While supply chain disruptions caused by the COVID-19 pandemic have mostly eased, predicting customer demand and other elements of supply chain management continue to present companies with complex existential challenges.
The crisis laid bare the vulnerabilities in traditional forecasting models – where a single miscalculation could lead to product shortages and severe revenue losses – and revealed the need for a more advanced data-driven approach.
The eight-week Supply Chain Analytics online certificate program from the Cornell SC Johnson Graduate School of Management equips specialists from various sectors with strategies to master key elements of supply chain management. Li Chen, professor of operations, technology and information management, leads the program.
“We know that the future is unpredictable, right? But we still want to make predictions. The idea is to look at historical sales and demand data, and based on that, utilize formulas to make good demand forecasts,” Chen said. “I teach this data-driven approach with a focus on measuring forecast performance as well. Every time you forecast, you should compare it to the actuals to gauge the accuracy of your predictions, so you can refine your methods over time.”
Diving into topics like demand variability and inventory management, the program provides a robust set of tools for actionable insights. It digs into inevitable trade-offs between reducing inventory and increasing transportation costs, offering a nuanced perspective to students interested in supply chain consulting and analyst roles or anyone who seeks to better understand the strategic aspect of operations management and logistics.
The instruction provided on industry standard operations and inventory management systems also highlights underutilized functionalities of software designed to improve the efficiency of supply chain configurations.
“This content will truly help people, especially those using systems like SAP or Oracle, to appreciate what’s underneath the hood,” Chen said. “My hope is that through this content, we can bring more attention and awareness to the potential end users.”
The program is directed toward entry-level supply chain analysts and those in management roles who run backend operations.
With a finely-tuned curriculum that balances theoretical underpinnings with practical insights, the Supply Chain Analytics online certificate program prepares professionals for disruption and how the unpredictable can become the expected. Learn more and enroll today.
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