The advent of technologies such as AI and IoT has revolutionized managing supply chains. These advancements have enabled companies to stay up-to-date regarding all events in their supply chains by collecting real-time data.
What is real-time data?
Data accessible immediately after it generates and stores itself classifies as real-time data. Therefore, it is the core of real-time decision-making.
Today, amassing large volumes of real-time data and extracting insights has become more accessible, making it extremely valuable for businesses.
To understand how real-time data can translate to faster and smarter business decisions, we must know how it is processed and analyzed and the typical insights it can provide.
How is real-time data processed, and why does it matter?
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.
Once data is collected, all corrupt or unnecessary components are filtered out, and then the ‘clean’ data is passed on to the AI and ML algorithms to be processed. Finally, the processed information returns to the end user in a readable form, such as documents or data visualizations. Businesses or end-users can also store this information for posterity.
This entire cycle only takes a few milliseconds or seconds, and business leaders receive the reports in ‘real-time.’ Moreover, the information received is always current, which ensures that key decision-makers can act on the data in the minimum amount of time. Read more....
Source Link:- https://www.barcodeindia.com/blog/how-real-time-data-translates-to-better-supply-chain-management-decisions/
