The Role of Big Data in the Supply Chain
There is an enormous amount of data available to companies – every digital process captures information. Large sets of data can be processed and analysed to improve operational efficiency and customer experience. However, this big data requires improved processing applications to capture, store, analyse and share qualified data within context.
We see manufacturers using a wealth of information to their competitive advantage; to increase yield and reduce costs. For example, chemists are able to monitor more than 200 variables to ensure the purity of ingredients. Big data can alert analysts to any variations from expected norms, such as aircraft engine monitoring systems used to check the health of the aircraft engines to reduce aircraft on ground requirements. Connected devices such as cars, smart phones and droids generate data streams that provide designers with a greater insight for next generation products.
Big data gives manufacturers a better understanding of plant performance, allowing for better forecasts of product demand and production to improve reliability and efficiency. By analysing this data, manufacturers can gain a greater visibility of supplier quality and performance over time to improve quality management and compliance.
The trend towards lean manufacturing has led to significantly reduced inventory, promoting just in time production and a thirst for reducing costs and minimising waste. This only works if manufacturers are able to keep the supply chain moving. Any delays can result in parts not being available, halting production lines, increasing costs and ultimately resulting in the end product not being available when customer wants it, affecting brand loyalty.
Big data has much to offer in logistics. Complex supply chains are often under threat and interruptions can prove costly in both time and money. That’s where we come in. Priority Freight works as a strategic partner to manufacturers; providing the most rapid, cost-effective and reliable door-to-door logistics solutions possible to prevent any unnecessary production downtime.
At Priority Freight, we consume an enormous amount of data. We have an agile, flexible, transportation management system that captures data at every point in the supply chain, real-time, as it happens. It then analyses and interprets the data to provide the comprehensive insights we need to plan effective operations and predict network capacity. The system allows us to consume the data in such a way that we can drive efficiency and performance gains, not just internally but across the complete supply chain. Additionally, by optimising transportation routes, we are able to monitor our carbon footprint and reconfigure shipments in transit to reduce empty miles, passing savings on to our clients.
Technology has revolutionised logistics. Logistics managers are able to use big data to better monitor and manage their supply chains. At Priority Freight we communicate directly with every part of the supply chain, seamlessly across the world. GPS tracking allows for a constant flow of communication, improving visibility and providing our clients with a precise picture of how operations are performing. What’s more, our system integrates with our clients’ ERP system, giving them the visibility they need, directly from their own system.
Logistics managers are now able to monitor every stage of operations and manage assets more effectively. Big data can be interpreted to make better decisions and plan more accurately with less ambiguity. Such information allows for a faster response to unexpected delays, mitigating supply chain risk.