SUPPLY CHAIN TECHNOLOGY
According to CIPS, the predictive capabilities of big data analytics enable procurement teams to anticipate demand for specific stock items and ensure appropriate resources are sourced proactively. What’ s more, real-time data improves supplier management by monitoring compliance with existing agreements continuously rather than through periodic audits.
Perhaps most importantly, CIPS notes that big data analytics elevates procurement teams to key decision-makers within organisations, fostering greater collaboration with other departments. Enhanced understanding of stock quality enables more effective supplier negotiations. If data reveals certain products are unreliable, procurement teams can leverage this intelligence to negotiate better terms or seek alternative suppliers.
An AI-driven future Looking ahead, the convergence of big data with AI and machine learning promises even greater transformation. Arun describes big data as“ an effective propellant of AI / machine learning adoption at scale.”
The combination of volume, velocity, variety and veracity with AI capabilities enables organisations to realise value much faster than traditional approaches.
An emerging trend, Arun says, involves“ bring-your-own-data” approaches, where organisations integrate employees’ spreadsheets
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