While some organizations are already aware of how beneficial big data analytics are to today’s competitive business landscape, many companies still find it overwhelming to collect and analyze their mountains of data.
A recent report stated that 64 percent of supply chain execs do consider big data analytics a disruptive and essential innovation, however, only 17 percent said they already had implemented analytics in one or more supply chain functions.
Even if your organization is among the majority of those who have not yet started to utilize big data analytics for supply chain management, it’s crucial to realize that mastering the technology will be a key driver for supply chain executives moving forward.
If you are unsure about how to get started, one approach is to collaborate with a third-party partner that can help gather the data so you can continue to focus on daily operations.
It is important to make sure the partner you choose to help manage your data uses the most up-to-date technology. Also, keep in mind that data integrity is vital. With the never-ending streams of data you can have access to, the key is that it’s accurate and timely. Unfortunately, if the data is inaccurate, it can damage your supply chain. Incorrect data can lead to an array of issues, however, the biggest ones are planning and customer satisfaction.
Finally, security tends to be an overlooked area when establishing a big data plan. Remember: your data contains sensitive information about vendors, customers, pricing and more. It is essential to ensure that this information is not shared with anyone else without your permission.