Big Data Helping Organizations Predict Future
Big data and analytics is a new boon for organizations as it can help them predict future supply chain disruptions thereby helping them gain an advantage over their competitors. Big data which is defined as extremely large data sets, structured or unstructured, are helping organizations to analyze and reveal patterns, trends in associations which are especially related to human behavior and interactions. Big data, in the context of supply chain can provide worthy and valuable insights which can be of immense importance to proactive anticipation of events and quick response to disruptions, helping organizations become better trading partners to their customers and suppliers. Organizations have started utilizing big data in a fragmented way to predict future supply chain disruptions. Unpredictable consumer behavior, traffic patterns, severe weather, port behavior and sometimes natural disasters along with labor unrests are different factors that can cause supply chain disruptions. This can lead to increased costs and customer service challenges. But with new technologies organizations can get insights into predictive analytics and big data for more certainty of upcoming events. This helps create a more resilient supply chain and enable organizations to make more efficient decisions. This also reduces network latency, shorten cycle times and protect profit margins.
Big data doesn’t only collect information, but can also analyze it. Every organization expects better visibility into the data and predictive analytics for smarter and efficient decisions. Big data can provide market insights to customers, suppliers and other trading partners and help suppliers plan their businesses and extend it all the way out. This can be done without too many risks by providing insight into the downstream customer demand and buying behavior. Thus overall Big data can provide better visibility and help customers run their businesses better.