points that may be a cause for concern .” Kirsty Braines , COO at Oliver Wight EAME , concurs with this view , opining that increasingly elaborate supply chains - containing , amongst other elements , procurement , logistics , sales , etc - are difficult to transparently track from start to finish . “ By strengthening traceability in situations such as product recalls or quality problems , organisations can isolate the issue efficiently and accurately , minimising the cost of locating the root of the problem and limiting damage to a brand ’ s reputation .”
Real-time analysis of data also affords a far more dynamic and fluid customer experience , wherein feedback is used to modify services on the fly . Combined with a streamlined machine learning algorithm , supply chains could deliver an almost autonomous level of self-improvement and be able to anticipate future trends , thus enabling companies to turn forecasted difficulties into opportunities . As Millard puts it , “ The holy grail is to use Big Data and analytics to deliver action-oriented insights .” To reach
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“ANALYTICS HAS , THEREFORE , BECOME A KEY NECESSITY IN ANY BUSINESS PROCESS TO SUFFICIENTLY REVIEW DATA IN ORDER TO MAKE INFORMED BUSINESS DECISIONS ”
— Jonathan Clarke Manager of Statistical Modelling LexisNexis Risk Solutions
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