Data plays a huge role in any supply chain business. It helps in formulating strategies, streamlining operations, and ensuring customer satisfaction.
In today’s retail environment, speed to market, accurate order fulfillment, and efficient last-mile delivery are keys to success. Data can help businesses achieve these by improving transparency, visibility, forecasting, and optimizing inventory.
However, data is only useful when it is analyzed and utilized.
According to business consulting firm McKinsey, supply-chain analytics is the ability to use data and quantitative methods to improve decision-making for all activities across the supply chain.
While data has been gathered, analyzed, and utilized for years, new technologies such as artificial intelligence and machine learning have helped revolutionize how it is done. It has led to the ability to uncover several new data elements that were never used before and has augmented the power of data analytics for supply chains across the globe.
How is data captured and analyzed today?
In the past, data engineers and scientists collected and analyzed all data. Today, vast volumes of data can be processed and analyzed in seconds, thanks to artificial intelligence (AI) and machine learning (ML) algorithms. Read more...
Source Link:- https://www.barcodeindia.com/blog/why-data-matters-and-how-you-can-use-it-to-its-truest-potential/
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