Alexis Kestler
Hey there! Looking to ramp up your supply chain analytics skills and become an optimization ace? You‘ve come to the right place.
With the rise of big data, the supply chain profession is becoming more data-driven than ever before. Analysts are in hot demand, but first you need the skills. This comprehensive guide will take you from supply chain analytics beginner to pro.
I‘m going to share the techniques, courses, and resources I used to go from knowing nothing about analytics to leading optimization projects that reduced logistics costs by over 15%. Sound good? Then let‘s get into it!
Why Learn Supply Chain Analytics?
Before we dive into the learning resources, it helps to understand why supply chain analytics matters in the first place. What‘s the big deal about analyzing all this data?
Well, here are three compelling reasons to invest in analytics skills:
1. Uncover hidden optimization opportunities
Many companies have massive amounts of untapped data from sources like ERP systems, customer orders, and inventory records. By collecting and analyzing this data, you can find pain points and opportunities to optimize costs, service levels, and efficiency.
For example, analytics might reveal that a certain product‘s demand spikes every March. You could use this insight to avoid stock-outs by planning ahead. The data holds the key!
2. Get a competitive advantage
In 2019, 97% of supply chain organizations viewed analytics as essential, per a Deloitte survey. But only 49% felt they had suitable analytics talent.
This talent gap means SCM professionals with analytics chops stand out. You‘ll bring a scarce and highly valuable skill that boosts your career prospects.
3. Make data-driven decisions
Before analytics, supply chain managers relied heavily on intuition and experience to make decisions. But data doesn‘t lie.
By applying rigorous analysis, you can support decisions with hard evidence. This leads to objective, optimized choices instead of hunches.
Core Capabilities of Supply Chain Analytics
Mastering analytics requires blending hard technical skills with business acumen. Here are 8 key capabilities to focus on:
1. Data Collection
First, you need access to clean, comprehensive data from sources like:
- ERP systems
- Point-of-sale databases
- Enterprise IT systems
- Transportation fleets
- Inventory records
- Third-party providers
2. Data Preparation
Raw data needs extensive cleaning and processing. Tasks include:
- Fixing missing/duplicate records
- Removing outliers
- Standardizing formats
- Combining disparate sources
- Structuring the data for analysis
3. Statistical Analysis
Stats lies at the core of supply chain analytics. Key methods include:
- Descriptive statistics for aggregations and summary data
- Regression analysis to quantify relationships
- Time series forecasting based on historical patterns
- Clustering and segmentation to group similar entities
4. Optimization Methods
Applying optimization algorithms to find the most cost-effective supply chain plans and policies. For example:
- Linear/non-linear programming
- Network flow optimization
- Heuristics like genetic algorithms
5. Prescriptive Modeling
Going beyond descriptive stats to recommend optimal decisions. Types of models include:
- Machine learning
- Simulation
- Decision optimization engines
6. Visualization
Tools like:
- Dashboards
- Charts
- Plots
- Geographic maps
Help analysts glean insights and convey analysis to others.
7. Domain Knowledge
Expertise in supply chain processes like:
- Demand forecasting
- Inventory management
- Transportation routing
- Procurement
- Warehousing
8. Critical Thinking
Asking probing questions and assessing conditions to ensure the right analytical approach for each unique situation.
It‘s a extensive skill set! Now let‘s explore some stellar resources to develop these analytics capabilities…
10 Resources to Master Supply Chain Analytics
I‘ve compiled this list of my favorite courses, programs, books, and tools I used to take my analytics career to the next level.
These will help you go from a rookie to a supply chain analytics rockstar!
1. MITx MicroMasters in Supply Chain Management
When I felt my analytics skills hit a plateau, I knew I needed to level up with more rigorous training. That led me to the MITx MicroMasters in Supply Chain Management.
This graduate-level series from MIT delivers an incredible education in techniques like:
- Prescriptive modeling
- Discrete optimization
- Predictive inventory analysis
- Reinforcement learning for procurement
Plowing through the demanding coursework for months was no cake walk. But the payoff was immense: a master‘s level analytics foundation coupled with MIT cred on my resume!
The content stretches your skills. You also access an unmatched network of fellow supply chain pros. I highly recommend adding this program to your learning roadmap.
View the MITx MicroMasters in Supply Chain Management
2. Introduction to Linear Optimization Course
Optimizing supply chain processes is vital for cost reduction. The quickest way to ramp up on optimization methods is this edX course.
In 6 weeks, you‘ll gain skills like:
- Building linear programming models
- Using Excel‘s Solver tool
- Applying network flow optimization
- Leveraging optimization software like Gurobi
I loved how they combine clear conceptual lessons with practical Excel modeling assignments. The course feeds you industry examples illustrating the significant value optimization delivers.
My models now find truck routes reducing miles by over 20%! This course teaches the optimization foundations every analytics pro needs.
