The huge volume and variety of data that needs to be processed, as well as the speed required today, requires new techniques in order to provide rapid supply chain information, enable collaboration, improve decision-making and optimize processes.
It allows buyers to use more advanced quantitative and predictive analytics to make decisions regarding purchases, such as increased visibility into lead times, inventory status’, and transportation costs.
Big data is used for processes with data volume that is greater than a petabyte of data, which equates to approximately 20 million four-drawer filing cabinets. As a form of reference, Google estimates it processes over 20 petabytes of information daily.
The Role of Data in Supply Chain
Watch the short video below to learn more about the use of data in supply chain.
Download video transcript here.