Big Data and supply chain management:
The real-time usage and generation of data has been growing exponentially over the years. Managing these huge volumes of data has been a herculean task and deriving valuable business insights from this pool of unprocessed data has been even more difficult. Big Data is a term which has become quite familiar over the years and has also been considered to be an integral part of any business type which requires to process data and obtain insights from them. Supply chain management has also explored the capabilities of this technology but in a way so as to keep multiplying the velocity, variety and volume of data which comes into the entire organizational system as it is defined. The skill of supply chain managers lies in efficiently managing this data and filtering out what they actually need and what they ought to ignore.
Getting data through Big Data:
Logistics is a process and supply chain is the core of logistics. A streamlined set of procedures is the only way to successfully accomplish supply chain management. In such a scenario, how could Big Data help? Well, the talent of the supply chain managers lies in collecting as much as relevant data as they can from several sources. A thorough scrutiny, analyses and finally filtering of this chunk of data is possible through Big Data. Big Data can be defined as a process or rather a strategy to get the required data from a sea of data. Again, ERP (Enterprise Resource Planning), CRM (Customer Relationship Management), WMS (Warehouse Management System) are few effective medium through which this data hunting can be accomplished productively. These are information processing systems which greatly contribute in collecting, storing and delivering relevant information in the simplest and most comprehensive form possible to the end user.
Survey says that Big Data has bought about 36% improved integration, 10% greater efficiency of supply chain networks along with a faster reaction time of 41% to supply chain issues.
What next after obtaining the required data?
Big Data helps breed a matured business. It supports supply chain managers to get a cumulative overview about the happenings in their business space and look for better opportunities. They are able to sense improved business openings and utilize them in the best way possible.
Predictive analysis goes hand-in-hand with Big Data. Implementation of big Data allows the users to have a hold on the risk factors involved in their business space. They are able to predict bottlenecks and change their approach towards concerns wherever required on a timely basis which reduces damage, delay and the negative impact on business cycle.
Big Data motivates better networking and collaborative capabilities which is the core for supply chain management. This way there is a quicker way to communicate within stakeholders which streamlines the complete flow of supply chain management and eliminates possibilities of hiccups.
Geo-analytics with Big Data has gone a great way to redefine order-to-delivery cycles. It has contributed a lot towards faster delivery with reduced damage along with providing decreased shipment expenditure for supply chain managers.
To boil down there are absolutely no second thoughts that with Big Data analysts get to have a firmer hold on business critical data at the palm of their hand allowing instantaneous amendments wherever required.