Use big data to optimize their supply chain? Most businesses demure
If businesses are feeling pressured to respond more quickly and accurately to their customers’ demands, you wouldn’t know it from these survey results.
Logility Inc., a provider of supply chain optimization and retail planning products, queried more than 1,000 supply chain leaders and found that only 30 percent identified the need to respond to customer mandates for faster and more accurate product fulfillment as a top business priority.
Despite the availability of big data analytics, which enable businesses to optimize their supply chain and improve their fulfillment process, many enterprises still rely on spreadsheets and legacy systems. These older technologies inhibit visibility into the supply chain, according to the report, and fail to identify new opportunities as well as potential risks.
Only a third of the survey respondents (36 percent) say the opportunity to optimize their inventory to balance supply and demand is a top driver for their analytics initiatives, and just 28 percent see the ability to blend data from multiple systems for complete supply chain visibility as a key benefit of an advanced analytics initiative.
A mere 19 percent say they want to leverage machine learning to improve their company’s forecast accuracy.