global Outsourcing Survey 2022, 75% of companies use data and analytics from external providers. Indeed, it highlights a substantial shift towards external expertise. So, how does this collaboration bring value to your business? Let’s explore.

Why Outsource Data Analytics?

Recognizing the vast scale, rapid velocity, and intricate complexity in the expansive information landscape compels businesses to opt for data analytics outsourcing. The business value this collaboration brings includes:

Swift Access to Insights

With data analytics outsourcing, you get a dedicated, skilled team working on your vast data repository. This helps you gain swift access to valuable insights without waiting for lengthy deployment processes. In a fraction of time, it provides actionable insights to help you make informed business decisions. 

Higher Rate of Success

From the vast pool of talent and technology resources, outsourcing firms pick the perfect combination of talent and technologies suitable for your unique business needs. The external team also brings the right approach and methodologies to deliver high-quality reports and solutions, ensuring a higher success rate with data-driven decisions.

New Perspectives on Data

Outsourcing data analytics provides new perspectives and insights for solving critical business problems. This diverse approach and innovative thinking of the external team contribute to restructuring processes and tools, taking your business to new heights. This helps cultivate and nurture an environment of innovation and transformation.

Access to Advanced Tools and Technologies

Service providers seamlessly transcend rapid advancements in data analytics technologies. Moreover, innovations like Artificial Intelligence (AI), Machine Learning (ML), deep learning, and Big Data storage have further revolutionized the capabilities of data analytics. Easy access to these technologies and many others saves businesses from the hassle and expense of exploring and implementing these tech resources. 

Cost Effectiveness

Data analytics outsourcing proves significantly cost-effective compared to in-house solutions. Businesses only pay for the services they render, avoiding separate investments in design, implementation, software licenses, and cloud subscriptions. It also helps eliminate the need to recruit, train, and retain full-time data science professionals for your in-house analytics team. So, you can leverage the outsourcing services in line with your predefined budget, ensuring financial efficiency and strategic agility. 

Focus on Core Competencies

When you outsource data analytics, your internal team has more time and resources to focus on core business operations. Businesses can utilize the primary strengths of their workforce to drive higher growth. This is because the external team is highly equipped with the best resources and skills to streamline and optimize the process, bringing maximum efficiency and effectiveness.

"75% of companies outsource data analytics to drive business success"

Unlock Your Data's Potential with Delaplex

Given the value outsourcing data analytics offers, the decision to outsource data analytics should be easy. By outsourcing the services, you can transcend the limitations of in-house solutions with a fresh perspective and a higher success rate.

As you embark on the journey of data analytics outsourcing, Delaplex is your trusted partner in this transformation. We have been instrumental in helping businesses worldwide unlock the potential of their data. Leveraging advanced cloud technologies, including data science, artificial intelligence, and statistics, we empower organizations to generate valuable insights, optimize operations, and reduce risk.

Security is paramount at Delaplex with strict policies, procedures, and standards for every business function. Our development facilities adhere to ISO 9001:2005 quality standards, and we maintain compliance with ISO 27001:2013 for information security.

Like to learn more? Explore our case studies to witness the extraordinary results our data analytics solutions have delivered for clients.

Ready to transform your business with the power of data analytics outsourcing?

The post The Power of Data Analytics Outsourcing appeared first on Delaplex.

Supply Chain Top Tech Trends in 2024: An Opportunity for Growth

Beryl Mokros — Thu, 18 Jan 2024 06:55:04 +0000

In 2024, the supply chain landscape is undergoing a technological revolution. Constant disruption, rapid digitization, growing consumer demands, and ever-evolving global markets are reshaping the way companies handle logistics, inventory, and overall operational efficiency. That’s where the supply chain technology trends for 2024 come into the picture, providing opportunities for growth and resilience.

This article takes a deep dive into the top supply chain technology trends of 2024. Learn how companies can benefit from these transformative advancements, backed by relevant research, forecasting, and economic data.

Artificial Intelligence (AI) and Machine Learning (ML) Integration

AI and ML are transforming supply chain decision-making processes. According to a study by Maximize Market Research, AI in supply chain management size was valued at US$ 3.34 Bn. in 2022 and the total revenue is expected to grow at 45.5 % through 2023 to 2029, reaching nearly US$ 46.15 Bn., indicating a significant industry shift towards AI integration.

