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Home » Big Data Analytics: The Supply Chain Potential

Big Data Analytics: The Supply Chain Potential

January 28, 2014
SupplyChainBrain

The revolution in big data presents a huge opportunity for supply chain managers to start thinking through what data they are going to collect and how they will use it, says Devarajan, vice president and global practice leader at Symphony Analytics. "One of the advantages of big data technology is that you can use unstructured data to start looking at things like quotes that never became orders, all the searches that never actually went through to a quote and different buying patterns," he says.

"Once you understand customer behavior and intent, you can follow the example of companies like Amazon - group customers together, look at how they buy products, their pricing sensitivity, how they shop around, and so on. Then you can use that not only in your sales and marketing but to build loyalty and quality of service. I really see supply chain managers being in the forefront of this trend," Devarajan says.

Big data and advanced analytics will change supply chain processes on the supply as well as the demand side, he says. "Think of a company with outsourced manufacturing that may not know all of the suppliers feeding the manufacturing process, and suppose a natural disaster occurs. That's the kind of situation where unstructured data, from the Web or social media or Twitter, can really make a difference."

Companies need to be thinking about three steps, Devarajan says. First is the collection of data, including sources of unstructured data outside the company. "Enterprises need to decide how much data they want to collect and how they will analyze it," he says.

The second step is using technology to separate insights from garbage and present the insights in a way that is instantly understandable. The third step is the most difficult - to incorporate these insights into the decision making process. "Getting the information into the board room - that is always going to be the biggest challenge," he says.

To view the video in its entirety, click here

Keywords: Supply chain, it supply chain, supply chain management, it supply chain management, supply chain management it, supply management, supply chain management scm, value chain, value chain it, logistics management, logistics & supply chain, supply chain solutions, logistics it solutions, supply chain planning, supply chain systems

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Logistics Logistics Outsourcing Sales & Operations Planning Forecasting & Demand Planning Supply Chain Planning & Optimization Supply Chain Visibility Technology Business Strategy Alignment Global Supply Chain Management
KEYWORDS Business Strategy Alignment Forecasting & Demand Planning Global Supply Chain Management IT supply chain IT supply chain management Logistics logistics & supply chain logistics IT solutions logistics management Logistics Outsourcing Raj Devarajan Sales & Operations Planning SC Planning & Optimization supply chain Supply Chain Management supply chain management IT supply chain management SCM supply chain management: business intelligence and analytics Supply Chain Planning supply chain solutions supply chain systems Supply Chain Visibility supply management Symphony Analytics Technology Value chain value chain IT
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