11 May How Using Big Data Can Up Your Profitability
A large percentage of supply chain managers are of the opinion that big data analytics is a very vital technology that has the ability to set a very strong base for the management of long-term change in their organisations. Many of these people are aware of what Big Data is, how it works and that it can benefit their businesses, but a miniscule percentage of these companies have actually implemented Big Data analytics in their supply chain functions.
How You Benefit From Using Big Data
Even if your company hasn’t yet leveraged this technology and used it in supply chain management, it is important to keep in view that Big Data is very important enabler for supply chain & procurement managers. Take a look at how using Big Data can up your profitability:
- Big Data gives you the ability to efficiently model huge volumes of unstructured & structured data from various sources.
- With reference to supply chain management, this goes a long way in increasing visibility and providing much deeper insights into the overall supply chain.
- If you learn how to leverage Big Data, it ensures that accurate, high-quality data is driving all your insights.
- This technology also helps you explore various hidden relationships and you can gain insights that you couldn’t in the past.
- You will be able to build and manage supplier relationships in a more effective manner and understand who is conducting business with whom.
- A number of vendors use Big Data to understand their customers better; but a successful supplier manager will also leverage Big Data to understand their vendors better.
- You can include data sourced from various external sources and create detailed supplier profiles for performance, financial or risk metrics.
- Risk managers get access to real-time analytics dashboards.
- You can use this data to understand your customers & their relationships with your company better.
- Understand how your customers interact via different channels; this helps you offer much better product recommendations.
- You can optimise and streamline inventory management and then distribute products on the basis of what the real-time demand is.
Some More Benefits
Better Predict Customer’s Requirements
More than 90% of dissatisfied customers won’t continue to do business with a company that failed to meet their requirements and expectations. In the competitive environment we operating in, offering the right service/product, at the right place & time, to the right person is the mainstay of retaining a customer and gaining their loyalty.
A smart organisation will leverage Big Data to get a clearer view of their customers to understand what their personal preferences are, and better predict their needs; this goes a long way in creating a very unique brand experience for the customer.
Improve The Efficiency of Your Supply Chain
When it comes to supply chain management, spend analytics, cost-reduction and cost-efficiency continue to be the top business priorities. If you incorporate Big Data analytics in your business operations, that leads to a significant improvement in the efficiency of your supply chain.
Better Assessment Of Supply Chain Risk
Every company that takes its business seriously knows exactly how important supply chain risk management is. However, they also need systems that would be able to provide them much greater predictability and visibility across all their supply chains. Big Data helps assess the possibility of problems, their potential impact, as well as the support techniques that are required to identify risks in the supply chain.
In addition, Big Data helps improve supply chain traceability, improves the order-to-cycle delivery times, and reaction time. When you use Big Data consistently across your business functions, you will notice a distinct rise in the profitability of your organisation.
For effective and sustainable cost reductions & efficiencies that will increase your bottom line, contact the experts at Benchmark Cost Solutions at this number – 1300 170 585. If you prefer, you can also request a call back or write to us at this email address.
Thanks for reading,
Benchmark Cost Solutions Team
1300 170 585