Data always provide valuable business value to an enterprise or organization, thus utilizing it to full potential is essential to have a competitive edge in the market. Today, an increasing number of businesses are going digital and shifting towards implementation of emerging digital technologies like artificial intelligence, big data, and IoT, the result is a huge dataset which is continually being produced. But for organizations to gather valuable business insights from this plethora of abundant data, they require data analytics tools. Thus this tectonic shift towards big data adoption has forced these businesses to invest in data management.
With the help of key business insights from the data, organizations can greatly reduce their cost allocations, make faster and better decisions, and be future ready with new products or services as per customers’ changing needs. The future of the supply chain is digitization, empowered by data analytics. Data, in itself, is not a valuable commodity, but the insights from that data can be of much value. With advancements in predictive analytics technology the transformation of the entire supply chain, is bound to happen.
Today many organizations, even though they have a plethora of data, lack the toolsets to analyze this vast number, leading to lower supply chain visibility. With the help of machine learning and location intelligence technology, organizations capture, store, and manage the huge dataset generated on a daily basis. They can further do a robust analysis of this data to visualize valuable insights embedded in it. By feeding even raw images into a computer algorithm, organizations can identify patterns, further with enough image input over time, the computer with high accuracy can predict the outcomes.