Every business organization needs valuable data and insights to function and make decisions efficiently. Many companies are turning to big data analytics to come up with fruitful business processes, insights, ideas, and practices.
Big data plays an instrumental role in improving supply chain management by resolving issues faced at strategic, operational, and tactical levels arisen because of the ever-changing customer preferences and logistical problems due to it.
Big data helps bring down input costs, lower lead time, and increase product availability. It also enables a manager to understand and boost the business and make decisions timely.
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The data analysis plays a crucial role in accommodating sudden demand changes for businesses. Big data solves problems that arise in the production, sourcing, warehouse management, transportation, point of sales, consumer service areas of supply chain management for e-commerce firms.
Data analytics boosts productivity
- The firm never runs out of stock but makes sure the stock doesn’t go bad
- Predicts and prevents future uncertainties
- Predict shipment’s arrival time, forecast weather and predict products likely to be in demand
Despite all these advantages, there are still many firms that lack the vision to use data analytics appropriately.
The e-commerce business is expanding and will eventually turn to leverage data analytics in their supply chain management to create opportunities for itself.
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