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Big Data Analytics Enhancing Supply Chain
Big data is creating a substantial impact by changing supply chain management for the better. With vast amounts of available data, it is becoming difficult for organizations to choose the right data for analysis. Organizations are diving deeper into their data sets and coming up with key insights to apply to their operations. Big data analytics is providing supply chain networks with greater data accuracy, clarity, and insights, leading to more contextual intelligence shared across supply chains. Integrating big data and advanced analytics into business processes helps streamline operations. The main benefit of incorporating big data analytics in supply chain management is customer service. By leveraging big data analytics, organizations can get a complete view of what their customers’ requirements are, understand their needs and preferences, and accordingly create a delightful customer experience. Another major benefit is supply chain traceability. Advances in digital technologies enable supply chain companies to precisely track products in their supply chain. Sensors along with IoT enable end-to-end traceability, which helps companies quickly identify the instances of issues. Big data analytics along with machine learning and optimization algorithms help identify patterns and associations between the datasets and assist in deducing strategic and tactical procurement decisions. Predictive analytics help organizations identify future trends and risks including supplier risk, pricing risk, and geographical risk.
For organizations that deal with supply chain activities, speed and agility are the key driving factors. Big data also enables supply chain managers to maintain an optimum level of inventory so that they do not face a stock-out situation. While many organizations still haven’t adopted big data, incorporating it will serve as the catalyst that improves efficiency, productivity and gets them moving on their journey.