Five Reasons How: Big data can revolutionize the supply chain
Big data is a term that was once exclusive to the IT industry as an experimental and niche practice. Not any more. An insightful study by Dresner Advisory Services in 2017 shows that 53% of companies across sectors have adopted big data today up from a mere 17% in 2015. Today, the global supply chain segment is one of those sitting up and taking notice of the advantages of supply chain analytics, a market forecast to expand at a CAGR of 14% by 2021.
Here are five reasons how big data is now part of building flawless supply chain operations.
1) Traceability and visibility are two of the biggest priorities in the supply chain industry. The use of supply chain analytics enables you to know where goods are at a given point, foresee disruptions, and chalk out contingency plans. Nearly 44% of supply chain leaders are now ramping up ERP systems in order to gain greater clarity to create leaner operations.
2) Customer relationship management can vastly improve with the help of carefully curated customer behaviour metrics. Ask Netflix. More than 80% of what their audience watch is based on personalized recommendations. So, examining customer preferences can not only improve your ROI but also make you your customers’ favorite brand.
3) Data gathered from a combination of logistics and consumer tracking can be immensely useful in optimizing fulfillment channels. It helps customize and change distribution methods, type of transportation, and other factors according to the products involved.
4) Analyzing the historical data of your sourcing and purchasing patterns, the volume of products sold, lead times and other factors can give you a bigger end-to-end inventory control. Optimizing inventory to match demand and supply is a slippery task and analytics can greatly help in placing you more in control.
5) According to an Accenture report, almost 61% of leading companies in the world now think that a well-researched and constructed data analysis report not only helps you mitigate risks considerably but also enables you to think of an alternative, better solutions to smoothen out the supply chain process.
Suma Soft understands supply chain. Our global supply chain solutions include support services like software development, business process management, and customer support which enable you to make your digital transformation with 24×7 care. Better tech means happy customers. To get a customized quote, drop a mail to email@example.com or visit www.sumasoft.com
For the longest time the retail industry has been resisting digital transformation citing the huge cost involved. But if you are a retail firm that puts customers first then resisting IT infrastructure changes on a large scale is only going to prove more expensive in the long run and also leave you behind in competition. Here are five reasons why you need to invest heavily in a solid IT infrastructure.
1) The number of occurrences of loss of client data nearly doubled from 19 in 2016 to 38 in 2017 in the UK alone according to statistics from the Information Commissioner’s Office. Tightening data security enables trust and therefore happier customers.
2) Using a speedy database management system can spit out a report with a single click compared to a cluster of employees working on it for a week then you have an ROI of US$650,000 according to an estimate by Data Transfer Solutions.
3) The cloud cannot be ignored anymore. Cloud adopters experienced a 40% reduction in TCO as per a report by HP in 2017.
4) Take advantage of the BYOD revolution. It is estimated that employees save an average of 81 minutes per week by using their own devices thus increasing productivity levels.
5) Seamlessly bridge the gap between physical and digital and ramp up customer experience and loyalty. Salesforce estimates that nearly 45% of consumers feel that it would save them a lot of time and effort if physical stores are aware of their online research prior to reaching the store, which is their point of purchase.
Suma Soft’s IT infrastructure support services enable you to make a smooth digital transformation by providing strategic assistance to set up your and 24×7 care. Better tech means happy customers. Contact us at www.sumasoft.com