AI-based supply chain solutions with big data and machine learning add unpresented value to SCM. Together as an integrated end-to-end approach it streamlines, optimizes, and automates time-consuming warehouse operations with real-time monitoring, interactive data visualization, and predictive analytics powered by AI algorithms. This serves to improve forecast accuracy, reduce stockouts, optimize inventory management, increase cost savings, minimize risks, and enhance resilience. Additionally, it results in improved operational efficiency and supply chain visibility, making AI a potential game changer. According to KPMG, through 2024, 50% of supply chain organizations will invest in applications that support artificial intelligence and advanced analytics capabilities.

Internet of Things (IoT) for Enhanced Visibility

IoT has transformed supply chain management with significant improvements in business insights. A report by Statista predicts that the global IoT market will reach a value of USD 483 billion by 2027.

This indicates the growing prevalence of digitized supply chains to improve operational efficiency, reliability, reactivity, and transparency. This results in increased deployment of IoT devices across the supply chain, providing real-time data on the location, condition, and movement of goods. From connected sensors on shipments to smart warehouses, IoT allows companies to automate all manual tasks, reduce uncertainties, track shipments, monitor inventory levels, and facilitate faster issue resolution. This leads to better decision-making and an overall improvement in supply chain responsiveness.

Blockchain for Transparency and Traceability

Blockchain technology is revolutionizing supply chain management by providing an immutable and transparent ledger to create more responsive, resilient, tamper-proof, and customer-centric supply chains. A survey conducted by Deloitte found that 33% of surveyed professionals consider blockchain an important technology for their organizations, indicating a growing recognition of its potential in enhancing transparency and security.

Companies are leveraging the use to drive transparency, traceability, security, scalability, and sustainability. This heightened visibility minimizes the risk of fraud, reduces instances of counterfeit products, and enhances overall supply chain efficiency.

Robotics Process Automation (RPA) in Warehousing

Supply chain optimization has always been a priority to meet changing market dynamics, growing customer demands, and evolving technologies. Here, RPA enters the landscape as a transformative force driving holistic supply chain visibility and improved overall efficiency. Automated guided vehicles (AGVs), robotic arms, and autonomous drones are streamlining tasks such as picking, packing, and inventory management. The result is reduced labor costs, improved accuracy in warehouse operations, faster order fulfillment, improved delivery management, and increased ROI.

The International Federation of Robotics predicts that the number of operational industrial robots will reach 3 million units globally by 2025, indicating a widespread adoption of robotics across various industries.

5G Connectivity for Real-Time Communication

The supply chain ecosystem is a complex network of stakeholders, systems, geographies, and technologies that heavily relies on connectivity. This is where the low-latency and high-bandwidth capabilities of 5G have emerged as a go-to-technology to optimize inventory, shipments, and logistics. Real-time data and analytics enable faster decision-making, especially in dynamic and time-sensitive situations.

A recent survey by KPMG stated that only 13% of businesses currently have complete supply chain visibility. The trend is sure to rise with the global 5G technology market expecting to reach USD 668.3 billion by 2026, as stated by Statista. This showcases significant investment and growth in 5G infrastructure, particularly for global supply chains with diverse stakeholders. Companies experience improved collaboration, reduced latency, better sustainability, elevated customer experience, and enhanced supply chain responsiveness.

Predictive Analytics for Demand Forecasting

Predictive analytics stands as a cornerstone of success and growth in the competitive supply chain landscape. It is evolving to provide more accurate demand forecasting capabilities using data and advanced algorithms.

A report by Grand View Research predicts that the global predictive analytics market size will reach USD 23.9 billion by 2025, underscoring the growing importance of predictive analytics across industries. By analyzing historical data, market trends, and external factors, companies can anticipate fluctuations in demand and adjust their supply chain strategies accordingly to position themselves as responsive players. This minimizes excess inventory, reduces stockouts, and optimizes production schedules, ultimately leading to cost savings and improved customer satisfaction.

2026 global retail digital transformation market projections suggest a staggering leap to 388.51 billion USD.

Augmented Reality (AR) for Training and Maintenance

AR is reshaping the ecosystem by building intelligent, resilient, and cost-effective supply chains. According to TechNavio, the global augmented reality market in logistics and supply chain management is expected to grow by USD 5.31 billion during 2020-2024, reflecting the increasing adoption of AR in the sector.

