Big data is one of the biggest instruments which accelerates the supply chain management. It makes a global impact on the supply chain activities. Nowadays, big data is impacting the decision makers to monitor the performance and improve productivity.
According to the supply chain big data analytics Market it was valued USD 3.55 billion in 2020. Which reached USD 9.28 billion by 2026 at a CGD 17.31%.
How the big data is changing the global supply chain industry?
1. Usage Pattern and Customer Behavior
FinTech business are actively investing in big data analytics as it helps to know the behavior of the customer. With the increase in new technological advancements, it is significant know the subscribers and increase the revenue.
2. Uplifting inventory Management
E Markets and online stores like big basket have a sizeable inventory which have to overcome several challenges. Big data analytics helps the managers to get the overview of operations by providing the business to promote best selling products which helps to optimize inventory. For example, Amazon and Flipkart also uses the big data analytics in its inventory management.
3. Improving E-Commerce
E-Commerce stores like Snapdeal uses big data analytics to improve their management processes. It is because when flipkart uses big data it helps to improves the working structure of the warehouse in order to optimize the routes through advanced mobile technology.
How is big data applied in Supply chain Management?
Big Data is applied in supply chain management as it improves the product traceability. In supply chain operations it is easy to trace the product by using the product bar code. It is often seen that big data analytics provides smooth framework to gather correct and accurate product information. It would help the operators to stay on the top of their business distribution cycle.
It helps in improving traceability which provides information to track the product from production to retail. In today’s globalized world it helps to streamline distribution and coordinate with supply chain stakeholders.
Traffic Data Exchange is an accounting, analytics and supply chain logistics consultancy serving high-volume freight industry since 2008. It provides customized tailor-based services in big data in global supply chain industry. With the increase in big data in globally and it becomes one of the essential parts in today’s world. Almost 90% of companies need supply chain management to be incorporated in their framework. Traffic Data Exchange fulfills the clients needs and expectations to bring out effective results. It gives dual advantage by improving the working structure by big data analytics and reducing the overall cost.