Turning big data into big profits
Big data can translate into big profits for your business. But, much like a new language, one needs to put effort into understanding the numbers or else they will not mean much at all.
According to a 2012 SAS-MIT survey, with 2,500 respondents from over 20 industries, more than two thirds indicated that they are using analytics to improve overall performance.
But with so many processes that need improvement using the masses of available data, it can be tough to figure out where to focus first. “The ultimate goal is to convert the mass of unstructured data into useful analytics that help to improve service, reduce costs, improve inventory management and increase profits,” said BASF senior manager for SC Capability Development, Alan Millken. Milliken will present his workshop entitled Transforming Big Data into Supply Chain Analytics at the SAPICS 2015 conference which will take place from 31 May to 2 June at Sun City. According to Milliken, online analytical processing (OLAP) of multi-dimensional data cubes like customer, location and sales can be integrated into advanced planning software to enable reporting. This way it can also support the aggregation, drilling-down and slicing and dicing of the data.