A supply chain can supply you with some very big data
We are right in the middle of the e-commerce age. This is thanks to the data-driven revolution we are witnessing as we speak.
November 10, 2020
Big supply-chain analytics turn that data into real insights. Few companies, however, have been able to apply to the same degree the "big analytics" techniques that could transform the way they define and manage their supply chains.
The full impact of big data in the supply chain is restrained by two major challenges. First, there is a lack of capabilities. Supply chain managers—even those with a high degree of technical skill—have little or no experience with the data analysis techniques used by data scientists. As a result, they often lack the vision to see what might be possible with big data analytics. Second, most companies lack a structured process to explore, evaluate and capture big data opportunities in their supply chains.
What’s the big deal?
Big supply chain analytics uses data and quantitative methods to improve decision making for all activities across the supply chain. In particular, it does two new things. First, it expands the dataset for analysis beyond the traditional internal data held on Enterprise Resource Planning (ERP) and supply chain management (SCM) systems. Second, it applies powerful statistical methods to both new and existing data sources. This creates new insights that help improve supply chain decision-making, all the way from the improvement of front-line operations, to strategic choices, such as the selection of the right supply chain operating models.