Big Data Analytics for supply chain beginners.

Big data analytics is the process of analyzing large and complex datasets to uncover insights and patterns that can inform decision-making. It involves the use of advanced analytical tools and techniques to extract, process, and analyze data from a variety of sources, such as transactional data, social media data, sensor data, and more.

Here are some key concepts to understand when it comes to big data analytics:

Data volume: Big data refers to datasets that are too large or complex to be processed and analyzed using traditional methods. These datasets may be generated by a variety of sources, such as internet of things (IoT) devices, social media platforms, and transactional systems.
Data variety: Big data often comes in many different formats, including structured data (e.g. tables and databases), semi-structured data (e.g. XML and JSON), and unstructured data (e.g. social media posts and emails).
Data velocity: Big data analytics often involves the analysis of data that is generated in real-time or near-real-time, such as sensor data or social media posts. This requires the use of advanced analytical techniques that can handle high levels of data volume and velocity.
Data value: The ultimate goal of big data analytics is to extract value from data by uncovering insights and patterns that can inform decision-making. This may involve identifying trends, predicting future outcomes, or optimizing processes.

To get started with big data analytics, you will need to have a strong foundation in data analysis and statistical concepts, as well as experience working with large datasets and the tools and technologies used in big data analytics. This may include programming languages such as Python and R, as well as tools for data visualization and analysis, such as Excel and Tableau.

If you’re just starting out with big data analytics, it may be helpful to take a course or complete a certification program to learn the fundamentals and gain hands-on experience with the tools and technologies used in the field. There are also many online resources, such as tutorials and videos, that can help you get started with big data analytics.

Big Data Analytics have the potential to be a major innovation disruptor in supply chain. Check out the video below as well as the numerous videos below it.

Big data can be used by companies in a variety of ways to inform decision-making, optimize processes, and drive competitive advantage. Some common applications of big data in business include:

Customer analytics: Companies can use big data to gain insights into customer behavior and preferences, which can be used to improve customer targeting, personalization, and retention.
Marketing analytics: Big data can be used to identify trends and patterns in customer behavior, which can inform marketing campaigns and help to optimize marketing spend.
Operations analytics: Companies can use big data to optimize supply chain and logistics operations, as well as to improve the efficiency of manufacturing and other business processes.
Risk management: Big data can be used to identify and mitigate risks by providing insights into potential problems and allowing companies to take proactive measures to address them.
Product development: Companies can use big data to identify customer needs and preferences, which can inform product development and help to drive innovation.
Fraud detection: Big data analytics can be used to identify patterns and anomalies that may indicate fraudulent activity, allowing companies to take preventative measures to protect their assets.

Overall, big data has the potential to drive significant value for companies by providing insights that can inform strategic decision-making and help to drive business growth.

Quotes that can be used for the Digital Supply Chain

“You can’t use up creativity. The more you use, the more you have.” ~ Maya Angelou
“The secret of change is to focus all of your energy, not on fighting the old, but on building the new.” ~ Socrates
“Lets go invent tomorrow instead of worrying about what happened yesterday.” ~ Steve Jobs
“The digital supply chain has the potential to completely change supply chain. However, do your due diligence before rushing in.” ~EverythingSupplyChain.com.
“Imagination is everything. It is the preview of life’s coming attractions.” ~ Albert Einstein
“Ideas are like rabbits. You get a couple and learn how to handle them, and pretty soon you have a dozen.” ~ Jonh Steinbeck
“Without change there is no innovation, creativity, or incentive for improvement. Those who initiate change will have a better opportunity to manage the change that is inevitable.” ~ William Pollard
“With the economy getting worse supply chain is more important than ever.” ~Dave Waters
“Think of a 3D printer as your TV. The same way your TV streams movies your 3D printer could download plans to make any product in your warehouse. Is the future of warehouses the same as video stores.” ~EverythingSupplyChain.com.
“I say an hour lost at a bottleneck is an hour out of the entire system. I say an hour saved at a non-bottleneck is worthless. Bottlenecks govern both throughput and inventory.” ~ Eliyahu M.Goldratt, The Goal
“Quality is free. It’s not a gift, but it’s free. The ‘unquality’ things are what cost money.” ~ Phil Crosby

Digital Supply Chain Information – IoT, Big Data, Cloud, Drones, Blockchain…

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