Executive Briefings

Big Data Has Been Missing From Logistics - But Not Anymore

Big Data has led to a discussion of predictive analytics in supply chain management. I'm not sure we have a good understanding in the field of how predictive analytics differs from forecasting.

Big Data Has Been Missing From Logistics – But Not Anymore

Here is how we might differentiate the two.

All forecasting involves making a prediction, but not all forecasts are based on Big Data. Using historical data to make a regional forecast for most companies would not require Big Data. Forecasting demand at the store level probably would.

The more inputs, the more granular the data, the more granular the forecast, the more we are in the realm of Big Data analytics. In short, when I hear predictive analytics I am apt to think this is a forecast based upon Big Data.

In logistics, we have not seen all that many examples of Big Data analytics.

That has changed.

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Here is how we might differentiate the two.

All forecasting involves making a prediction, but not all forecasts are based on Big Data. Using historical data to make a regional forecast for most companies would not require Big Data. Forecasting demand at the store level probably would.

The more inputs, the more granular the data, the more granular the forecast, the more we are in the realm of Big Data analytics. In short, when I hear predictive analytics I am apt to think this is a forecast based upon Big Data.

In logistics, we have not seen all that many examples of Big Data analytics.

That has changed.

Read Full Article

Big Data Has Been Missing From Logistics – But Not Anymore