By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData Collective
  • Analytics
    AnalyticsShow More
    data science anayst
    Growing Demand for Data Science & Data Analyst Roles
    6 Min Read
    predictive analytics in dropshipping
    Predictive Analytics Helps New Dropshipping Businesses Thrive
    12 Min Read
    data-driven approach in healthcare
    The Importance of Data-Driven Approaches to Improving Healthcare in Rural Areas
    6 Min Read
    analytics for tax compliance
    Analytics Changes the Calculus of Business Tax Compliance
    8 Min Read
    big data analytics in gaming
    The Role of Big Data Analytics in Gaming
    10 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-23 SmartData Collective. All Rights Reserved.
Reading: Big Data and the Evolution of Supply Chain Planning
Share
Notification Show More
Latest News
ai in automotive industry
AI Is Changing the Automotive Industry Forever
Artificial Intelligence
SMEs Use AI-Driven Financial Software for Greater Efficiency
Artificial Intelligence
data security in big data age
6 Reasons to Boost Data Security Plan in the Age of Big Data
Big Data
data science anayst
Growing Demand for Data Science & Data Analyst Roles
Data Science
ai software development
Key Strategies to Develop AI Software Cost-Effectively
Artificial Intelligence
Aa
SmartData Collective
Aa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Analytics > Predictive Analytics > Big Data and the Evolution of Supply Chain Planning
Predictive Analytics

Big Data and the Evolution of Supply Chain Planning

KickStartSearch
Last updated: 2016/08/17 at 12:08 PM
KickStartSearch
5 Min Read
smart manufacturing
SHARE

smart manufacturing

When you buy a new piece of furniture, the typical expectation is that delivery will happen in a timely fashion.  It’s understood that custom-ordered furniture might take more time to arrive, but a standard piece picked out in the store? That shouldn’t be a hassle.

smart manufacturing

More Read

predictive analytics in dropshipping

Predictive Analytics Helps New Dropshipping Businesses Thrive

Promising Benefits of Predictive Analytics in Asset Management
Albanian Bitcoin Investors Tap the Power of Predictive Analytics
Predictive Analytics Improves Trading Decisions as Euro Rebounds
Can Predictive Analytics Help Traders Navigate Bitcoin’s Volatility?

When you buy a new piece of furniture, the typical expectation is that delivery will happen in a timely fashion.  It’s understood that custom-ordered furniture might take more time to arrive, but a standard piece picked out in the store? That shouldn’t be a hassle.

What if you picked out a piece of furniture in the store or on a website and were told that delivery wouldn’t take place for six or even eight months?  That’s precisely what happened to some Restoration Hardware customers recently, and the issue boiled down to poor supply chain planning.

Restoration Hardware’s Supply Chain Planning Disconnect

According to a recent article, customers who ordered a desk through Restoration Hardware’s new RH Modern line this past spring faced repeated delays. The company admits that they gave suppliers deadlines that were too short. 

A product launched with poor supply chain planning can put a company at risk. Though not the only factor, supply chain woes cratered Restoration Hardware’s stock. The stock price went from trading at over $100 last November to around $30 today.  Supply chain planning matters a great deal, and many companies are now leveraging big data to avoid such catastrophes.

The Growing Awareness of the Power of Big Data

Tech.Co recently reported that the amount of business data collected is growing at a rate of approximately 59 percent annually.  While first used mainly for sales and marketing, big data analytics are increasingly used to address various supply chain challenges. A growing number of manufacturers recognize Big Data’s ability to improve their response to volatile demand and to reduce supply chain risk.

How Big Data is Addressing Modern-Day Supply Chain Challenges

Most legacy Enterprise Resource Planning (ERP) and Supply Chain Management (SCM) systems are struggling to adapt to modern-day businesses that require shorter product lifecycles and rapid scaling.  Here are just five ways that Big Data analytics are helping companies to overcome some of their biggest supply chain challenges.

  • Improved Supply Chain Efficiency. Better efficiency equates to lower costs and higher profits. According to an Accenture Study, the use of big data analytics could increase supply chain efficiency by 10 percent or more.
  • Enhanced Supply Chain Traceability.  Big Data reduces issues with product traceability in a supply chain and reduces the cost involved should a product recall ever occur.
  • Better Assessment of Supply Chain Risk. Supply chain risk management has much to do with the predictability in the supply chain.  Through the use of modeling using historical data and scenario mapping, this risk can be minimized.
  • More Accurate Anticipation of Customer Needs.  As demonstrated at the beginning of the article, the failure to meet customer expectations can be disastrous. Big Datacan help companies predict demand levels and line up their supply chain resources accordingly.
  • Improved Reaction Time in Volatile Markets.  Big Data analytics can help companies compete in short product life cycles and trend markets where getting a product produced quickly is critical.

Big Data analytics is revolutionizing today’s supply chain management.  In addition to the challenges just mentioned, these solutions are allowing companies to forge closer relationships with suppliers, discover new markets for products, and tighten up lead times through the use of predictive lead time technology.  All of these solutions are placing products into the hands of customers more quickly and efficiently, enhancing the bottom line of manufacturers.

KickStartSearch August 17, 2016
Share this Article
Facebook Twitter Pinterest LinkedIn
Share

Follow us on Facebook

Latest News

ai in automotive industry
AI Is Changing the Automotive Industry Forever
Artificial Intelligence
SMEs Use AI-Driven Financial Software for Greater Efficiency
Artificial Intelligence
data security in big data age
6 Reasons to Boost Data Security Plan in the Age of Big Data
Big Data
data science anayst
Growing Demand for Data Science & Data Analyst Roles
Data Science

Stay Connected

1.2k Followers Like
33.7k Followers Follow
222 Followers Pin

You Might also Like

predictive analytics in dropshipping
Predictive Analytics

Predictive Analytics Helps New Dropshipping Businesses Thrive

12 Min Read
analyst,women,looking,at,kpi,data,on,computer,screen
Predictive Analytics

Promising Benefits of Predictive Analytics in Asset Management

11 Min Read
predictive analytics helps Albanian bitcoin investors
Blockchain

Albanian Bitcoin Investors Tap the Power of Predictive Analytics

9 Min Read
benefits of data analytics for financial management
Predictive Analytics

Predictive Analytics Improves Trading Decisions as Euro Rebounds

10 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

data-driven web design
5 Great Tips for Using Data Analytics for Website UX
Big Data
AI and chatbots
Chatbots and SEO: How Can Chatbots Improve Your SEO Ranking?
Artificial Intelligence Chatbots Exclusive

Quick Link

  • About
  • Contact
  • Privacy
Follow US

© 2008-23 SmartData Collective. All Rights Reserved.

Removed from reading list

Undo
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?