The Rise of Big Data Analytics in Supply Chain Management
Big data analysis plays an essential role in the supply chain management sector. As the present day technology advances steadily, so does the supply chain activities. However, the incorporation of big data analytics in the field of supply chain management is very recent a phenomenon. Here are some of the major reasons why big data analytics is so crucial for the advancement in the supply chain management sector:
• Big data analytics has been predicted to be reshaping the shipping industry by improving the processes related to manufacturing, distribution and delivery. This will help firms to develop efficiency and retain clients.
• One-third of organizations face product tracking issues just due to environmental conditions. Big data analytics can help supply chain firms to improve their troubleshooting skills and enhance response rate by 40 percent.
• Huge chunks of data pour into logistics companies daily in the form of structure, size, and interval. These companies can utilize data analytics in order to consolidate all data, interpret them and store them for future or put them into immediate use. In addition, firms can gather information from the data more easily and generate reports.
• Using big data analytics can help companies to stay informed of the developments in supply chain management. Logistics experts make use of big data analytics to segregate data and share the required information among teams.
• Big data analytics empowers businesses to improve their business procedures and thereby increase productivity and profit. In addition, customer service also becomes personalized and results in a higher response rate and enhanced overall customer retention.