Big Data = Big Potential

Grant adds that companies of any size can access data from researchers such as Nielsen or even from free sources such as the U.S. Census Bureau. “You just have to know what you’re going to do with it,” he explains.

How the Supply Chain Uses Big Data
Players throughout the supply chain are tuning in to Big Data and the types of information available from this analysis:
• nearly a third of shippers and third-party logistics companies have implemented or are planning Big Data initiatives; though a significant number are unsure exactly how it can help
• most shippers and logistics providers believe collaboration on Big Data projects will be beneficial
• nearly all agree that improved, data-driven decision-making is essential to the future success of supply chain activities and processes.

Source: “2014 Third-Party Logistics Study: The State of Logistics Outsourcing,” Capgemini Consulting, Penn State, Penske, Korn/Ferry International, and Eye for Transport.

Brethenoux says a company can start small in scope, such as by analyzing a particular grouping of consumers, testing the methodology and results quickly and inexpensively, then expanding the analysis if it works. “The biggest mistake,” he asserts, “is to wait. Low-hanging fruit can yield many results in a very short time.”

A key barrier to getting started in Big Data is executives’ reluctance to try something new when intuition has resulted in good decisions to date. “Gut feeling and experience are not to be dismissed,” Brethenoux believes. “But sometimes they rely on old data and don’t pass the test of analytics. If you say you’ve been doing it the same way for twenty-five years, well, things have changed. Keep an open mind. Big Data can give you more clarity.”

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