As companies grow, the volume of their shipments will grow with them. In order for companies to implement the use of Big Data they must first understand the concept of it. When does data become big data? An organization’s data becomes big data when it is challenging for traditional software to process it. Being able to understand how big data affects the operations within a company is vital to the process of turning Big Data into a big asset.
What is Big Data?
Big data comprises of the three V’s, high-volume, variety of information and velocity.
Volume refers to the quantity of generated and stored data. The size of the data determines the value and potential insight to be gained.
Variety refers to the type and nature of the data. Data can come from many different sources and need to be aggregated to gain business intelligence.
Velocity refers to the speed at which data is generated and processed. Today, organizations need data in real-time.
Big data isn’t just something that shippers deal with. One United States retail giant handles well over one million customer transactions per hour feeding databases estimated at more than 2.5 petabytes. Facebook houses over 50 billion photos. Decoding the human genome, by analyzing 3 billion base pairs, took ten years the first time it was done – now, thanks to big data analytics, it can be done in less than a week.
Applying big data analytics to a company’s supply chain and logistics management allows a company to gain a strategic advantage. Organization’s can use the gathered data to make decisions to improve their service for customers while fulfilling their expectations of the company.
Five strategies to gain management approval for WMS projects to better leverage your supply chain and improve customer satisfaction.
Integrating this data helps to drive deeper insights.
While knowing how to understand and manage data is important, there is a third component that completes integrating big data into a company’s resources to make it a big asset. Tracking data in the long term helps provides real-time predictability. Keeping track of data on a real-time basis allows companies to ensure customer satisfaction. Real-time data allows organizations to access the right information to provide the appropriate assistance customers expect from them.
To learn how data becomes big data, and understand how to integrate data to improve customer satisfaction, keep your eye on the blog, for part 2 of this series next week!