Big data is a hot buzzword, and the phrase has different meanings for different organizations. But no matter how you define it, there is no doubt that using statistical science and data analytics can help drive operational growth and supply chain efficiency. Robert Daymon, senior vice president of operations at Transplace, offers these tips to get the most out of big data for your supply chain.
1. Gather the right information. Understand what data you need to capture, track, and act upon. Having timely, accurate, and complete data can create a holistic view of operations and improve collaboration. And, it’s critical to organize that data.
2. Set goals and map out a plan. Data is not worth collecting without a clear plan. It’s important to establish key performance indicators, implement specific goals, and identify what you need to accomplish.
Read more here.