Companies are using AR to provide immersive training experiences for warehouse staff and field service technicians. This not only enhances skill development but also reduces the learning curve for new processes. Additionally, AR aids in maintenance tasks by providing real-time guidance, reducing downtime, ensuring equipment longevity, and driving efficient warehouse management. This eventually contributes to overall operational excellence.

Conclusion

In 2024, companies that embrace these supply chain technology trends are poised to gain a competitive edge in an increasingly dynamic business environment. From improved visibility and efficiency to enhanced decision-making and customer satisfaction, the benefits of adopting these technologies extend across the entire supply chain ecosystem, paving the way for a more resilient and agile future, supported by robust research, forecasting, and economic data.

Contact us today to unlock the full potential of these transformative supply chain technologies and propel your business to new heights.

The post Supply Chain Top Tech Trends in 2024: An Opportunity for Growth appeared first on Delaplex.

Supply Chain Optimization: Technologies to Navigate Disruptions

Beryl Mokros — Tue, 09 Jan 2024 19:44:00 +0000

In today’s global economy, supply chain disruptions pose significant challenges for businesses. From logistical issues to natural disasters, these disruptions can disrupt operations and affect the flow of goods. In response, businesses are increasingly turning to supply chain optimization, leveraging technology to stay competitive and foster growth amid challenges.

Research indicates that a staggering 75% of global companies have experienced negative impacts from supply chain disruptions. This highlights the widespread nature of the issue and its severe consequences on business operations and financial stability. This further emphasizes the importance of investing in supply chain technologies to mitigate risks and protect business finances.

Understanding Supply Chain Disruption and Its Sources

Supply chain disruptions refer to events or circumstances that interrupt the smooth flow of goods or services from suppliers to customers. In today’s globalized economy, disruptions can stem from various sources, including:

Logistics Challenges: Issues in transportation, such as port congestion, lack of shipping containers, or trucking delays, can disrupt the flow of goods.
Supplier Issues: Problems with suppliers, like bankruptcy, quality issues, or raw material shortages, can impact production and cause delays.
Demand Fluctuations: Sudden changes in consumer demand, such as unexpected spikes or drops, can lead to inventory imbalances and disruptions in the supply chain.
Cybersecurity Threats: Cyberattacks on supply chain systems or disruptions in digital infrastructure can cause significant interruptions.
Human Factors: Labor strikes, conflicts, or geopolitical tensions in regions critical to the supply chain can cause disruptions.
Political and Trade Factors: Good taxes, trade disputes, or regulation changes can affect the import and export of products and lead to disruptions in the supply chain.
Global Economic Changes: Economic recessions, currency fluctuations, or inflation can affect the cost of goods, investment, and overall supply chain operations.
Natural Disasters: Events like earthquakes, hurricanes, floods, or wildfires can damage infrastructure, halt transportation, or affect production facilities.
Pandemic Crises: Outbreaks of viruses, like the COVID-19, can lead to workforce shortages, factory closures, and restrictions on movement impacting the supply chain.

These disruptions can lead to production delays, inventory shortages, increased costs, revenue loss, damage to reputation, and a negative customer experience. It’s crucial for businesses to identify and address potential disruptions through supply chain optimization to ensure continuity and customer satisfaction.

"75% of global companies have experienced negative impacts from supply chain disruptions."

Supply Chain Optimization Technologies to Navigate Disruptions

Supply chain optimization involves enhancing and streamlining every element integrated within the supply chain network. Technology plays a vital role in transforming traditional supply chain operations into more effective, responsive, and data-driven systems. Here are key technologies that help minimize disruption impacts on supply chains:

Supply Chain Management (SCM) Software: SCM software provides complete visibility and control over the supply chain, enabling businesses to monitor and manage logistics, order fulfillment, inventory, and more. It allows quick responses to disruptions, identifies bottlenecks, and implements efficient solutions.
Warehouse Execution Systems (WES): WES solutions optimize warehouse processes using advanced algorithms and real-time data. They enhance warehouse efficiency, addressing disruptions in operations like order picking and inventory management.
Robotic Process Automation (RPA): RPA automates repetitive tasks within supply chain networks, reducing the risk of human errors. Automation in tasks such as order processing and inventory reconciliation minimizes disruptions caused by manual errors.
Cloud-Based Solutions: Cloud technology provides scalable and flexible platforms for supply chain management. It facilitates collaboration, real-time data access, and quick adaptation to disruptions, such as remote working arrangements during pandemics.
Data Analytics and Predictive Modeling: Data analytics and predictive modeling enable data-driven decisions by identifying patterns, market trends, and potential risks. This allows businesses to take proactive measures, such as adjusting inventory levels or identifying alternative suppliers.
Internet of Things (IoT): IoT connects physical devices in the supply chain through sensors and embedded systems, offering real-time data collection. It provides visibility into product location, movement, and condition, enabling proactive responses to disruptions.
Artificial Intelligence (AI) and Machine Learning (ML): AI and ML technologies analyze vast amounts of data, offering real-time analytics, demand forecasting, and automation. They predict disruptions and suggest optimal strategies for mitigating their impact.

