How Big Data is Changing Supply Chains October 23, 2018


The Advantages of Analyzing Big Data Run Far and Wide



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The Advantages of Analyzing Big Data Run Far and Wide

By leveraging big data, supply chain organizations can improve response to unpredictable demand and reduce related issues. They can also see benefits in the following three areas:



Cost reduction

One of the main drivers of collecting and analyzing big data for companies today remains cost reduction. Real-time information, versus historical data, is critical, and easy access to it within your supply chain can help you establish benchmarks, optimize processes, and in turn, find opportunities to lower costs.

The data you collect can give your company a focal point to help make educated, well informed decisions, which can lead to a more cost-effective supply chain.

Customer satisfaction

Data can enhance customer satisfaction dramatically, as it allows supervisors to pick the most ideal shipping methods, utilize the best carriers, reduce the potential for damage and halt delays – all leading to improved service.

By providing customers with access to data – think real-time tracking – companies and customers alike can quickly see what is in transit, helping with inventory management efforts.

Traceability

According to an Ethical Corporation report, approximately 30 percent of companies say that traceability and environmental concerns are hot topics right now.

Recalls and traceability are naturally data-intensive. By leveraging big data, you can improve your organization’s traceability performance, as well as reduce countless hours related to accessing, integrating and managing product databases that highlight items that need to be recalled or modified.


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