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.
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.
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.