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Basics of Predictive Analytics in Supply Chains #ai #artificialintelligence #machinelearning #Basics

@genaiexp Predictive analytics involves using statistical techniques and algorithms to analyze historical data and predict future outcomes. In the context of supply chains, it’s about anticipating and responding to market demands, supplier performance, and other critical factors. Historically, supply chains have relied on reactive measures, but predictive analytics shifts the paradigm to proactive management. This approach enhances decision-making processes, leading to improved efficiency and reduced costs. For instance, companies like Amazon and Walmart use predictive analytics to forecast demand and manage inventory effectively. By the end of this block, you’ll understand the foundational role predictive analytics plays in supply chain management.