Application of Utility Mining in Supply Chain Management

Application of Utility Mining in Supply Chain Management

Reshu Agarwal (G. L. Bajaj Institute of Technology and Management, India)
Copyright: © 2020 |Pages: 17
DOI: 10.4018/978-1-5225-9416-1.ch012

Abstract

Supply chain management (SCM) assumes an exceptionally indispensable part in overseeing and sorting out big business forms, expanding operational productivity of the association. Inventory management is turning into a need to enhance the establishment and framework inside social orders which thusly builds the financial development. The examination discoveries demonstrate that despite the fact that it appears that SCM gives numerous administrations, it has a few issues as well including poor stock administration, bullwhip impact, high cost of coordination, innovation use, and lacking interest in IT. To beat issues of SCM, there is need of an enhanced sales forecasting model that will build the reliable and efficient forecasting results. An enhanced sales forecasting model is presented in this chapter.
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Introduction

The idea of supply chain rose during 1980 and since has been generally utilized by scholarly specialists and modern specialists are still in a creating procedure. The supply chain management (SCM) execution in an assembling association accomplishes upper hand and key fit over other assembling associations. A supply chain incorporates every one of the exercises, capacities and offices associated with the stream and change of merchandise and enterprises from the material stage to the client (Chopra & Meindl, 2013). The SCM help in decrease in the stock, precise data sharing and create trust among the supply chain accomplices (Lee, Chu, & Tseng, 2011). Yet, in spite of these imperative advantages, associations keep on experiencing a boundary which ruins them from viable usage of supply chain. These boundaries are known as supply chain management hindrances. They exist among inside and outside of assembling association. indistinct association objective, lack of best administration responsibility and support, short-term basic leadership points of view, lack of data innovation, poor ICT structure, lack of instruction and preparing to representative and provider representative, lack of important instruments administration abilities and absence of inspiration and worker contribution are some of boundary exist inside assembling association while protection from change, absence of estimation framework, reluctance to share data among supply chain partner, an absence of between hierarchical participation and coordination are obstruction outside assembling association(Cavinato, 1992; Cooper, Lambert, & Pagh, 1997). Supply chain management is the fundamental and critical piece of association to expand the benefit of the association. Viable supply chain management has turned into a possibly compelling approach to anchoring upper hand and enhancing association execution (Li, Rao, Ragu-Nathan, & Ragu-Nathan, 2005). The supply chain management is a capable instrument for an endeavour to bring down costs, increment incomes, accelerate turnover and improve centre competency (Du, Wong, & Lee, 2004). In any case, it is notable that gigantic data has been created and put away on each hub of the entire inventory network, which is expanding tremendously like a snow slide. Facing such gigantic data, it is troublesome for an undertaking to discover out the standards amongst providers and clients on the premise of its own business information, and afterward examine and settle on choices as needs be as previously. Without a intense apparatus for information investigation and handling, it is unrealistic for nodal enterprises in the supply affix to process the data in time, nor can they utilize the data to respond rapidly and correctly. On the off chance that nodal ventures neglect to build up their own centre competency, it will arouse the entire supply chain (Autry & Bobbit, 2008).

Key Terms in this Chapter

Association Rule Mining: It is used for searching interesting relationships among items in a given data set.

Inventory Control: It is the process of effectively managing stock items, parts or supplies.

Utility Mining: It is a process of mining high utility item sets from a transaction database that have utility above a user-specified threshold.

Cross-Selling Effect: It describes the dependency of purchase of one item onto the purchase of another item.

Data Mining: It is the process of analyzing large amounts of data in order to discover patterns and other information.

ABC Classification: It is a ranking system for identifying and grouping items in terms of how useful they are for achieving business goals.

Supply Chain Management: It is the process of providing the right product, at the right time, right place and at the right cost to the customer.

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