Enroll in Introduction to Linear Optimization Course
3. Professor Mohan‘s YouTube Channel
For easily digestible lessons on optimization techniques, I‘m a big fan of this YouTube channel from Professor Mohan Krishnamoorthy. He distills complex algorithms and models into simple explanations.
His videos helped me finally grasp concepts like:
- Multi-commodity network flow
- Benders decomposition
- Setting inventory reorder points
This free resource is perfect when you need optimization clarity quick. Mohan‘s instruction style inspires eureka moments!
Check out Professor Mohan‘s YouTube Channel
4. Coursera Google Supply Chain Analytics Course
To level up your analytics toolkit, Coursera offers this skills-focused course taught by Google industry experts.
Over 6 weeks, you‘ll gain hands-on Python proficiency in techniques like:
- Statistical demand forecasting with ARIMA
- Unconstrained vs. constrained optimization
- Machine learning for predictive analytics
- Customer segmentation for differentiation
I loved the combination of coding labs and case examples. Each video module starts with a business problem, then shows coding techniques to solve it.
The Google name adds credibility too! This course delivers in-demand analytics capabilities.
Enroll in Supply Chain Analytics from Google Course
5. Awesome Supply Chain Management Repo
This open source repository became my go-to bookmark for discovering new tools, research papers, and insights on supply chain analytics topics.
Having links to resources like:
- Cutting-edge optimization algorithms
- Up-to-date software options
- Impactful analytics case studies
All in one place is invaluable when I‘m researching solutions to complex analytical problems. The repo is updated weekly so the resources stay relevant.
For ongoing learning, this should be in every analytics pro‘s browser favorites!
Explore the Awesome Supply Chain Management Repository
6. Supply Chain Analytics Guidebook
When I need an authoritative reference for best practices on analytics techniques, this guidebook is my deskside bible.
With detailed discussion of topics like:
- Statistical demand forecasting
- Inventory modeling
- Prescriptive analytics
- Transport optimization
It‘s the perfect manual with all core analysis methods covered comprehensively. I utilize it constantly to validate new models and approaches.
The book lays out techniques clearly, with useful case examples. Having this handy reference boosted my supply chain analytics confidence!
Get the Supply Chain Analytics Guidebook
7. SCMA Stock Replenishment Model
While individual courses provide great structure, I learn best when applying concepts to hands-on projects.
That‘s why I love this end-to-end inventory optimization model template from SCMA. It lets you:
- Input real item, demand and delivery data
- Calculate key inventory metrics like cycle stock
- Use sensitivity analysis to size safety stock buffers
- Determine optimal reorder points and order quantities
Building your own Excel inventory model teaches volumes more than passive learning! This template offers a risk-free way to gain hands-on analytics expertise.
Access the SCMA Stock Replenishment Model Template
8. CSCMP Supply Chain Quarterly Magazine
Reading latest real-world use cases and interviews with analytics leaders helps accelerate my skills. Supply Chain Quarterly provides exactly that.
I loved reading detailed examples like:
- Anheuser-Busch‘s analytics approach to inventory reduction
- How Clorox uses optimization models for demand management
- Schneider Electric‘s simulation models for assessing supply risk
Seeing analytics deliver transformational value inspires me to improve. And I learn new techniques along the way!
Get a Subscription to Supply Chain Quarterly Magazine
9. DataCamp Courses using R
I originally learned supply chain analytics primarily using Excel and Python. But adding proficiency in the R language supercharged my capabilities.
DataCamp‘s structured online courses helped me expand my R skills specifically for techniques like:
- Time series forecasting models
- Monte Carlo inventory simulation
- Customer clustering algorithms
Having programming diversity makes you more versatile as an analyst. I recommend DataCamp to anyone looking to complement their Python expertise with R.
View DataCamp‘s R Programming Courses
10. APICS CSCP Learning System
For the best broad education in all facets of supply chain management, I enthusiastically recommend the APICS CSCP learning system.
Studying for this respected industry certification expanded my knowledge in areas like:
- Supplier relationship management
- Total cost analysis
- After sales support
- Supply chain risk management
I‘m not just an analytics whiz now – I can assess end-to-end supply chain performance. The certification elevated both my analytics skills and business acumen.
Explore the APICS CSCP Learning System
Let the Learning Begin!
Supply chain analytics is a massively empowering capability that will turbo-charge your career. But it does demand commitment to continually expand your skills.
This guide outlined resources that provide structured learning coupled with practical application. Together they‘ll take you from entry-level analyst to optimization mastermind!
The analytics journey is challenging but incredibly rewarding. I hope this content helps you reach data-driven supply chain stardom faster. Feel free to reach out anytime if you need additional pointers on the best ways to strengthen your analytics prowess.
Now get learning – and start uncovering huge optimization opportunities others miss!
