ROLE OF BIG DATA IN SUPPLY CHAIN MANAGEMENT

Abstract

The aim of this research work is to highlight the role Big Data Analytics can play in improving the performance of Supply Chains and businesses. Any business which wants to maximize its profits by making optimum use of the resources available can use this research work for gaining insight into implementation of Big Data Analytics for the same. Research work done by scholars worldwide has been thoroughly analysed and personal research work has also been done by the author to prepare this report. It is hoped that this work will help researchers in the future for carrying forward the research work in the Big Data Analytics field for the benefit of businesses. Big Data can improve supply chain management a lot. It can be used in medical field, government policy- making functions and many other fields. It has applications in both goods and services sector. Processing of Big Data can help in decision making and increases profits. Large studies done by researchers have revealed that companies which employ Big Data analysis techniques are more efficient than their competitors. Data Analysts are very much in demand now-a-days. To be a good data analyst, one must have industry-specific knowledge also apart from being good in data analysis techniques. What separates Big Data from simple data is its bigger Volume, higher Variety and the at which it is collected. Collecting data from internet like reviews, recording sales in more details, etc. increases the amount of data. Volume and Variety of data regarding consumer, sales, inventory location, etc. is increased. Moreover frequency of data collection like hourly, daily, monthly, weekly or even with every click is also being increased. Sometimes data is collected in real-time also like with the help of sensors. Data is also becoming easier to store and access. Various softwares are available for data analysis. Manufacturers, service-providers, retailers, carriers, etc. can benefit by applying BD Analytics like quick response by manufacturer to customer demand, real-time capacity estimation by carriers, etc. Many research questions arise about the SC Management applications in which BD Analytics be applied and how it can benefit in fields of Inventory management, customer and supplier relationship management, etc. Researchers have tried to answer these questions. Answering these questions has been the aim of the author for doing this project wok.