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Big Data and Cloud Technology Modifying Supply Chain Management
Supply chain management has a major role to play when it comes to enhancing the return of investment. Big data and cloud are two such technologies which have made a huge impact on the supply chain. Here a few of the benefits of incorporating the technologies are mentioned.
• Data Sharing Platform: Supply chain consists of multiple entities that need to interact with each other and exchange information regarding product movement, production, and distribution to warehouses and retailers. Cloud provides such a platform that enables entities to perform supply chain tasks and exchange data at the same time with all people and hassle-free.
• Scalability: Traditional legacy system was not scalable and with an increase in the number of entities in the supply chain it was difficult to manage the supply chain operations but with the cloud in picture it has become much easier to scale just by upgrading hardware and software which permits adding more entities and unhindered workflow.
• Improvised Inventory Management: Big data technology analysis the data of past and real-time to make predictions on the demand for goods and provide a much accurate outcome that would satisfy customers with the availability of a product. At times it happens enterprises are unable to predict to nearby of demand and lose their valuable customers during peak season or they order too much during the sluggish time leading them to economic loss. In case of big data, the predictions are much accurate as they are made on large volumes of data and even enable enterprises to provide their customers' personalized services based on the analysis.
• Transparency: A key factor when it comes to validation and reliability of goods. At times the front line personnel is the one acknowledged with all details of the supply chain but officials are in dark. Cloud platform allows officials to be an active participant in supply chain management, giving them also all the data and bringing them as well in interaction wherever required. This helps a lot when it comes to validating the supply chain and vendors involved.
• Automation: Both big data and cloud have immensely impacted the supply chain data collection methods. Unlike, the traditional offline method which was highly prone to errors and slow as well resulting sluggish supply chain, the digitalized supply chain management has become much faster, approximately error-free and boosted the speed of the supply chain.
• Strategic Decision Making and Enhanced ROI: Data analytics and data mining are tools that analyze the current market trends and combine them with data of past giving greater insights of the market and enabling organizations to make more strategic decisions that would ultimately enhance their return of investment.