Every day, companies generate staggering amounts of data. Performing data analytics manually has become a nightmare, if not nearly impossible.
Meanwhile, in the background, the data glut is projected to continue to grow over the coming years: According to research from MarketsAndMarkets, the global big data market will grow from USD 138.9 billion in 2020 to USD 229.4 billion by 2025, at a compound annual growth rate (CAGR) of 10.6% during the forecast period.
There are some severe drawbacks to struggling to manage unorganized data. The time-consuming activity doesn’t just waste precious IT and data personnel bandwidth. It also impacts operational efficiency. That’s why numerous companies are implementing big data solutions and contracting for data analysis services that let them evaluate their internal processes and enhance operations.
How a well-designed platform benefits your supply chain
Typically, big data solutions store and analyze both structured and unstructured data from IT operations and turn it into relevant information and insights. But this approach is still time- and resource-consuming. Research shows that an average of 68% of the cost associated with manual analytics efforts is ongoing human capital costs. Given this information, could you save your organization some money if you didn’t have to perform your own data analytics?
A genuinely effective big data solution uses a well-designed platform to take you far beyond analyzing your performance analysis by:
- Collecting data from a variety of discrete on-premise, cloud, and third-party solutions, operating across the supply chain and enabling data to be transformed into actionable information.
- Employing an analytics dashboard so you can monitor all your synced equipment, materials, and personnel data activity in real-time with a clear, consolidated picture of what’s happening inside your operations and across your supply chain.
- Ensuring you strike the right balance between operational cost, speed, flexibility, and quality.
- Showing you how your trading partners are performing and notifying you when to take action to keep your partners on track.
Ready to move your company beyond resource-draining manual data analysis? Learn how you can harness big data to reduce costs, drive operational efficiencies and profits, and enable your data experts to understand and identify trends like financial growth opportunities, financial benchmarking against industry standards, and financial implications.