Real time big data is a real deal maker for supply chains!
As boring as the topic may sound, let me inform you that Supply chain is something we all are a part of. As soon as you recycle the old bag of newspaper or the crate of old glass bottles or simply a milk carton you end a particular supply chain. Yeah, that’s right! Without the existence of supply chains, consumers would have to use products which they only grow with their hands. Yes, the issue is pretty intriguing.
And in order to maintain supply chains, many companies are falling back on Big Data Solutions. It is believed that Big Data will be able to make these supply chains more efficient, reduce costs and facilitate analytics that will help in swift decision making and risk management and companies will no longer be needed to rely on age-old historical data. Hence businesses that adopt Real Time Data is introduced to a plethora of advantages like:
Clear picture of demand
Companies can now foresee the delay in the demand, predict the slowdowns and be introduced to growing trends around the globe so that they may make changes accordingly. Real-time data allows a greater insight into the push and pull of demands cycles that occur due to various reasons such as changing trends, the emergence of complimenting goods and even political reasons.
Understanding and improving inefficiencies of the system
With the continuous and systematic flow of information, companies have the privilege to understand the minute inefficiencies of the system and fix them and hence make the process subsequently more efficient. Studies have shown Big Data analytics in operations have led to a 4.25-time improvement rate in order to cycle delivery times and a 2.6 times increase in supply chain efficiency. In fact, Accenture as a company has revealed that embedding Big Data into supply chains operations has accelerated supply chain process by 1.3 times more. (source: forbes.com)
Help in strategizing
Companies now have now all the technical help and support that will help them strategize and plan out how to function during festive deadlines. Big Data is being infused into optimization of tools, prediction of demand, and evaluation of risk analytics. These are the points that Deloitte has found and formed the basis of their recent study. (source: forbes.com)
Optimization of delivery networks
According to studies by The Boston Consulting Group, they have shown detailed studies of how analytics is being used to merge two delivery networks and also the optimization of the same. The combination of analytics and Big Data could help in the reduction of cable TV tech wait times and increase service accuracy- a challenge that is faced by most companies across the globe.
Improvement in supplier quality from supplier audit
IBM has been successful in developing a quality warning system that is instrumental in detection and defining framework that takes care of the quality problem, putting it on the priority list. This has increased supplier quality with the help of Big Data.(source: forbes.com)
Increase in traceability
Big Data has shown the potential to improve trace-ability and shown the reduction in the loss if hours trying to re-access and managing databases of where products need to be monitored and recalled. All the while making Big Data’s contribution all more significant.
Better customer relationships
With the help of real-time, flow customers may be informed in advance about the delays and cancellations of products beforehand and hence this kind of transparency and honesty will help build up a better relationship with the customers.
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