Data and data science has always been a great asset to businesses for years. As data increases with technological advancement, traditional data collection tools and methods are becoming ineffective in making sense of the available data.
Fortunately, data science and a data science course is helping businesses worldwide turn their data into significant insights so they can understand their consumer needs and behavior.
While data science is applicable in virtually every industry, it has special relevance in supply chain management because of the sector’s dynamic nature.
This guide offers tips on leveraging data science in your supply chain management business.
Industry 4.0, sometimes also called the fourth industrial revolution, is a trend of data exchange and automation in changing manufacturing and manufacturing technologies.
This data exchange and automation is meant to make factories and plants smarter. Some of these technologies include cloud computing, cognitive computing, artificial intelligence, machine learning, and the Internet of Things.
Data-driven business practices permeate industries and departments and have become one of the biggest competitive advantages today. The level of knowledge businesses can extract from their own internal and external operations makes it possible to make informed decisions that will boost growth on multiple levels.
The situation is no different when it comes to supply chain management. This business area produces massive amounts of data coming from customers, suppliers, inventory, and more, and it can greatly benefit from a data-driven approach.
But how do you get started and what is the best way to go about it?
The supply chain management industry has undergone many changes in recent years. The introduction of IoT devices to the supply chain, the rise of edge computing, and its ability to increase connectivity and efficiencies, have changed how businesses operate across industries.
This article will look at how edge computing is revolutionizing supply chain management.
A well-optimized supply chain can deliver a wealth of benefits to businesses, and achieving this is easier when you turn to tech solutions designed to process large volumes of data through SQL and Big Data.
Those that have yet to adopt SQL databases and associated big data services may need to be convinced of their effectiveness and impact, particularly in a supply chain context.
To that end, let’s go through some of the ways you can achieve optimization with modern information handling products for SQL and Big Data.
A cynic. A skeptic. A person, utterly exhausted with seeing those two letters: AI.
As we see from Deloitte’s CPO Survey in 2018, AI is only fully deployed in 2% of procurement organizations and is far from making any real impact at scale within the digital ecosystems procurement teams are so eagerly trying to build. To top it off, there’s only 27% percent of procurement leaders considering AI/Cognitive technology, and 55% who haven’t considered it at all.
Cut to 2019, Deloitte published its newest CPO Survey where they found that 81% of chief procurement officers with fully implemented solutions in the space of Supply Chain Risk & Compliance Management aren’t satisfied with their solutions.