How to Optimize Supply Chain Management with Big Data


Blog 8: How to Optimize Supply Chain Management with Big Data

Amy Le - 黎草嵋
D0731311
Source: https://bigdataanalyticsnews.com/optimize-supply-chain-management-with-big-data/

What is big data and how does a business harness it to optimize supply chain management? Big data is simply large volumes of information streaming in at high velocity and in varying formats from multiple internal touchpoints and external sources. 

This mega data provides valuable insights that help improve operational efficiency, accurate planning, and continuous innovation, especially for the manufacturing industry.

Having big data by itself is of little use unless subjected to proper analytics with defined objectives in focus. Plan adequately for it with superior data systems alongside cloud-based technologies for better collection, storage, analytics, and faster speeds as traditional ERP and SCM systems may not cope.

1.       Data for contextual intelligence
2.       Aggregate demand forecasting and optimization tools
3.       Enhanced collaboration along the supply chain
4.       Mobile technology in supply management.
5.       Managing supplier inventory
6.       Optimizing RFI, RFP, and RFQ through big data

Advantages of big data in supply chain management

Big data is only useful if you leverage its many advantages to improve your supply chain operations. First off, is its immense predictive capacity if linked to credible touchpoints. You can avoid both extremes of stock volumes by projecting production to match expected demand, ensuring efficient use of resources. 

Cost reduction is key to every business and is the main reason companies go for big data. By analyzing readily available and current data, you gain insights into new ways you could optimize supply chain efficiency, revise standards, and reduce overall costs.

Another key component in the supply chain is the customer whose satisfaction is paramount. This means you must have real-time credible information on your customer to give better service that includes shipment updates and prompt delivery of quality products. 

Big data gives unparalleled support on information and tracking to make your logistics reliable. 
When faced with a product recall, big data provides tools for tracing goods with a global reach, saving you countless with a click of a button. There is not an aspect of supply chain operation that cannot be optimized on the big data platform. 


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