How Big Data is Revolutionizing Supply Chain Management
In recent years, the use of Big Data has transformed how businesses operate, and this is especially true in the area of supply chain management. The Times’ Raconteur Special Report highlighted that 56% of businesses are now using Big Data to improve supply chain visibility, and Gartner’s report shows that 57% of chief executives rank supply chain optimization and traceability as their top priority for technology investment. In this article, we will explore how Big Data is streamlining supply chain operations and improving visibility to enable businesses to deliver a better customer experience.
The Importance of Data Visualization in Supply Chain Management
Data visualizations from advanced technologies are providing businesses with full visibility of their supply chain, from product tracing to mapping geolocation and temperature. This visibility is enabling supply chain management decisions to be made in real-time, which is crucial for optimizing inventory, streamlining transportation, and delivering products just in time, every time. At Pivot BI Analytics, we offer advanced modeling and forecasting reporting tools that enable clients to access their supply chain data in a visual context, enhancing their supply chain analytics.
The Role of Big Data in Supply Chain Optimization
Supply chains have become complex, convoluted, and highly integrated systems, making it challenging to work on them efficiently without advanced computing techniques and intricate data visualization systems. Big Data solutions are helping retailers optimize their supply chains to reduce costs, improve service, and gain vital insights. Big Data analytics can predict inventory positions in stores and distribution channels by utilizing demand plans and forecasts, sales history, and external predictors of future performance, such as category trends, weather patterns, and local events. This enables retailers to reduce both out-of-stocks and over-stocks, providing a better customer experience.
Improving Supply Chain Operations with a Data-Driven Approach
Improving supply chain operations with a data-driven approach requires bringing together different skillsets. This includes obtaining access to the relevant data, bringing the data together from the various silos it currently resides in, ensuring data quality, defining how the data should be used, and how it will guide decision-making. Running the analytics and delivering insights to the business decision-makers in a timely and usable format is also important. By using advanced data visualization tools, businesses can make sense of their supply chain data and manage it effectively.
Big Data is revolutionizing supply chain management by streamlining operations, optimizing inventory, and improving visibility. By leveraging data visualization technologies, businesses can gain full visibility of their end-to-end supply chain, enabling them to make informed decisions in real-time. At Pivot BI Analytics, we offer advanced modeling and forecasting reporting tools that enable businesses to create new, customized business intelligence reports and enhance their supply chain analytics. By adopting a data-driven approach to supply chain management, businesses can gain a competitive edge and provide a better customer experience