Big data is becoming more important for businesses that want to improve decision-making. Many companies are leveraging data-driven decisions as a competitive advantage with business intelligence dashboards enabling a higher level of collaboration, according to iMedia Connection. In many organizations, there is a disconnect between the business side of operations and the IT department, but an integrated data analytics solution can help bridge the gap. Bringing these two sides of the organization together can increase value and efficiency.
Switching from paper-based processes to Web applications allows companies to monitor business practices in real time, which can drive efficiency. By studying data, large and midsize companies can achieve significant savings because it enables them to identify and eliminate inefficiencies in inventory management. Companies are sometimes unaware they have excessive inventory, and this can contribute to waste.
As the market for business intelligence solutions continues to grow and evolve, they will develop to give organizations even better data analytics capabilities. Organizations will be able to make better use of predictive analytics to make better business decisions.
Supply chain processes supported by big data
Although many industries can benefit from having access to more actionable data, supply chain management could be improved with business intelligence, according to Data Informed. New data analytics systems will not fit in with outdated IT models. While this may mean many firms in the supply chain industry need to make new investments, most see this an opportunity rather than a problem. IT teams were more likely to see advanced data analytics as a problem.
Supply chain management relies on efficiency and streamlined operations, and data can help companies improve their processes. Having better access to data allows companies to respond more quickly in the event of a disruption. Because business intelligence solutions give organizations the capability to view processes in real-time, managers can take preventive actions instead of waiting for a disruption.
One of the greatest areas of interest in the benefits of big data for supply chain professionals is better monitoring of customer-focused activities. Executives want to be able to get to know their customers better and respond to issues more efficiently. However, most of the current data analytics investments for supply chains are focused on network visibility and product traceability. These areas currently have the most room for improvement.
Advanced data analytics can improve efficiency for many organizations, whether it helps them identify areas where waste can be reduced and processes can be streamlined. For many consumer-facing companies, business intelligence solutions allow managers to gain better insights into consumer purchasing patterns and adapt business practices to better meet customer needs. Many companies are only getting started on big data strategies, but companies that are undertaking big data initiatives have a competitive advantage, Data Informed said. These companies are able to make better use of the data they have.