Big data inputs for end to end po visibility with suppliers and supplier risk management is an important element for a company that wants to create an effective supplier management strategy. Big data can be analysed to predict future trends, patterns, and associations.
How can organizations use this data to their advantage in order to better manage supply chain risks and enhance overall effectiveness of the organization?
We use 3 main data sets that are generated from the following systems: 1. Company internal systems (ERP or any other home-grown solution):
Using big data from the above sources, can offer several advantages in supplier management. Some of these advantages include: 1. Supplier performance: Big data can help you monitor supplier performance in real time. You can track key performance indicators (KPIs) such as on-time delivery, quality levels, and adherence to contractual agreements. This allows you to identify issues quickly and take corrective action as needed. 2. Reduced supply chain risks: Big data can help you identify potential supply chain risks before they occur. By monitoring factors such as on-time delivery, lead time, capacity, financial data and geopolitical events, you can take proactive measures to mitigate risks and ensure business continuity. 3. Improved inventory management: Big data can help you optimize inventory levels by analyzing demand patterns, lead times, and supplier performance. By using this information to improve your inventory management processes, you can reduce inventory carrying costs while ensuring that you always have the right amount of inventory on hand. 4. Improve efficiency: Big data can help companies make better decisions about their supply chains, which can lead to reduced costs and increased revenue. 5. Improve supplier relationships: By understanding what suppliers need from them in order to perform well on the job, buyers are better able to build mutually beneficial relationships with their partners (and avoid any conflicts). 6. Improved supplier selection: With big data, you can analyze vast amounts of data from multiple sources to identify potential suppliers who meet your requirements. By analyzing factors such as price, quality, delivery times, and past performance, you can make more informed decisions about which suppliers to work with.
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