Smart Data in the Supply Chain

April 20, 2016 Ed Rusch

Data-Driven Decisions are Better Decisions

Smart Data filters out the noise inherent in mass quantities of data and brings forward the actionable information needed in order for your enterprise to prosper. More efficient problem solving, faster responses to supply chain disruptions, and more effective strategies to win the market are just a few of the meaningful benefits when Smart Data capabilities are leveraged. At the end of the day, these all roll-up into a company's ability to deliver high quality and highly differentiated customer experiences.  

Big Data vs. Smart Data   

The term "Big Data" is quickly climbing the ranks of the most over-hyped jargon or buzzwords. It's not going away soon however.  Information overload is real and a challenge we must all overcome. Big data refers to the volume and velocity of data, and it requires an analytics engine, predictive and prescriptive algorithms, and data visualization tools in order to translate Big Data into value.

"Smart Data" uncovers clues and patterns that deliver more profitable outcomes. In other words, it's information that actually makes sense - taking large strings of numbers and converting them into scintillating stories stakeholders will all understand. Smart Data refers to the veracity and value of the data, delivered because of the intelligent algorithms and massive processing capabilities found in today's next-gen business networks.

A mission critical quality of both Big and Smart Data is that it's real-time. Any lag in time-to-insight is a liability which eventually leads companies into obsolescence. 

Information at Work

I believe data is the currency companies use to win the market. This information resource is acquired through a network and spent to enable fast and smart responses to real-time market events.

  

If you like this post, you may like "The Digital Supply Chain Transformation" which discusses how digital supply chain technologies are improving customer service levels while also reducing costs.

Previous Article
Boosting the Return on Investment of Your Trade Shows
Boosting the Return on Investment of Your Trade Shows

For many organizations in the business to business sector (B2B), an important part of the commercial cycle ...

Next Article
Using Vendor Managed Inventory to Predict Behavior in Chemical Supply Chains
Using Vendor Managed Inventory to Predict Behavior in Chemical Supply Chains

Using Vendor Managed Inventory (VMI) as an example, I explained that integrating data from buyers, sellers,...