From the course: Supply Chain and Operations Management Tips

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Use big data for operations management

Use big data for operations management

From the course: Supply Chain and Operations Management Tips

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Use big data for operations management

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- Supply chains involve three flows: the flow of money, the flow of materials, and the flow of information. In this video, we'll focus on that third flow, information, and talk about how supply chain managers can leverage big data to make better decisions. Every transaction that occurs in a supply chain creates new data. When you think about all of the systems that are used by all of the participants in a supply chain, we're creating a huge amount of data every day. For every item we sell, we need data about how much it cost us, how much we charge for it, where it comes from, and what it's made of. For every customer we sell to, we wanna know how they're going to pay us, where we need to deliver the product, and what else they've bought from us in the past. We also collect data about suppliers, transportation providers, and manufacturing processes. And the data we collect can include documents, pictures, and even videos. And we almost never throw any data away. This all leads to the…

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