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Business Intelligence - Bar Code India

Data plays a huge role in any supply chain business. It helps in formulating strategies, streamlining operations, and ensuring customer satisfaction.<br><br>In todayu2019s retail environment, speed to market, accurate order fulfillment, and efficient last-mile delivery are keys to success. Data can help businesses achieve these by improving transparency, visibility, forecasting, and optimizing inventory. Visit https://www.barcodeindia.com/blog/why-data-matters-and-how-you-can-use-it-to-its-truest-potential/

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Business Intelligence - Bar Code India

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  1. Why Data Matters and How You Can Use it to its Truest Potential Data plays a huge role in any supply chain business. It helps in formulating strategies, streamlining operations, and ensuring customer satisfaction. In today’s retail environment, speed to market, accurate order fulfillment, and efficient last-mile delivery are keys to success. Data can help businesses achieve these by improving transparency, visibility, forecasting, and optimizing inventory. However, data is only useful when it is analyzed and utilized. According to business consulting firm McKinsey, supply-chain analytics is the ability to use data and quantitative methods to improve decision-making for all activities across the supply chain. While data has been gathered, analyzed, and utilized for years, new technologies such as artificial intelligence and machine learning have helped revolutionize how

  2. it is done. It has led to the ability to uncover several new data elements that were never used before and has augmented the power of data analytics for supply chains across the globe. How is data captured and analyzed today? In the past, data engineers and scientists collected and analyzed all data. Today, vast volumes of data can be processed and analyzed in seconds, thanks to artificial intelligence (AI) and machine learning (ML) algorithms. Once data is collected, all corrupt or unnecessary components are filtered out, and then the ‘clean’ data is passed on to the AI and ML algorithms to be processed. Finally, the processed information returns to the end user in a readable form, such as documents or data visualizations. Businesses or end-users can also store this information for posterity. This entire cycle only takes a few milliseconds or seconds, and business leaders receive the reports in ‘real-time.’ Moreover, the information received is always current, which ensures that key decision-makers can act on the data in the minimum amount of time. It is important to note that not only are the business leaders receiving instantaneous data but also real-time analytics. Also known as business intelligence (BI), these analytics provide real-time insights on various topics, starting from customer experience to problems in the supply chain to ways to get a competitive advantage and more. Business Intelligence allows us to know what has affected a supply chain to weaken or fail in the past, so company owners can use that information and work on the weak links to make their supply chain more robust. The predictive capabilities that Analytics bring allow business leaders to spot disruptions afar thereby allowing them to devise a strategy to either go around it or navigate it with minimal risk and cost impacts. Business Intelligence (BI) deals with what happened in the past and how it happened. It allows us to identify trends and patterns.

  3. Analytics (A) deals with the why of what happened in the past. It allows us to find the reasons and uses its findings to predict what might happen in the future. Leveraging Real-time analytics is how real-time data enables faster AND smarter decision-making. Types of analytics derived from real-time data Let us go deeper into the analytics derived from real-time data. There are essentially four types: This new manner of analyzing data is termed business intelligence and analytics. To Conclude The science of data analytics continues to evolve as technology continues to advance. It expedites processes by offering real-time analysis for a range of supply-chain solutions, such as dynamic pricing, routing, and inventory replenishment. Business Intelligence and Analytics are powerful data analysis tools that can unlock a business’s true potential and can be a key differentiator in today’s competitive market.

  4. Supply Chain Control Tower is a high-quality solution by BCI that has a plethora of features and numerous benefits, with one of its capabilities being business intelligence and analytics. If you want to know more about how you can capture and analyze data to reach your business goals or solve your problems, feel free to reach out to us for a discussion. We’d be happy to answer any/all of your queries about the technology. We have helped several businesses manage and analyze their data with great results and would love to do the same for your business. With over 27 years of experience, we at Barcode India Ltd (BCI) have the expertise you can leverage to upgrade your supply chains and grow your business exponentially.

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