Big data refers to large and complex datasets that are generated from a variety of sources, and pool together business activities like transactions and social media interactions. It plays a crucial role in the business world today as the technologies and software developed revolving around the use of big data have significantly helped businesses, on a global scale, become more competitive and innovative.
According to Research and Markets, 58% of businesses around the world planned to adopt big data technologies back in 2018. And in 2020, about 90% of enterprises claimed that data and analytics were the keys to their business’s digital transformation initiatives — further fuelling the demand for the adoption of big data analytics.
But what is the role of big data in the current business climate?
Predictive Analysis
Big data systems allow organisations to easily make accurate predictions for supply chains, market trends, and even human resources. Its self-correcting and monitoring system will process terabytes, even petabytes, of data sets to create precise statistical models. If businesses can yield larger volumes of data sets, the machines will then “learn” to create a more accurate predictive analysis that can be used by businesses to cut costs and streamline their supply chain.
Real-time Data
One of the most powerful benefits of big data is its ability to point out inefficiencies in a supply chain, in real-time, and put a stop to them before they turn into detriments to a business process. This means businesses can pinpoint and eliminate any unnecessary processes, purchases, and developments quickly — increasing the overall operational efficiency of the company as well as keeping them ahead of their competition. Forbes reported that supply chain efficiency can be boosted up to 2.6x via big data analytical implementation.
Optimising Delivery and Supply Networks
Big data can also help to uncover “micro-inefficiencies” in a supply chain. Applying small optimisations like changing the supply route or having one supply chain catering to specific service stores, can save companies a handful of time and money. Using the budget saved from these optimisations, businesses can invest in expansion by redirecting those funds to targeted areas they may want to focus on.
Finding and dealing with inefficiencies in a supply chain can be challenging without the help of technologies like data. With a pool of resources and so many attainable tools nowadays, it is so much more effortless for businesses to mould into their ideal enterprises.
Unleash the potential of big data analytics to transform your supply chain. Discover predictive analysis for accurate trend predictions, real-time data for efficient process management, and optimized delivery networks. At SYCARDA, we offer cutting-edge big data solutions tailored to your business needs. Sign up for a personalized demo to see how big data can optimize your supply chain. Download our free ebook to explore the possibilities of data-driven supply chain management.
Make use of your big data and gain a competitive advantage.
FAQ
How can big data analytics improve the efficacy of the supply chain?
Big data enables predictive analysis and real-time insights, giving businesses the ability to optimise supply chains, identify inefficiencies, and streamline processes. This increases operational efficiency and reduces expenses.
Can SYCARDA’s big data solutions be adapted to various industries?
Absolutely! The big data analytics platform from SYCARDA is designed to serve multiple industries, including retail, food and beverage, pharmacies, and more. Our solutions can be adapted to satisfy the unique requirements of your supply chain and promote expansion. Click here to watch our happy clients’ testimonials.
What distinguishes SYCARDA from other large data providers?
SYCARDA is distinguished by its intuitive interface, real-time data visualisation, and extensive predictive analysis capabilities. Our platform’s seamless integration with existing systems facilitates a smooth and effective adoption process. Try a personalised demonstration of SYCARDA’s capabilities immediately!
