Can Big Data Analytics Enhance the Supply Chain in the Coming Years?
The utilization of big data is the future trend for every aspect of business, and nowhere is this more apparent than in supply chain management. Todays world is packed with so much information, that it is inconceivable that any one person could comprehend it, though it needs to be if we are to get the most out of our businesses. Some are having trouble finding the resources to start with the management of big data, and there are others who do not yet fully understand the benefits to be had from analyzing big data and putting it to work. These companies must address these issues, and realize that the investment is worth it, or risk being left behind.
There are a number of benefits, direct and indirect, to engaging with big data as a supply chain resource. If you were to conduct a deeper analysis of these benefits specifically, it will become apparent that the obvious ones will lead to more nuanced and less obvious ones and contribute greatly to the long-term health of your company.
The immediate benefits of analyzing big data to the supply chain consist mainly of benefits to the customer. In expediting the sourcing of supplies together with orders, a more efficient service is achieved, where orders are met more quickly and at a lower cost. The very best managers struggle with sourcing supplies, never mind finding the best prices in the most convenient locations and along preferred routes, while at the same time meeting the standards they need to. Big data helps by supplying all the relevant information in an immediately actionable format.
There are also benefits to be had from tracking orders and shipments in real time. Having insight into where a package is at any given time, whether it is inbound or outbound, is vitally important for service scheduling and in-turn. Now that customers are aware of technology that can identify the location of a package at any given time, they expect that you can provide them with this service.
Benefits to the management of suppliers are also there to be had. Price is most times the primary consideration when it comes to the purchase of supplies, though it is certainly not the only one. Location and speed of shipment are also high on the list, when these are combined in big data analytics, you can meet your needs much more efficiently.