Application of Big Data in Supply Chain Management
Big Data has been providing suppliers networks with accurate, clear, insightful and up-to-date data, with the purpose of more convenient and advanced information sharing in the supply chain.
For companies who are still hesitant to apply Big Data to their supply chain operations, the following 10 factors promise to convince them to be strong:
1. The scale, scope, and depth of supply chain data are increasing, helping to provide rich datasets to handle different contexts.
Speaking of diversity, the World has over 52 different Big Data sources; the amount and speed of data flow are based on the degree of the complete structure of the data. Research shows that most of the supply chain data is collected outside the business, so advanced thinkers see Big Data as a powerful tool to expand cooperation.
2) Allow the formation of more complex supplier networks - networks that are more focused on sharing knowledge and seeking cooperation - because added values only form when the transaction is completed.
Big Data is transforming the way networks of suppliers form, grow and grow in new markets and markets that have reached saturation. Successful transactions are not the only goal, but also the creation of knowledge-sharing networks based on the "insights" gathered from Big Data analysis.
3. Big Data and in-depth analytics are applied to supply chain applications such as optimization tools, forecasting demand, project integration plans, supply cooperation & risk analysis at an accelerated speed height.
4. More than 60% of supply chain executives recognize Big Data analytics as a breakthrough and important technology, creating a basis for long-term organizational change.
A spokesman for SCM World's company has provided an information board showing that the majority of senior executives choose Big Data over other technologies such as electronic supply or the Internet.
5. Geographical analysis is based on the Big Data platform to consolidate and optimize the distribution networks.
The combination of big, fast and diverse channels of Big Data with advanced tools such as Geographic Analysis shows the potential of supply chain innovation. A positive result of the integration of shipping networks is the reduced waiting time for repair services from the company - one of the most difficult challenges for companies.
6. Big Data brings positive changes in the performance of companies.
Nearly 50% of companies that apply Big Data achieve achievements in providing better services to customers and improving the ability to meet customer needs.
Statistics show that Big data affects the supply chain reaction rate of organizations' supply chains (up 41%), increases supply chain efficiency from 10% to 36%, and integrates stronger to 36 % in the supply chain.
7. Big Data Analytics Application and huge benefits.
Big Data helps to cut most of the talk time cycle in order to reach an agreement by maintaining a close relationship between supply and demand. Moreover, the application of Big Data to the operation apparatus will accelerate the supply process by 1.3 times compared to using Big Data on the wireless customized network.
8. Understand more about the strategies, tactics, and structure of the supply chain that are affecting financial goals.
Use Big Data to delve into each layer of information providers in a huge network to establish trusting and close relationships. In addition, the integration of Big Data applications into the financial system promises to bring a positive result for companies.
9. Traceability and data-driven reminders highlight the potential contribution of Big Data.
Big Data has the ability to help companies improve information search performance as well as reduce the time to access and process databases of some products when required.
10. Develop supplier quality from inventory to domestic monitoring and using Big Data.
IBM has developed a quality early-warning system that detects and clarifies criteria frames in order of priority. This is aimed at speeding up the classification of quality issues more than traditional methods such as using SPC.
At Orgit, we are problem solvers, next-generation thinkers, and efficiency aficionados. Operating at both local and global scales, Orgit offers comprehensive solutions packages developed by in-house industry experts, tested against real-world scenarios, and designed for the changing supply chain. Learn more about Orgit’s solutions or get in touch with our experts today.
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