Asked by Andrea Weitoschova on May 11, 2024
Verified
_____ can help a firm implement an exact formula for procuring materials in the most efficient, cost-effective way possible and can update variables in real time to compensate for any changes in conditions.
A) Codetermination
B) Data analytics
C) Outsourcing
D) Mass customization
Data Analytics
The method of analyzing, purifying, converting, and designing data to uncover valuable insights, guide conclusions, and aid in making decisions.
Mass Customization
A manufacturing technique that combines the flexibility and personalization of custom-made products with the low unit costs associated with mass production.
- Gain insight into the key role of data analytics in the improvement of supply chain efficiency and the enhancement of decision-making strategies.
Verified Answer
TW
Taliyah WalkerMay 15, 2024
Final Answer :
B
Explanation :
Data analytics can analyze large volumes of data to find the most efficient and cost-effective ways to procure materials, and it can also update variables in real-time to adapt to changing conditions.
Learning Objectives
- Gain insight into the key role of data analytics in the improvement of supply chain efficiency and the enhancement of decision-making strategies.