How Technology Guides Through Supply Chain Disruptions

Advanced supply chain technologies help businesses mitigate disruptions that impact operations, from natural disasters to economic slowdowns. They offer benefits, including:

Cost Reduction and Resource Optimization

The primary benefits of supply chain optimization are minimizing costs and optimizing resources. Using advanced planning and optimization algorithms, businesses can improve their manufacturing, distribution, and inventory procedures. This ensures the effective distribution of resources, reducing expenses and waste. With the help of technology, businesses can even identify alternative sourcing options in times of disruptions, resulting in significant savings.

For example, automated demand forecasting and inventory management applications can reduce excess inventory and eliminate shortages. This empowers businesses to run at maximum efficiency.

One important note before investing in automation is to evaluate which tasks and workflows will benefit the most from these technologies. Conducting a comprehensive analysis of existing supply chain workflows is vital. This entails:

Analyzing ongoing processes and collecting feedback from employees to gain insights into their effectiveness and flaws.
Identifying areas with potential for improvement and efficiency enhancement.
Determining suitable opportunities for automation or outsourcing of supply chain operations.
Implementing appropriate software solutions that align with the updated processes.

By leveraging advanced planning and optimization algorithms, businesses can efficiently optimize supply chains, allocate resources, minimize waste, and lower costs.

Enhanced Visibility

Supply chain optimization technologies enhance visibility by providing real-time insights into every stage of the supply chain, allowing businesses to proactively monitor and manage potential disruptions. By integrating data from multiple sources, such as suppliers, logistics providers, and consumers, businesses can predict disruptions, spot potential bottlenecks, and take proactive steps to reduce risks.

For example, companies can swiftly discover alternate suppliers or routes if a natural disaster is predicted in specific regions and ensure uninterrupted supply.

Predictive Analytics

Supply chain optimization technologies leverage predictive analytics to forecast future events and optimize operations accordingly. These technologies provide valuable insights into future demand patterns, consumer behavior, market volatility, and help identify potential risks. This allows businesses to make better-informed decisions and take proactive measures.

For example, with reliable demand forecasts, companies can modify their production plans, stock levels, and resource allocation to fulfill customer demands despite interruptions.

Risk Identification and Management

Supply chain optimization offers robust risk management capabilities that help businesses identify potential risks and develop mitigation strategies. Businesses may detect potential disruptions before they occur because they can analyze data from different sources, including past performance, weather forecasts, political disputes, and market patterns. It also helps businesses implement contingency plans, diversify their suppliers, and establish alternative production sites. Businesses can perform “what-if” evaluations to determine the impact of possible disruptions and the effectiveness of different risk mitigation techniques.

Adaptive Supply Chain Strategies

Lastly, supply chain optimization technologies enable organizations to develop adaptive strategies that can quickly respond to disruptions and maintain business continuity. These strategies include close coordination with suppliers, consumers, and other stakeholders to build resilience and ensure a smooth flow of goods and information.

For example, during a pandemic, companies can quickly shift their production focus to essential goods or adopt remote work arrangements. This ensured the safety of their workforce.

Embrace Tailored Supply Chain Solutions with Delaplex

At Delaplex, we go beyond being a service provider; we aim to be a trusted partner in navigating supply chain complexities. Our team understands both software development and the intricacies of supply chain dynamics. With dedicated Centers of Excellence in Supply Chain Logistics, Warehouse Management, Workforce Management, and Store Operations, we offer tailored solutions to match your changing needs and business goals.

Partnering with Delaplex means more than just a solution; it’s a safeguard against disruptions.

The post Supply Chain Optimization: Technologies to Navigate Disruptions appeared first on Delaplex.