Buzzword Bingo: Big Data = Collection of large and complex data sets (Photo credit: planeta)
Big Data frenzy is sweeping the supply chain world. Numerous article tout the 'importance' of big data in making optimal planning, execution and investment decisions. Well, maybe...
First, a few thoughts on how Big Data could be helpful. Using downstream data on consumer insights, for example, could provide valuable insights into emerging consumer demand and enhance forecasting. Consumer feedback on carriers and deliveries can be used to improve outbound execution. Finally, monitoring Twitter or Facebook feeds can catch consumer dissatisfaction with deliveries and provide a forum for addressing the issues.
But Big Data accumulation and usage may be problematic. First, Big Data has many owners beyond your company--shipper's own the purchase orders, but carriers and many other third parties own much of the in transit/delivery data. Big Data owners are increasingly charging for data access, or limiting access due to consumer privacy concerns. Finally, linking together various data sources to get a coherent view of deliveries processes is a complex and expensive process.
So when your boss, after having read a glowing article on using Big Data to solve logistics problems, shows up in your office and asks what you are doing to integrate Big Data into your execution processes, be sure you have at least done your homework on what data may be useful and where you can get it.
Your supply chain software provider, who is probably already evaluating how to add Big Data to their applications is a good place to start. There are numerous articles I have read recently on the subject of using Big Data to improve supply chain decision making, but none worth noting here. Stay tuned...I continue to look.
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