Using large data sets for analysis and planning can help supply chain leaders react faster to changes along the value chain and improve customer experience, according to Puneet Saxena, vice president of industry strategies at JDA Software.
He shared three ways supply chains can harness the power of Big Data with Supply Chain Dive.
1. Real-time tracking. While the internet of things allows organizations to track what's on their shelves in real time, Mr. Saxena said they should also use Big Data from social outlets, news and weather to better predict and plan future inventory — instead of relying on historical data.
2. Supplier Sourcing. Sustaining large data sets also allows organizations to easily track suppliers and quickly make changes when necessary, according to Mr. Saxena.
3. Customer Segmentation. Upon assessing customer data sets, organizations can segment their buyers and markets to tailor the supply chain and offer more customized products and services, said Mr. Saxena.
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